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, you should verify their qualifications and ensure they are registered with a recognised professional body such as ACCA, ICAEW, or AAT. It is also important to consider their experience with freelancers specifically, as this ensures they understand variable income, allowable expenses, and HMRC requirements. Look for someone who communicates clearly and offers proactive advice on tax planning and cash flow management.
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, helping you avoid late filing penalties. They will identify all allowable expenses you can claim, ensuring you do not overpay tax. They also calculate your payments on account and advise on any adjustments needed, giving you confidence that your tax affairs are in order and fully compliant with HMRC regulations.
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, voluntary registration can be beneficial if you incur significant VAT on business purchases. An accountant can analyse your specific situation and advise whether voluntary registration is worthwhile, and they will handle all ongoing VAT returns and compliance.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that certify accountants, but they have different focuses. ACCA qualifications often cover a broad range of business and financial topics, while ICAEW is particularly known for its chartered accountant status with a strong emphasis on audit and financial reporting. Both are highly respected, and your choice may depend on your specific business needs and the accountant's experience.
Can an accountant help me with Corporation Tax if I am a limited company?
Yes, if you operate as a limited company, your accountant will prepare your annual accounts and calculate your Corporation Tax liability. They will ensure that you claim all available reliefs and deductions, and they will submit your Corporation Tax return to HMRC by the required deadline. Their expertise helps you remain compliant whilst optimising your tax position.
How often should I meet with my accountant to review my finances?
The frequency of meetings depends on the complexity of your finances and your personal preference. Many freelancers benefit from quarterly reviews to assess cash flow and tax provisions, whilst others prefer an annual meeting alongside their tax return preparation. Your accountant should be available for ad hoc queries throughout the year, providing ongoing support as your business evolves.
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