
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 specific tax returns do accountants for freelancers in North Parade handle?
Accountants for freelancers in North Parade typically handle Self Assessment tax returns for sole traders and partnerships, as well as Corporation Tax returns for freelancers operating through a limited company. They also manage VAT returns for those who are VAT-registered, ensuring that all submissions to HMRC are accurate and filed on time to avoid penalties.
How can an ACCA or ICAEW qualified accountant help with HMRC enquiries?
An ACCA or ICAEW qualified accountant can act as your agent when dealing with HMRC. They can handle correspondence, respond to enquiries, and represent you in the event of a tax investigation. Their professional expertise ensures that your case is presented correctly and that your rights are protected throughout the process.
What records should I keep as a freelancer for my accountant?
You should keep records of all income received, including invoices and bank statements, and all business expenses with receipts. Also retain records of any personal income, such as interest or dividends. Your accountant will need these to prepare accurate accounts and tax returns, and you are legally required to keep them for at least five years after the filing deadline.
Are there specific tax deductions that freelancers often overlook?
Yes, freelancers often overlook deductions for home office costs, including a proportion of rent, utilities, and internet bills. Other missed deductions include professional subscriptions, training courses relevant to your business, and travel expenses for client meetings. A qualified accountant can identify all allowable expenses to reduce your tax bill legitimately.
What is the difference between a sole trader and a limited company for freelancers?
As a sole trader, you are personally responsible for business debts and pay Income Tax on profits via Self Assessment. A limited company is a separate legal entity, subject to Corporation Tax, and may offer tax efficiencies if profits are high. Your accountant can advise on the best structure based on your income and long-term plans.
How often should I meet with my accountant in North Parade?
It is advisable to meet with your accountant at least twice a year: once to review your tax position and plan for the year ahead, and again before your tax return deadline. Regular communication, perhaps quarterly, can help you stay on top of cash flow and tax liabilities, ensuring no surprises at year end.
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