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 when choosing an accountant in Farnham Surrey?
When selecting an accountant in Farnham Surrey, look for someone with experience of freelance clients and a recognised qualification such as ACCA, ICAEW, or AAT. Check that they are familiar with Self Assessment and HMRC requirements. It is also wise to consider their communication style and whether they offer proactive advice on tax planning and allowable expenses. Reading client reviews and comparing services through a directory can help you make an informed choice.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, ensuring that you claim all allowable expenses and reliefs you are entitled to. They will help you organise your financial records, calculate your tax liability, and advise on payments on account. This reduces the risk of errors and penalties from HMRC, and frees up your time to focus on your freelance work.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if your turnover is below this, you may choose to register voluntarily, especially if you supply other VAT-registered businesses. An accountant can advise you on whether VAT registration is beneficial for your situation and help you manage your VAT returns and records to stay compliant with HMRC.
What are the benefits of using a certified accountant rather than doing my own accounts?
A certified accountant brings professional expertise and up-to-date knowledge of tax legislation, which can save you money and prevent costly mistakes. They can identify deductions you might miss, help you plan for tax payments, and ensure your records meet HMRC standards. This gives you more time to concentrate on your business and provides peace of mind that your finances are in order.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many freelancers meet their accountant quarterly or at least twice a year to review their financial position, discuss cash flow, and plan for tax payments. Regular contact ensures that you stay on top of your obligations and can adjust your strategy as your income changes. Your accountant can also be available for ad hoc advice when needed.
What records do I need to keep as a freelancer for HMRC?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and any records of personal income. If you are VAT-registered, you must also keep a VAT account and copies of VAT invoices. HMRC requires you to retain these records for at least five years after the relevant tax year. An accountant can help you set up an efficient record-keeping system.
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