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, look for recognised qualifications such as ACCA, ICAEW or AAT membership, as this ensures they are regulated and up to date with current legislation. Experience with freelancers is also crucial, as they will understand issues like IR35, quarterly reporting and allowable expenses. Check that they offer the specific services you need, such as Self Assessment or VAT returns, and consider their communication style to ensure you feel comfortable working together.
How can a freelancer accountant help me save money on my tax return?
A qualified accountant can identify every allowable expense you are entitled to claim, from home office costs to professional subscriptions and travel expenses. They will ensure your Self Assessment tax return is completed accurately, minimising the risk of overpaying tax. Additionally, they can advise on tax-efficient ways to draw income, such as salary versus dividends if you operate through a limited company, and help you plan for future tax bills to avoid any surprises.
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, even if you are below this limit, 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 for your specific situation and manage your VAT returns and records to ensure full compliance with HMRC.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that require rigorous training and examinations. ACCA (Association of Chartered Certified Accountants) has a strong international focus and is popular among accountants working globally. ICAEW (Institute of Chartered Accountants in England and Wales) is highly regarded in and is known for its chartered accountant status. Both qualifications demonstrate a high level of expertise and a commitment to ethical standards, so your choice may depend on the accountant's specific experience and your business needs.
How often should I meet with my accountant during the year?
It is advisable to have at least two formal meetings each year: one to review your year-end accounts and tax return, and another to plan for the upcoming year and discuss tax-saving strategies. However, many freelancers benefit from more regular contact, especially during the first year of trading. Your accountant should be available for ad-hoc queries via email or phone, and you should schedule a meeting whenever your circumstances change, such as taking on a new contract or becoming VAT-registered.
Can an accountant help me if I have missed the Self Assessment deadline?
Yes, an accountant can assist you even if you have missed the deadline. They will help you file your tax return as soon as possible and can advise on any penalties or interest that may apply. In some cases, they can also help you appeal against a penalty if you have a reasonable excuse, such as illness or technical issues. It is always best to seek professional advice immediately to minimise any additional charges and to ensure your records are put in order for the future.
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