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 specific services do accountants for freelancers provide?
Accountants for freelancers typically offer services including Self Assessment tax return preparation, bookkeeping, VAT administration, and tax planning advice. They also assist with registering as self-employed with HMRC, calculating payments on account, and ensuring that all allowable expenses are claimed correctly to minimise your tax liability.
How do I choose between a sole trader and a limited company structure?
A qualified accountant can analyse your income levels, future growth plans, and personal circumstances to advise on the best structure. Sole trader status is simpler, whilst a limited company offers potential tax efficiencies but requires more administrative duties. Your accountant will consider Corporation Tax implications and your overall financial objectives before recommending a route.
Why is it important to use an accountant regulated by ACCA or ICAEW?
Regulation by a professional body such as ACCA or ICAEW ensures the accountant adheres to strict ethical guidelines and maintains high professional standards. It also provides you with access to a formal complaints procedure and compensation schemes. Using a regulated professional gives you confidence that your financial affairs are handled competently and lawfully.
What records must I keep for HMRC as a freelancer?
You must keep records of all income received and all business expenses incurred. This includes invoices, receipts, bank statements, and records of any personal income drawn from the business. For limited company directors, additional records such as dividend vouchers and payroll information are required. Your accountant can help you organise a system to maintain these records efficiently.
How can an accountant help reduce my tax bill?
An accountant will thoroughly review your business expenses to ensure you claim every allowable deduction, such as equipment, travel, and professional subscriptions. They can also advise on tax-efficient pension contributions and timing of income. By planning ahead and utilising all available reliefs, they help you legally minimise your overall tax liability whilst remaining compliant.
What is the difference between a tax return and Self Assessment?
Self Assessment is the system HMRC uses to collect Income Tax from individuals who are not taxed at source, such as freelancers. A tax return is the form you complete each year to declare your income and expenses. Your accountant will prepare and submit this return electronically, calculating the tax and National Insurance contributions you owe.
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