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 I look for when choosing an accountant for my freelance work?
When selecting an accountant for your freelance activities, you should check that they are properly qualified and regulated by a recognised body such as ACCA, ICAEW, or AAT. It is also important to find someone who has experience working with freelancers and understands the specific challenges you face. Look for an accountant who offers clear communication and proactive advice, and who can assist with your Self Assessment tax return, VAT, and any other obligations you may have.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC on your behalf, ensuring that all income and allowable expenses are correctly recorded. They will help you identify deductions you may have missed, calculate your tax liability accurately, and ensure that you meet the filing deadline. This reduces the risk of errors and penalties, and gives you more time to focus on your freelance business.
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. Even if you are below this threshold, you may choose to register voluntarily, particularly if you supply services to VAT-registered clients. An accountant can advise you on whether VAT registration is beneficial for your specific circumstances and help you complete the registration process and submit your VAT returns.
What is the difference between an ACCA and an ICAEW accountant?
ACCA and ICAEW are both prestigious professional bodies that qualify accountants to a high standard. ACCA has a global focus and is popular among accountants working in business and practice, whilst ICAEW is highly regarded in and has a strong emphasis on chartered accountancy. Both qualifications require rigorous exams and practical experience, so you can trust that an accountant from either body is competent and ethical.
Can an accountant help me if I operate as a limited company freelancer?
Yes, an accountant with experience in freelance limited companies can assist with company formation, Corporation Tax returns, payroll, and dividend planning. They will help you maintain proper statutory records, file your annual accounts with Companies House, and ensure that you comply with all legal requirements. This specialist support is invaluable for freelancers who want to maximise their tax efficiency whilst staying fully compliant.
How often should I meet with my accountant throughout the year?
The frequency of meetings depends on the complexity of your finances and your personal preference. Many freelancers benefit from quarterly catch-ups to review their cash flow, discuss tax planning, and adjust their estimated payments. Your accountant should be available for ad hoc advice whenever you need it, particularly around major financial decisions or changes in your business structure. Regular communication helps you stay on top of your obligations.
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