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 from bodies such as ACCA, ICAEW, or AAT. These ensure the accountant has the necessary expertise and adheres to strict professional standards. Also consider their experience with freelancers, their familiarity with HMRC requirements, and the range of services they offer, including tax return preparation and VAT handling. It is wise to check client reviews and arrange an initial consultation to see if they are a good fit for your business.
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 all allowable expenses are claimed and your tax liability is minimised. They will also advise on record keeping throughout the year, help you understand your tax code, and respond to any HMRC correspondence on your behalf. This reduces the risk of errors and penalties, and saves you considerable time and stress.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and assessments, demonstrating a high level of technical competence and ethical integrity. They are required to maintain their knowledge through continuing professional development, ensuring they stay current with tax law changes. Additionally, they are regulated by their professional bodies, which provides you with recourse if you receive substandard advice. This gives you confidence in the quality of service you receive.
Do I need to register for VAT as a freelancer, and can an accountant help?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. An accountant can help you monitor your turnover and advise on voluntary registration if it is beneficial for your business. They will also assist with VAT returns, ensure you claim the correct input tax, and guide you through the various VAT schemes, such as the flat rate scheme, to optimise your cash flow.
What records should I keep for my accountant to prepare my accounts?
To prepare accurate accounts, you should keep records of all income and expenses, including invoices, receipts, bank statements, and records of any personal money introduced into or taken from the business. If you operate a limited company, you also need to record dividends and director's loan transactions. Using accounting software can simplify this process, and your accountant can recommend suitable options and help you set up efficient systems.
Can an accountant help me if I am investigated by HMRC?
Yes, an accountant can provide invaluable support during an HMRC investigation. They will handle all communication with HMRC, review your records, and prepare a robust response to any enquiries. Their expertise in tax law and familiarity with HMRC procedures helps to resolve investigations efficiently and with minimal disruption to your business. Having professional representation also ensures your rights are protected throughout the process.
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