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 business?
When selecting an accountant, you should verify their qualifications and check if they are members of recognised bodies such as ACCA, ICAEW, or AAT. It is also important to consider their experience with freelancers and their familiarity with HMRC requirements. Look for someone who offers proactive advice and clear communication, and who can help with Self Assessment, VAT, and any other tax obligations relevant to your work.
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 that you claim all allowable expenses and reliefs. They will review your income records, calculate your tax liability, and advise on payments on account. If HMRC enquires into your return, your accountant can represent you and handle the correspondence, reducing stress and saving you valuable time.
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 if it benefits your business. An accountant can assess your situation and advise whether voluntary registration is worthwhile. They will also manage your VAT returns and ensure you comply with all HMRC regulations regarding invoicing and record keeping.
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 are regulated by their respective bodies, which means they must maintain their knowledge and follow ethical guidelines. This gives you confidence that you are receiving expert advice and that your finances are in safe hands. They also have access to resources that help them stay updated on tax law changes.
Can an accountant help me if I am a freelancer with a limited company?
Yes, an accountant can provide invaluable support if you operate through a limited company. They can help with Corporation Tax returns, company accounts, and payroll if you take a salary. They will also advise on dividend payments, expenses, and tax-efficient profit extraction strategies. This ensures that your company remains compliant with Companies House and HMRC while minimising your overall tax burden.
How often should I meet with my accountant throughout the year?
It is advisable to have regular contact with your accountant, at least quarterly, to review your financial position and plan for upcoming tax deadlines. Many accountants offer ongoing support and are available to answer questions as they arise. Regular meetings help you stay on top of your cash flow, identify potential issues early, and make informed decisions about your business throughout the year.
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