
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 someone who is qualified and holds membership with a recognised professional body such as ACCA, ICAEW, or AAT. This ensures they adhere to strict ethical and technical standards. Additionally, consider their experience with freelancers specifically, as they should understand the nuances of Self Assessment, allowable expenses, and HMRC requirements. A good accountant will also offer proactive advice on tax planning and be responsive to your queries throughout the year.
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, ensuring you meet HMRC deadlines. They will identify all allowable expenses and reliefs you are entitled to, potentially reducing your tax bill. They can also help you organise your financial records and advise on payments on account. By delegating this task, you avoid the stress of complex calculations and reduce the risk of errors that could trigger an HMRC enquiry.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is reviewed periodically by HMRC. However, even if your turnover is below this limit, you may choose to voluntarily register, especially if you work with VAT-registered clients who can reclaim the VAT you charge. An accountant can assess your specific situation, advise on the best course of action, and help you complete the registration process.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are prestigious professional bodies. They require rigorous examinations and practical experience. ACCA accountants often have a strong international focus, whilst ICAEW chartered accountants are highly regarded in the UK. Both are equally qualified to handle freelance tax matters, so your choice may depend on personal preference or the specific expertise of the individual.
Can an accountant help me if I am a freelancer operating through a limited company?
Yes, an accountant is essential if you operate through a limited company. They can manage your Corporation Tax filings, ensure you meet Companies House requirements, and advise on salary and dividend extraction to be tax-efficient. They will also help you understand the IR35 rules and their impact on your engagements. Additionally, they can prepare your annual accounts and provide ongoing strategic advice to help your company remain compliant and profitable.
How often should I communicate with my accountant?
Communication frequency depends on your needs, but a good accountant will be available throughout the year, not just at tax year end. Many freelancers check in quarterly to review profits, plan for tax payments, and discuss any changes in their circumstances. Regular contact ensures you stay on top of deadlines and can make informed decisions. Your accountant should be approachable and willing to answer questions as they arise, giving you ongoing peace of mind.
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