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, check their qualifications and whether they are regulated by a recognised body such as ACCA, ICAEW, or AAT. Look for experience with freelancers specifically, as they will understand your tax obligations and allowable expenses. Also consider their communication style and availability, as you will need to ask questions throughout the year. Finally, confirm that they are familiar with HMRC requirements and can help you with Self Assessment and VAT if needed.
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 legitimate 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. This support reduces the risk of errors and penalties, giving you confidence that your tax affairs are in order.
Do I need to register for VAT as a freelancer?
If your taxable turnover exceeds the current VAT threshold, you must register for VAT with HMRC. However, even if you are below the threshold, you may choose to register voluntarily, especially if you supply services to VAT-registered clients who can reclaim the VAT you charge. An accountant can help you decide whether voluntary registration is beneficial, and they can manage your VAT returns and records to ensure compliance with all regulations.
What is the difference between a sole trader and a limited company for freelancers?
As a sole trader, you are personally responsible for your business debts and pay income tax on your profits through Self Assessment. A limited company is a separate legal entity, meaning you pay Corporation Tax on profits and may take dividends as a shareholder. Each structure has different administrative and tax implications. An accountant can explain the pros and cons based on your income, liability, and future plans, helping you choose the most suitable option.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs and the complexity of your finances. Many freelancers meet their accountant quarterly to review cash flow and tax planning, while others only communicate during the tax return season. Regular contact is beneficial because it allows your accountant to provide proactive advice and help you adjust your tax payments. You should also feel free to reach out whenever you have a question or a significant financial change occurs.
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 records of any personal money used for business purposes. If you are VAT-registered, you must also retain VAT records. Your accountant will need these to prepare accurate accounts and tax returns. Using accounting software can simplify this process, and your accountant can recommend suitable tools and help you organise your records efficiently.
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