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, look for recognised qualifications from bodies such as ACCA, ICAEW, or AAT. Check their experience with freelancers and whether they offer services like Self Assessment preparation, VAT handling, and tax planning. It is also wise to consider their communication style and whether they provide ongoing support throughout the year, not just at tax return deadlines.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time. They will help you identify allowable business expenses, calculate your tax liability, and ensure you pay the correct amount to HMRC. They can also advise on payments on account and help you plan for future tax bills, reducing the risk of penalties.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold. An accountant can review your income and advise whether registration is compulsory or voluntary. They can also help you complete VAT returns, choose the right scheme, and ensure you comply with HMRC regulations, which is especially important if you work with other VAT-registered businesses.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. They possess deep knowledge of tax legislation and accounting practices, which means they are well equipped to handle complex financial matters. Their qualifications also require ongoing professional development, ensuring they stay up to date with changes in law and best practice.
Can an accountant help me if I operate as a limited company?
Yes, an accountant can provide essential support for limited company freelancers. They can assist with Corporation Tax returns, company accounts, payroll if you take a salary, and dividend planning. They will also ensure you meet Companies House filing requirements and help you manage your tax liabilities efficiently, allowing you to focus on growing your business.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many freelancers benefit from quarterly check-ins to review cash flow and tax planning, whilst others prefer more regular contact. Your accountant should be available for advice throughout the year, especially when you have questions about expenses, invoicing, or changes to your income. Regular communication helps avoid surprises at year end.
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