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 such as ACCA, ICAEW, or AAT membership. Ensure they have experience with freelance clients and understand Self Assessment and VAT. Check their availability and communication style, and confirm they are registered with HMRC for agent services. A good accountant will offer proactive advice and help you plan for tax payments.
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. They will review your income and expenses to ensure you claim all allowable deductions, potentially reducing your tax bill. They can also advise on payments on account and help you deal with any correspondence from HMRC, giving you peace of mind.
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 work mainly with VAT-registered clients or want to reclaim VAT on business purchases. An accountant can advise on whether voluntary registration is beneficial for your specific situation.
What are the benefits of using a certified accountant over an unqualified one?
Certified accountants, such as those with ACCA, ICAEW, or AAT qualifications, have undergone rigorous training and adhere to professional standards. They are regulated and must keep their knowledge up to date. This ensures you receive accurate advice and reduces the risk of errors that could lead to HMRC penalties. Using a certified professional also provides you with access to indemnity insurance.
Can an accountant help me with Corporation Tax if I operate as a limited company?
Yes, an accountant can manage your Corporation Tax affairs, including preparing and filing your Company Tax Return and calculating your tax liability. They will help you identify allowable business expenses and ensure you take advantage of any reliefs. They can also advise on salary and dividend strategies to minimise your overall tax burden.
How often should I communicate with my accountant?
Communication frequency depends on your needs, but it is wise to have regular check-ins at least quarterly. Your accountant should be available for advice throughout the year, especially before key deadlines. They can help you with cash flow planning, tax estimates, and any changes in your business. Regular contact ensures you remain compliant and financially optimised.
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