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 business?
When selecting an accountant, check their qualifications and memberships with professional bodies such as ACCA, ICAEW, or AAT. These designations indicate that the accountant adheres to strict standards and keeps their knowledge current. You should also consider their experience with freelancers, their familiarity with your industry, and the range of services they offer, such as Self Assessment and VAT support.
How can a freelance accountant help with HMRC tax returns?
A freelance accountant will prepare and submit your Self Assessment tax return accurately and on time, ensuring that you meet HMRC deadlines. They will also identify allowable expenses to reduce your tax bill, keep records organised, and respond to any queries from HMRC on your behalf. This reduces the risk of errors and penalties, giving you confidence in your tax affairs.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if your turnover is below this, voluntary registration can be beneficial if you incur VAT on business purchases. An accountant can assess your situation and advise on whether registration is right for you, and they will handle the paperwork and ongoing submissions.
What is the difference between an ACCA and an ICAEW accountant?
ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) are both prestigious professional bodies. ACCA has a strong international focus, while ICAEW is highly regarded in the UK. Both require rigorous exams and ongoing development. The choice often comes down to personal preference and the accountant's specific experience with freelancers.
Can an accountant help me if I operate as a limited company?
Yes, an accountant with experience in limited company affairs can assist with Corporation Tax returns, company accounts, and payroll if you take a salary. They will also advise on dividends, expenses, and tax planning to ensure that you are operating efficiently and in compliance with HMRC regulations. This specialist support is invaluable for limited company contractors.
How often should I meet with my accountant?
Regular contact is recommended, at least quarterly, to review your financial position and plan for upcoming tax deadlines. Many accountants offer ongoing support throughout the year, not just at year-end. This proactive approach helps you stay on top of cash flow, tax liabilities, and any changes in legislation that might affect your freelance business.
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