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 from bodies such as ACCA, ICAEW, or AAT. Ensure they have experience with freelancers and understand Self Assessment, VAT, and allowable expenses. Check that they are registered with HMRC for money laundering supervision and ask about their communication methods and response times. Reading client reviews and comparing services can also help you make an informed decision.
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. They will identify all allowable expenses to reduce your tax bill, ensure your records are organised, and advise on payments on account. They can also help you register for Self Assessment if you have not done so already, and they will communicate with HMRC on your behalf if any queries arise.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if you are below this limit, voluntary registration can be beneficial if you incur VAT on business purchases. An accountant can assess your situation and advise whether VAT registration is advantageous. They will also handle your VAT returns and ensure you comply with HMRC regulations.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that require rigorous exams and ongoing professional development. ACCA has a strong international focus, whilst ICAEW is highly regarded in the UK. Both qualifications ensure that the accountant is competent and ethical. The choice between them often comes down to personal preference and the specific expertise of the individual accountant. Always verify their current membership status.
Can an accountant help me with IR35 rules for my freelance contracts?
Yes, an accountant with experience in freelancing can help you understand whether your contracts fall inside or outside IR35. They can review your working practices and provide guidance on how to structure your engagements. If you are caught by IR35, they will advise on the most tax-efficient way to operate. This support is crucial for avoiding unexpected tax liabilities and penalties from HMRC.
How often should I meet with my accountant to review my freelance finances?
It is advisable to have a meeting at least once a quarter to review your cash flow, tax provisions, and any changes in your business. You should also meet before your Self Assessment deadline and at the end of the tax year for planning purposes. Regular communication helps your accountant provide proactive advice and ensures that you are always prepared for your tax obligations.
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