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 a freelancer look for in an accountant?
You should seek a professional who is qualified with a recognised body such as ACCA, ICAEW or AAT. They should have experience working with freelancers and understand Self Assessment, VAT and Corporation Tax. It is also helpful if they offer clear communication and proactive advice on expenses and tax planning. Checking their regulatory status and client reviews can provide extra confidence.
How can an accountant help with HMRC Self Assessment?
An accountant can prepare and submit your Self Assessment tax return to HMRC on your behalf. They will ensure that all income and allowable expenses are correctly reported, which helps reduce the risk of errors or penalties. They can also advise on payments on account and help you plan for your tax bill, making the process less stressful.
Are accountants for freelancers regulated?
Yes, reputable accountants are regulated by professional bodies such as ACCA, ICAEW or AAT. These organisations enforce strict standards of conduct and competence. When you choose a regulated accountant, you have access to complaints procedures and protection. Always verify an accountant's credentials before engaging their services to ensure they meet professional requirements.
What is the difference between an ACCA and an AAT qualified accountant?
ACCA qualified accountants have completed a higher-level qualification covering advanced areas like taxation, audit and financial management. AAT qualified accountants typically focus on practical bookkeeping and accounting skills. Both can support freelancers, but the right choice depends on your business complexity. For example, a limited company director may benefit from an ACCA professional, while a sole trader might find an AAT accountant sufficient.
Can an accountant help me with VAT if I am a freelancer?
Yes, an accountant can assist you with VAT registration, completing quarterly returns and ensuring compliance with HMRC rules. They can advise on whether voluntary registration is beneficial and help you claim input tax correctly. Their expertise reduces the chance of costly mistakes and helps you manage cash flow more effectively, especially if you work with VAT-registered clients.
How often should I meet with my accountant?
The frequency depends on your needs, but many freelancers meet their accountant quarterly or at least once a year. Regular contact helps with tax planning and ensures that your records are up to date. Some accountants offer ongoing support via email or phone, which is useful if you have questions throughout the year. Discuss your expectations when you first engage an accountant.
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