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
Taxeasy Ltd
TaxEasy Ltd is an experienced and proactive firm of certified accountants and bookkeepers offering high quality accounting services to clients through...See More
Yourtaxhelp
Our motto is “Accountants and Tax Advisers with simple technology”. We will not stop being innovative or using cutting edge technology to help you out...See More
Frequently asked questions
What should I look for when choosing an accountant for my freelance business?
When selecting an accountant, look for someone who has experience working with freelancers and who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. They should understand your specific industry and be able to offer advice on tax planning, allowable expenses, and your legal obligations. It is also wise to check their availability and communication style, as you will need to work together regularly throughout the year.
How can a freelance accountant help with my Self Assessment tax return?
A freelance accountant can prepare and submit your Self Assessment tax return to HMRC on your behalf, ensuring that all figures are accurate and that you claim every allowable expense you are entitled to. They will also calculate your tax and National Insurance contributions, advise on payments on account, and help you meet the filing deadline. This reduces the risk of penalties and saves you considerable time and effort.
Do I need to be VAT-registered as a freelancer, and can an accountant advise me?
If your taxable turnover exceeds the current VAT threshold, you must register for VAT. An accountant can help you decide whether voluntary registration is beneficial for your business, and they will manage your VAT returns and payments. They can also advise on which VAT scheme is most suitable, such as the flat rate scheme or annual accounting, helping you to remain compliant with HMRC regulations.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies for accountants in the UK. ACCA is a global body with a strong focus on international standards, while ICAEW is known for its chartered accountant qualification and deep roots in UK practice. Both require rigorous training and ongoing professional development. The choice between them often comes down to personal preference, as both provide high levels of expertise and ethical standards.
Can an accountant help me if I operate as a limited company freelancer?
Yes, an accountant who specialises in freelancers can provide invaluable support if you operate through a limited company. They can help with Corporation Tax returns, annual accounts, and company secretarial duties. They will also advise on salary and dividend extraction to minimise your tax liability, and ensure that you comply with Companies House and HMRC requirements. This allows you to focus on your work while your finances are managed correctly.
How often should I meet with my accountant to discuss my freelance finances?
It is advisable to have regular contact with your accountant throughout the year, not just at tax return time. Many freelancers meet with their accountant quarterly to review their income, expenses, and tax position. This helps with cash flow planning and ensures that you are setting aside enough money for your tax bills. Your accountant can also provide proactive advice on any changes in legislation that might affect you.
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