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 specific tax responsibilities do freelancers in East Yorkshire have?
Freelancers in East Yorkshire must register for Self Assessment with HMRC and file an annual tax return. You are also responsible for paying Income Tax and National Insurance contributions on your profits. If your turnover exceeds the VAT threshold, you must register for VAT and submit quarterly returns. Many freelancers also need to consider Making Tax Digital for income tax, which requires keeping digital records and using compatible software. An accountant can help you understand and fulfil all these obligations accurately.
How can an ACCA or ICAEW qualified accountant help with my freelance tax return?
An ACCA or ICAEW qualified accountant has undergone rigorous training and adheres to strict professional standards. They can prepare and submit your Self Assessment tax return accurately, ensuring you claim all allowable expenses and reliefs. They will also help you plan for your tax bill, advise on allowable deductions, and ensure your records are HMRC compliant. Their expertise reduces the risk of errors and penalties, giving you confidence that your tax affairs are in order.
What is the difference between a sole trader and a limited company for a freelancer?
As a sole trader, you are personally responsible for your business debts and pay Income Tax on your profits. A limited company is a separate legal entity, meaning you pay Corporation Tax on company profits and often take a salary and dividends. Operating as a limited company can offer tax efficiencies but comes with more administrative duties, such as filing annual accounts with Companies House. An accountant can model both scenarios to help you decide the best structure for your freelance income.
How do I choose the right accountant for my freelance business?
Start by looking for accountants who specialise in freelancers and have experience with your industry. Check their qualifications, such as membership with ACCA, ICAEW, or AAT, and ensure they are registered with a recognised supervisory body. Consider their fee structure and the services included, such as tax return preparation, bookkeeping, and VAT handling. Reading client reviews and asking for referrals can also provide insight. AccountingFirms allows you to compare multiple local providers to make an informed choice.
What records do I need to keep for HMRC as a freelancer?
You must keep records of all your income and expenses, including invoices, receipts, and bank statements. For HMRC, you need to track your sales, purchases, and any other business-related outgoings. If you are VAT-registered, you must keep a separate record of VAT on sales and purchases. Digital records are now essential under Making Tax Digital. Maintaining organised records throughout the year will make your Self Assessment tax return much simpler and reduce the chance of errors.
Can an accountant help me if I have missed the HMRC deadline for my tax return?
Yes, an accountant can help you if you have missed the deadline. They will first advise you on the penalties that may apply and assist you in submitting your return as quickly as possible to minimise further charges. They can also help you communicate with HMRC, potentially explaining any mitigating circumstances. However, the best approach is to engage an accountant early to avoid missing deadlines altogether. They will ensure your tax return is submitted on time and that you are prepared for future obligations.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.