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 services do accountants for freelancers typically provide?
Accountants for freelancers usually offer a range of services including preparation of Self Assessment tax returns, bookkeeping, VAT returns, and Corporation Tax filings. They can also provide advice on allowable expenses, tax planning, and cash flow management. Many accountants offer ongoing support throughout the year, helping you stay compliant with HMRC requirements and avoid penalties.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW are recognised professional bodies that require members to meet high standards of education, experience, and ethical conduct. Choosing an accountant with these qualifications ensures that you receive expert advice and accurate financial handling. They are also required to undertake continuous professional development, keeping their knowledge up to date with current tax laws and regulations.
How can an accountant help me with my Self Assessment tax return?
An accountant can help you complete and submit your Self Assessment tax return accurately and on time. They will review your income and expenses to ensure you claim all allowable deductions, potentially reducing your tax bill. They can also advise on payments on account and help you plan for future tax liabilities, giving you peace of mind.
What is the difference between a freelancer and a limited company for tax purposes?
A freelancer can operate as a sole trader or through a limited company. As a sole trader, you pay Income Tax and National Insurance on your profits, while a limited company pays Corporation Tax on its profits. An accountant can explain the implications of each structure, helping you decide which is most tax-efficient for your circumstances.
How do I find a reliable accountant for my freelance business?
You can use AccountingFirms.co.uk to browse qualified accountants in your area. The directory features verified professionals who are regulated and experienced. Look for accountants with relevant qualifications, such as ACCA or ICAEW, and consider reading client reviews. It is also important to discuss your specific needs and confirm their fees before engaging their services.
What records do I need to keep for my accountant?
You should keep records of all your income and expenses, including invoices, receipts, bank statements, and any records of personal withdrawals. If you are VAT-registered, you must also retain VAT records. Your accountant can advise on the best way to organise these records, whether using spreadsheets or accounting software, to ensure accurate reporting.
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