
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More

ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What should I look for when choosing an accountant for my freelance work?
When selecting an accountant, look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. Check their experience with freelancers and their understanding of HMRC regulations. It is also wise to consider their communication style and whether they offer proactive advice on tax planning. A good accountant will help you with Self Assessment, VAT, and any other obligations, ensuring you remain compliant and financially efficient.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time, reducing the risk of penalties. They will ensure you claim all allowable expenses and reliefs, which can lower your tax bill. They can also help you keep records throughout the year, making the process simpler. If HMRC enquires into your return, your accountant can represent you and handle the correspondence.
Do I need to be VAT-registered as a freelancer?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which is £90,000. However, you may choose to register voluntarily, especially if you supply other VAT-registered businesses. An accountant can advise on whether voluntary registration is beneficial for your specific situation. They can also manage your VAT returns and ensure you meet all deadlines, keeping you compliant with HMRC.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW are prestigious professional bodies that require members to meet high standards of education and ethical conduct. Qualified accountants must keep their knowledge up to date through continuing professional development. This ensures they are well-versed in current tax law and financial practices. Using such a professional gives you confidence that your affairs are handled competently and in accordance with regulations.
Can an accountant help me with Corporation Tax if I operate as a limited company?
Yes, an accountant who specialises in freelancers can manage your Corporation Tax affairs. They will calculate your taxable profits, prepare the necessary computations, and file your Company Tax Return with HMRC. They can also advise on salary versus dividend strategies to minimise your tax liability. This is particularly important for limited company contractors and freelancers who need to optimise their income.
How often should I meet with my accountant?
The frequency of meetings depends on your needs, but most freelancers benefit from at least a quarterly review. This allows you to discuss cash flow, upcoming tax payments, and any changes in your business. Your accountant can also provide advice on new regulations or opportunities. Regular contact ensures that you are always prepared for deadlines and can make informed decisions throughout the year.
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