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
MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...
ION Chartered Accountant
ION Chartered Accountants are a boutique accountancy and consulting practice that supports small and medium enterprises in a wide range of business se...See More
Clear House Accountants
Clear House Accountants are Performance-driven Business Accountants in London. We are Chartered Accountants focused on helping startups and small bus...See More
MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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GOFORMA LIMITED
GoForma is a trusted team of accountants in UK, helping contractors, freelancers, sole&...
MADE SIMPLE GROUP LIMITED
Founded in 2003, we've formed over 1 million companies and helped thousands of business owners start, run and grow their business. We help you form ...See More
TIDE PLATFORM LTD
Tide is about doing what you love We believe the world would be a better place if more people gave it a shot. It’s why we’re building a modern busin...See More
Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More
1ST FORMATIONS LIMITED
1st Formations is a leading online company formation agent in the UK. We offer a comprehensive selection of company registration packages and address ...See More
BLUEBIRD ACCOUNTANCY LIMITED
Bluebird Accountancy was created with the needs of modern day contractors and freelancers like you in mind. With modern day accountancy software makin...See More
Alpha Tax & Accounting
Alpha Tax & Accounting is an independent firm of Financial Accountants. We can help small businesses, established businesses, start-ups, partnerships,...See More
Reckonwell Finance
We are a distinguished Boutique Virtual Finance Office that champions excellence in financial solutions.
YOUR COMPANY FORMATIONS LTD
Setting up a new company can often be a daunting especially if you have never run a business before. Your Company Formations are a team of experienced...See More
THEFORMATIONSCOMPANY.COM LIMITED
Forming your company is the first step. Together, we’ll make it an easy one. We’ve helped form more than 750,000 companies. Whether you’re taking a ho...See More
KAAB
BUSINESS ADVISORY-Would you like to see how i can help to improve your profit, your cashflow and the value of your business value?
We want you to i...See More
Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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@UKPLC
More than 40 years ago Stanley Davis started in the company formations business, offering clients cost-effective prices and quick turn-around UK and o...See More
TaxPert Solutions Limited Certified Public Accountants
We are a small business accountant who provides smart solutions to your business needs. The Care your Business need from Experts Taxpert is a modern,...See More
Frequently asked questions
What specific services do accountants for freelancers typically provide?
Accountants for freelancers typically provide a range of services including preparing and filing your Self Assessment tax return, managing VAT registration and returns, and offering advice on allowable expenses. They can also help with bookkeeping, setting up a limited company, and ensuring you meet all HMRC deadlines. Many accountants offer ongoing support throughout the year, not just at tax time, which can be invaluable for managing your cash flow and planning for the future.
How can an ACCA or ICAEW qualified accountant help with my tax return?
An ACCA or ICAEW qualified accountant has undergone rigorous training and adheres to strict professional standards. They possess in-depth knowledge of tax legislation and can ensure your tax return is accurate and complete. They will identify all allowable expenses you can claim, reducing your tax liability legally. Moreover, they can offer strategic advice on pension contributions and other tax-efficient investments, helping you make the most of your freelance income whilst staying fully compliant with HMRC.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, even if your turnover is below this, you may choose to register voluntarily. An accountant can advise on whether voluntary registration is beneficial for your specific circumstances, considering factors like the nature of your clients and the types of services you provide. They will also handle the VAT returns and ensure you are claiming back any input VAT you are entitled to.
What is the difference between using a certified accountant and doing my own taxes?
Using a certified accountant, such as one who is a member of AAT, ACCA, or ICAEW, offers several advantages over doing your own taxes. These professionals have up-to-date knowledge of tax laws and HMRC requirements, reducing the risk of errors and penalties. They can save you considerable time by handling complex calculations and submissions. Furthermore, they provide proactive advice that can lead to significant tax savings, often more than covering their fees. The peace of mind from knowing your affairs are in order is another key benefit.
How often should I communicate with my accountant throughout the year?
It is advisable to maintain regular communication with your accountant, not just at the end of the tax year. Many freelancers benefit from quarterly or even monthly check-ins to review their financial position, discuss upcoming payments, and plan for tax liabilities. Your accountant can help you set aside the right amount for tax, advise on business decisions, and ensure your records are in order. Regular contact also allows for proactive tax planning, which can be more effective than last-minute advice.
Can an accountant help me if I have missed a tax deadline?
Yes, an accountant can assist you if you have missed a tax deadline. They can help you file your return as soon as possible to minimise any late filing penalties. They will also communicate with HMRC on your behalf, potentially explaining any mitigating circumstances. While they cannot make penalties disappear, they can ensure you are not charged more than necessary and help you set up a payment plan if you owe tax. Their expertise is crucial in resolving such issues efficiently.
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