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 services do accountants for freelancers typically provide?
Accountants for freelancers typically provide a range of services including preparing and submitting Self Assessment tax returns, advising on allowable expenses, and helping with VAT registration and returns. They can also assist with bookkeeping, tax planning, and setting up a limited company if that becomes beneficial. Many also offer ongoing support and advice to ensure you meet all HMRC deadlines and obligations.
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 professional standards. They can accurately prepare your Self Assessment tax return, ensuring all income and expenses are correctly reported to HMRC. Their expertise helps minimise errors and the risk of penalties, and they can provide strategic tax planning advice to help you legally reduce your tax bill whilst remaining compliant.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is £90,000. However, even if your turnover is below this, you may choose to register voluntarily, especially if you work with VAT-registered clients. An accountant can advise on whether voluntary registration is beneficial for your specific circumstances and can manage your VAT returns and records.
What is the difference between a sole trader and a limited company for freelancers?
As a sole trader, you are personally responsible for your business debts and pay Income Tax on your profits via Self Assessment. A limited company is a separate legal entity, meaning you pay Corporation Tax on profits and may take income as a salary and dividends. Each structure has different administrative burdens and tax implications, so it is important to seek professional advice before deciding.
How often should I meet with my accountant?
The frequency of meetings with your accountant depends on your individual needs and the complexity of your finances. Many freelancers meet their accountant quarterly to review cash flow and tax planning, whilst others only meet annually to prepare their tax return. Regular communication is beneficial, especially during periods of significant change, such as taking on large contracts or making major purchases.
What records do I need to keep for HMRC as a freelancer?
As a freelancer, you must keep records of all income and expenses for at least five years after the 31 January submission deadline. This includes invoices, receipts, bank statements, and records of any personal income. If you are VAT-registered, you must also keep a VAT account. Good record keeping ensures you can complete your tax return accurately and provides evidence if HMRC enquires into your affairs.
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