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BLUEBIRD ACCOUNTANCY LIMITED
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KUBED SOLUTIONS LIMITED
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MQPLUS LTD
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AWS ACCOUNTANTS (LONDON) LLP

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Frequently asked questions
What should I look for when choosing an accountant for my freelance work?
When selecting an accountant, you should look for someone who is qualified and regulated by a recognised professional body such as ACCA, ICAEW, or AAT. Experience with freelancers is also important, as they will understand the specific tax rules that apply to self-employed individuals. You should also consider their communication style and whether they offer proactive advice throughout the year, not just at tax return time.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC, ensuring that all income and expenses are accurately reported. They will help you identify allowable deductions that you might have missed, reducing your overall tax liability. They can also advise you on payments on account and ensure that you meet all filing deadlines, avoiding any penalties for late submission.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW are prestigious professional bodies that require their members to meet rigorous standards of education and ethical conduct. Using an accountant qualified by these bodies gives you confidence that they have the necessary expertise and stay up to date with changes in tax legislation. They are also subject to continuing professional development requirements, ensuring that their knowledge remains current and relevant.
Do I need a VAT-registered accountant if I am a freelancer?
If your taxable turnover exceeds the VAT threshold, you must register for VAT and submit regular VAT returns. A VAT-registered accountant can help you manage this process, advising on which VAT scheme is most suitable for your business, such as the Flat Rate Scheme or Annual Accounting Scheme. They can also ensure that your VAT records are accurate and that you claim the correct input tax on your purchases.
Can an accountant help me if I operate my freelance business through a limited company?
Yes, an accountant with experience in limited companies can assist with Corporation Tax returns, company accounts, and dividend planning. They can also advise on salary versus dividend extraction strategies to maximise your income tax efficiency. Additionally, they can help with payroll if you employ staff, and ensure that you comply with all Companies House and HMRC filing requirements.
How often should I meet with my accountant to discuss my freelance finances?
It is advisable to have regular contact with your accountant throughout the year, not just at the end of the tax year. Many freelancers benefit from quarterly reviews to discuss cash flow, tax planning, and any changes in their business circumstances. Your accountant can also be available for ad hoc advice when you have questions about expenses, invoicing, or new contracts, helping you make informed decisions.
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