
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 such as ACCA, ICAEW, or AAT. Check their experience with freelancers and contractors, and ask about their fees and services. Ensure they are registered with HMRC for agent services, and consider their communication style and availability. A good accountant will offer proactive advice and help you plan for tax deadlines.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time. They will review your income and expenses, identify allowable deductions, and calculate your tax liability. They can also advise on payments on account and help you deal with any correspondence from HMRC, reducing the risk of errors and 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 £90,000. However, you can also choose to register voluntarily. An accountant can help you decide whether voluntary registration is beneficial, manage your VAT returns, and ensure you comply with Making Tax Digital requirements.
What is the difference between a sole trader and a limited company?
As a sole trader, you are personally responsible for business debts and pay tax through Self Assessment. A limited company is a separate legal entity, meaning your personal liability is limited. Corporation Tax applies to company profits, and you may pay yourself through a salary and dividends. An accountant can explain the pros and cons of each structure based on your circumstances.
How often should I meet with my accountant?
It is advisable to have regular contact with your accountant, at least quarterly, to review your finances and plan for tax payments. Many accountants offer ongoing support throughout the year, not just at year end. Regular meetings help you stay on top of cash flow, identify tax-saving opportunities, and ensure your records are accurate for HMRC.
What records do I need to keep for my accountant?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and any records of personal withdrawals. If you are VAT registered, you must retain VAT records. Using accounting software can simplify this process. Your accountant can guide you on the best way to organise your records and what information they need from you.
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