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 services do accountants for freelancers offer?
Accountants for freelancers typically offer services such as preparing and submitting your Self Assessment tax return, calculating your payments on account, and advising on allowable business expenses. They can also help with VAT registration and returns, bookkeeping, and setting up a limited company if you decide to incorporate. Additionally, they provide ongoing tax planning advice to help you minimise your liabilities and keep more of your hard-earned income, whilst ensuring you remain fully compliant with HMRC regulations.
How can an accountant help me with HMRC if I am investigated?
If HMRC opens an enquiry into your tax affairs, an accountant can act as your representative and manage all communication with the tax authority. They will gather the necessary evidence, prepare detailed responses, and negotiate on your behalf to resolve the matter efficiently. Having a qualified professional who understands HMRC procedures and your legal rights can significantly reduce the stress of an investigation and help achieve the best possible outcome for your freelance business.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies, and their members are fully qualified chartered accountants who have completed rigorous exams and practical experience. AAT (Association of Accounting Technicians) qualifications are often a starting point, and many AAT members go on to study for ACCA or ICAEW. All three bodies require their members to follow strict ethical guidelines and maintain their skills through continuing professional development, ensuring they are competent to handle your financial affairs.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, you can also choose to register voluntarily, which might be beneficial if you want to reclaim VAT on your business purchases. An accountant can help you determine whether registration is compulsory or advantageous for your specific situation, and they will manage your VAT returns and ensure you meet all deadlines and comply with HMRC's requirements.
How often should I meet with my accountant?
The frequency of meetings depends on your individual needs and the complexity of your finances. Many freelancers meet with their accountant quarterly to review their income and expenses, plan for tax payments, and discuss any changes in their business. Others may only need an annual meeting to prepare their tax return. A good accountant will be available throughout the year for advice, and they will schedule meetings at intervals that suit you, ensuring you stay on track with your financial goals.
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 from your business. If you use a vehicle for business, you need to log your mileage. You should also keep records of any equipment purchases, software subscriptions, and professional development costs. Your accountant can provide a detailed checklist, but it is essential to maintain organised records throughout the year to make tax preparation smoother and more accurate.
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