
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, look for recognised qualifications from bodies such as ACCA, ICAEW, or AAT. These ensure the professional has verified expertise. Also consider their experience with freelancers, their familiarity with your industry, and their approach to communication. A good accountant will help you understand your tax obligations and plan for the future.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC, ensuring accuracy and completeness. They will identify allowable expenses you may have missed, reducing your tax bill. They also keep track of deadlines and payments on account, helping you avoid late filing penalties and interest charges.
Do I need to be VAT-registered as a freelancer?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, which is £90,000. However, you may choose to register voluntarily, especially if you supply other VAT-registered businesses. An accountant can advise on whether voluntary registration is beneficial for your specific circumstances and manage your VAT returns.
What is Making Tax Digital and how does it affect freelancers?
Making Tax Digital is an HMRC initiative requiring businesses to keep digital records and submit updates using compatible software. Most VAT-registered businesses must already comply. For income tax, the rules are being phased in. An accountant can help you choose the right software and ensure you meet all digital reporting requirements.
Can an accountant help me if I have missed an HMRC deadline?
Yes, an accountant can assist if you have missed a deadline. They can help you file late returns and communicate with HMRC on your behalf to explain the situation. They may also help you set up a payment plan if you owe tax. Acting quickly with professional support can minimise penalties and reduce stress.
How does an accountant determine my allowable business expenses?
An accountant will review your business activities and identify costs that are wholly and exclusively for business purposes. Common allowable expenses for freelancers include office supplies, software subscriptions, travel, and a portion of home costs if you work from home. They ensure you claim everything you are entitled to while staying compliant with HMRC rules.
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