
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 specific services do accountants for freelancers typically provide?
Accountants for freelancers typically provide a range of services including preparation and submission of Self Assessment tax returns, bookkeeping, VAT registration and returns, and advice on allowable expenses. They can also help with setting up a limited company, managing Corporation Tax, and offering general financial planning guidance. Many also offer payroll services if you employ staff or pay yourself a salary through your company.
How can an accountant help me deal with HMRC if I am investigated?
If HMRC opens an investigation into your tax affairs, an accountant can act as your representative and handle all communications on your behalf. They will gather the necessary records, prepare detailed responses to HMRC queries, and ensure that your rights are protected throughout the process. This reduces your stress and helps to achieve a favourable outcome, as accountants understand HMRC procedures and can negotiate effectively.
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, you can also choose to register voluntarily, which may be beneficial if you incur VAT on business purchases. An accountant can assess your specific situation and advise whether voluntary registration is advantageous, and they will manage your VAT returns to ensure compliance with HMRC rules.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies that require rigorous exams and practical experience, and their members are qualified to handle complex financial matters. AAT qualifications focus on practical accounting skills and are often a stepping stone to full chartered status. All three are recognised and regulated, but the level of expertise and the range of services may vary, so it is important to choose an accountant whose qualifications match your needs.
How often should I meet with my accountant to keep my finances in order?
It is advisable to have an initial meeting to set up your accounting systems and then schedule regular check-ins, perhaps quarterly, to review your cash flow and tax position. Many accountants also offer ongoing support via email or phone, so you can ask questions as they arise. Regular contact ensures that you are always prepared for tax deadlines and can make informed decisions throughout the year.
Can an accountant help me with tax planning to reduce my Self Assessment bill?
Yes, an accountant can provide proactive tax planning advice to help you legally minimise your Self Assessment tax bill. This includes identifying all allowable expenses, making pension contributions, and structuring your business in a tax-efficient manner. They can also advise on the timing of income and expenditure to manage your tax bands effectively, ensuring that you pay only what you owe and no more.
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