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?
You should look for a professional who is qualified and regulated by a recognised body such as ACCA, ICAEW, or AAT. Experience with freelancers is also important, as they will understand the specific tax rules and allowable expenses relevant to self-employment. Check their availability and communication style to ensure they can meet your needs.
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, ensuring you claim all allowable expenses. They will calculate your Class 2 and Class 4 National Insurance contributions, and advise on payments on account. This reduces the risk of errors and helps you avoid HMRC penalties.
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 £85,000. Even if you are below this, voluntary registration may benefit you if you incur significant VAT on business purchases. An accountant can assess your situation and advise on the best approach for your freelance business.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and must adhere to strict ethical and professional standards. They are required to complete continuing professional development to stay up to date with tax legislation. Using such a professional gives you confidence that your finances are handled competently and compliantly.
Can an accountant help me if HMRC opens an enquiry into my tax return?
Yes, an accountant can act as your agent and communicate with HMRC on your behalf. They will gather the necessary records, prepare a response, and represent you during any investigation. This can significantly reduce the stress and potential financial impact of an enquiry, as they understand the procedures and your rights.
How often should I meet with my accountant to keep my finances in order?
It is advisable to have a meeting at least quarterly to review your income, expenses, and tax liabilities. However, the frequency depends on the complexity of your freelance work. Regular contact ensures you are setting aside enough for tax, and allows your accountant to provide proactive advice on cash flow and business planning.
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