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 for your freelance activities, you should look for someone who holds a recognised qualification from a professional body such as ACCA, ICAEW, or AAT. It is also important to find an accountant who has experience working with freelancers and understands your specific industry. They should be able to explain their fees clearly and offer advice on tax planning, record keeping, and any other financial matters that affect your business.
How can an accountant help me with my Self Assessment tax return?
An accountant can help you 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, which can reduce your tax bill. They can also advise you on payments on account and help you plan for future tax liabilities. By using a professional, you minimise the risk of errors that could lead to HMRC penalties.
What is the difference between a sole trader and a limited company for freelancers?
As a sole trader, you are personally responsible for your business debts and pay tax on your profits through Self Assessment. A limited company is a separate legal entity, which means you pay Corporation Tax on company profits and may have more tax planning opportunities. However, a limited company involves more administrative duties. An accountant can help you decide which structure suits your freelance income and long-term goals.
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 by HMRC. Even if your turnover is below this threshold, you may choose to register voluntarily, especially if you supply other VAT-registered businesses. An accountant can advise you on whether voluntary registration is beneficial for your freelance work and assist with completing VAT returns and staying compliant.
How does an accountant help with HMRC enquiries or investigations?
If HMRC opens an enquiry into your tax affairs, an accountant can act as your representative and handle communications with HMRC on your behalf. They will help you gather the necessary records, respond to questions, and ensure that your rights are protected. Having professional support can reduce stress and help resolve the enquiry efficiently. Your accountant will also review your records to identify any potential issues and advise on corrective actions.
Why is it beneficial to use a regulated accountant rather than an unqualified bookkeeper?
Regulated accountants, such as those who are members of ACCA, ICAEW, or AAT, must adhere to strict ethical and professional standards. They are required to maintain their knowledge through continuing professional development and are subject to disciplinary procedures if they fail to meet expectations. This provides you with greater protection and confidence. Unqualified bookkeepers may offer lower fees, but they may not have the same level of expertise or accountability.
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