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
Tax Cruncher
Tax Cruncher is an online accounting &Tax consulting firm serving clients nationwide. Our aim is to help SMEs to grow their business by crunching thei...See More
Central London Accountants
We are proud partners of leading software provider firm Xero, and we can help if you require Xero Accountants in London, Xero training, or need remote...See More
Cheap - Accountants
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London Accountants
We have been providing a range of tailored accounting and taxation services to individuals as well as small and medium sized businesses. See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
Financial Partnership London
The Financial Partnership LLP, London, is a young, dynamic and innovative firm of Accountants & Business Advisors who can help improve the performance...See More
" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
Marden & Co Accountants Ltd
We are a two partner accountancy practice based in Epsom, serving Sutton, Banstead, Reigate, Dorking & across Surrey. We provide professional accounta...See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
APRC Accountants
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Startup Accountants
Our startup accountants London operate with a specific approach to keep your business afloat. Gradually positioning it where you have dreamt it to be....See More
Taxaccolega Chartered Accountants & Tax Advisers
As one of the brightest firms of chartered accountants in London, UK, Taxaccolega, based in Croydon, combines the passion and creative thinking of a s...See More
Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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Cruse + Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Owadally & Kings Partnership
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Cruse+Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Naail & Co Chartered Certified Accountants
We are a London based accounting firm, offering all round accountancy, taxation and support services to a wide range of businesses.<...
Frequently asked questions
What specific records should I keep for my accountant if I am a freelancer?
You should keep a detailed record of all income received, including invoices issued and payments from platforms. Additionally, retain receipts for any business expenses such as software subscriptions, travel costs, and home office utilities. Bank statements and records of any personal money introduced into the business are also essential. Your accountant will use this information to prepare your Self Assessment accurately.
How can an ACCA qualified accountant help me with my first Self Assessment tax return?
An ACCA qualified accountant will guide you through the entire Self Assessment process. They will confirm whether you need to register with HMRC, help you calculate your taxable profit, and identify all allowable deductions. They can also advise on payments on account and ensure your return is filed correctly before the deadline, minimising the risk of an HMRC enquiry.
What is the difference between using a limited company and being a sole trader for tax purposes?
As a sole trader, you pay Income Tax and National Insurance on your profits through Self Assessment. Operating through a limited company means the company pays Corporation Tax on its profits, and you pay Income Tax on any salary or dividends you withdraw. An accountant can model both scenarios to show you the most tax-efficient structure for your income level.
Do I need to register for VAT if my freelance income exceeds a certain threshold?
Yes, you must register for VAT with HMRC if your total taxable turnover for the previous 12 months exceeds the current threshold. Once registered, you will need to charge VAT on your services and submit regular VAT returns. An accountant can advise on the best VAT scheme for your business, such as the Flat Rate Scheme, to simplify your administration.
How does an ICAEW regulated firm protect my financial interests as a freelancer?
ICAEW regulated firms must adhere to rigorous professional standards and ethical codes. They are required to hold appropriate professional indemnity insurance, which protects you if negligent advice is given. Furthermore, they must maintain client money in separate accounts if they handle funds. This regulatory framework provides you with confidence and recourse should any issue arise.
Can an accountant help me if HMRC decides to investigate my tax return?
Absolutely. If HMRC opens an enquiry into your tax return, an experienced accountant can act as your agent. They will handle all communication with HMRC, gather the necessary evidence, and prepare a robust response to any queries. Having professional representation during an investigation reduces your stress and ensures your rights are protected throughout the process.
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