
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 qualifications and whether they are regulated by a professional body such as ACCA, ICAEW, or AAT. Look for experience with freelancers specifically, as they will understand your tax obligations and allowable expenses. Also consider their communication style and availability, and whether they offer proactive advice on tax planning and cash flow management.
How can a freelance accountant help with my Self Assessment tax return?
A freelance accountant will prepare and submit your Self Assessment tax return accurately and on time, ensuring that all income and expenses are correctly reported. They will identify allowable deductions to reduce your tax bill and help you understand your payment on account obligations. This reduces the risk of errors and penalties from HMRC.
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 ethical and professional standards. They are required to keep their knowledge up to date with changes in tax law and practice. Using such a qualified professional provides assurance that your financial affairs are handled competently and in compliance with regulations.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. However, you may choose to register voluntarily if you wish to reclaim VAT on business purchases. A freelance accountant can advise you on whether voluntary registration is beneficial and help you manage your VAT returns and records.
Can an accountant help me decide between being a sole trader or a limited company?
Yes, an accountant can analyse your income, expenses, and long-term goals to recommend the most tax-efficient structure. They will consider factors such as Corporation Tax, National Insurance contributions, and personal tax liabilities. They will also explain the administrative responsibilities of each option, helping you make an informed decision that suits your circumstances.
What records should I keep as a freelancer for my accountant?
You should keep records of all income received, including invoices and bank statements, as well as receipts for business expenses. Also retain records of any equipment purchases, mileage logs, and home office costs. Your accountant will need this information to prepare accurate accounts and tax returns, and HMRC requires you to keep records for at least five years.
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