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
APRC Accountants
We are a forward thinking firm of Chartered, Certified Public Accountants & Tax Advisers and Chartered Payroll Professionals established in 2005 in th...See More
Frequently asked questions
What should I look for when choosing an accountant for my freelance business?
When selecting an accountant, look for recognised qualifications such as ACCA, ICAEW, or AAT, as these indicate a high level of professional competence. It is also important to find someone with experience working with freelancers in your specific industry, as they will understand your unique expenses and income patterns. Consider their communication style and availability, and ask about their fee structure to ensure it aligns with your budget.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time, ensuring that you claim all allowable expenses and reliefs. They will review your financial records, calculate your tax liability, and advise on any payments on account you may need to make. This reduces the risk of errors and penalties from HMRC, and saves you significant time and stress.
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. However, even if you are below this limit, voluntary registration might be beneficial if you supply services to VAT-registered clients. An accountant can help you decide whether voluntary registration is advantageous for your particular situation, and they will manage your VAT returns and compliance.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered accountancy bodies that require rigorous exams and practical experience, qualifying you to work across all areas of accountancy. AAT is a vocational qualification that focuses on practical accounting skills, often serving as a stepping stone to full chartered status. All three are highly respected, but chartered accountants typically have broader expertise in tax and business strategy.
Can an accountant help me if I operate through a limited company?
Yes, an accountant who specialises in freelancers can provide essential support for limited company directors. They will help you with Corporation Tax returns, payroll for your salary and dividends, and Companies House filings. They can also advise on the most tax-efficient way to extract profits, and ensure that you remain compliant with all statutory obligations.
How often should I meet with my accountant to review my finances?
It is advisable to have a formal review at least twice a year, but many freelancers benefit from quarterly meetings to discuss cash flow, tax planning, and upcoming deadlines. Your accountant should also be available for ad hoc advice when you face a significant financial decision. Regular communication ensures that you stay on track and can adapt to any changes in your business.
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