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 services do accountants for freelancers typically provide?
Accountants for freelancers usually offer a range of services including preparing and filing Self Assessment tax returns, bookkeeping, VAT returns, and tax planning. They can also advise on allowable expenses, help with HMRC correspondence, and assist with setting up a limited company if you decide to incorporate. Their goal is to keep you compliant and tax-efficient.
How can an accountant help me with my Self Assessment tax return?
An accountant will ensure your Self Assessment tax return is accurate and submitted before the January deadline. They will review your income and expenses, identify all allowable deductions, and calculate the tax you owe. This reduces the risk of errors and penalties, and they can also advise on payments on account to help you budget.
What qualifications should I look for in a freelance accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training and adheres to ethical standards. Membership also means they are regulated and required to keep their knowledge up to date, giving you confidence in their expertise.
Do I need to be VAT-registered as a freelancer?
VAT registration is compulsory if your taxable turnover exceeds the current threshold, which is £90,000. Even if you are below this, you may choose to register voluntarily, especially if you work with VAT-registered clients. An accountant can advise on whether registration is beneficial and help you complete VAT returns accurately.
Can an accountant help me if HMRC launches an investigation into my tax affairs?
Yes, an accountant can be invaluable during an HMRC investigation. They will handle all communication with HMRC on your behalf, prepare the necessary documents, and ensure your tax position is presented correctly. Their expertise reduces stress and helps protect you from unnecessary penalties or additional tax liabilities.
How do I choose the right accountant for my freelance business?
Consider factors such as experience with freelancers in your industry, qualifications, fee structure, and availability. You should also check reviews and whether they are listed on a directory like AccountingFirms. Arrange an initial consultation to discuss your needs and ensure you feel comfortable with their communication style and approach.
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