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 someone who is qualified and regulated by a recognised body such as ACCA, ICAEW, or AAT. Ensure they have experience working with freelancers and understand your specific industry. It is also important to consider their communication style and availability, as you will need to work with them regularly. Check reviews and ask for references to gauge their reliability and professionalism.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return accurately and on time, ensuring you meet HMRC deadlines. They will help you identify all allowable expenses and reliefs you are entitled to, 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 and saving you valuable time.
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 if you wish to reclaim VAT on your business purchases. An accountant can advise you on whether voluntary registration is beneficial for your specific situation and help you manage your VAT returns and records.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered accountancy bodies that offer full professional qualifications, allowing accountants to work in various areas including audit, tax, and business advice. AAT is a vocational qualification that focuses on practical accounting skills such as bookkeeping and preparing accounts. All three bodies require members to adhere to strict ethical guidelines and continuing professional development, ensuring high standards of practice.
Can an accountant help me if I operate as a limited company?
Yes, an accountant can provide invaluable assistance if you run your freelance business through a limited company. They can help with Corporation Tax returns, company accounts, and ensuring compliance with Companies House requirements. They can also advise on salary versus dividend extraction strategies, which can be more tax-efficient, and help you manage your payroll and other statutory obligations.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs and the complexity of your finances. Many freelancers meet with their accountant quarterly to review their financial position and plan for upcoming tax payments. Others may only require an annual meeting to prepare their tax return. A good accountant will be available throughout the year to answer questions and provide advice whenever you need it.
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