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, check their professional qualifications and whether they are regulated by a recognised body such as ACCA, ICAEW, or AAT. It is also important to find someone with experience in your specific industry and who offers services that match your needs, such as Self Assessment or VAT. Look for transparent fee structures and good communication, as you will need to work closely with them throughout the year.
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 on your behalf, ensuring accuracy and timeliness. They will review your income and expenses to identify all allowable deductions, which can reduce your tax bill. They can also advise on payments on account and help you plan for any tax due, avoiding surprises and potential penalties from HMRC.
Do I need to be VAT-registered as a freelancer?
VAT registration is compulsory if your taxable turnover exceeds the current threshold, which is reviewed periodically by HMRC. Even if you are below the threshold, you may choose to register voluntarily, especially if you work with VAT-registered clients. An accountant can assess your situation and advise on the best approach, handling your VAT returns and ensuring compliance with all regulations.
What are the benefits of using an ACCA or ICAEW qualified accountant?
Accountants who are members of ACCA or ICAEW have undergone rigorous training and must adhere to strict professional standards. They are required to maintain their knowledge through continuing professional development, ensuring they are up to date with the latest tax laws. Using such a qualified professional gives you confidence in the accuracy and reliability of the advice you receive, and they are also subject to disciplinary procedures if they fail to meet these standards.
Can an accountant help me if I operate through a limited company?
Yes, accountants can provide comprehensive support for freelancers who operate through a limited company. They can help with company formation, prepare annual accounts, and file your Corporation Tax return with HMRC. They will also advise on salary and dividend strategies to minimise your tax liability, and ensure you meet all statutory filing obligations, including Confirmation Statements and any necessary returns to Companies House.
How often should I communicate with my accountant?
Regular communication is key to a successful relationship with your accountant. Many freelancers speak with their accountant quarterly or at least twice a year, but you may need more frequent contact during your first year or when your circumstances change. Your accountant should be available to answer questions throughout the year, not just at tax return time, and can provide ongoing advice on financial decisions and business planning.
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