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TAA CONSULTANTS LTD
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SJD ACCOUNTANCY LIMITED
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MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
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Ahmed-Cliffords Ltd
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Taxeasy Ltd
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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 a professional with recognised qualifications from bodies such as ACCA, ICAEW, or AAT. They should have experience working with freelancers and understand the specific requirements of Self Assessment and HMRC. It is also important to consider their communication style and whether they offer proactive advice on tax planning and allowable expenses. Checking client reviews and verifying their regulatory status can provide additional confidence in your choice.
How can a freelance accountant help me with my tax return?
A freelance accountant will prepare and submit 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 lower your tax bill. They can also advise on payments on account and help you plan for future tax liabilities. By handling the complex calculations and paperwork, they reduce the risk of errors and penalties from HMRC, giving you peace of mind throughout the year.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold of £90,000. However, even if your turnover is below this limit, you may choose to register voluntarily, especially if you supply goods or services to other VAT-registered businesses. An accountant can help you decide whether voluntary registration is beneficial for your specific situation. They will also manage your VAT returns and ensure you comply with all HMRC requirements.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies that certify accountants in the UK. ACCA (Association of Chartered Certified Accountants) has a global focus and covers a broad range of business and finance topics. ICAEW (Institute of Chartered Accountants in England and Wales) is highly regarded for its rigorous training and emphasis on chartered accountancy. Both qualifications require significant study and practical experience, ensuring that accountants are well-equipped to handle complex financial matters. Your choice may depend on their specific experience and your personal preferences.
Can an accountant help me if I have missed the Self Assessment deadline?
Yes, an accountant can assist you even if you have missed the Self Assessment deadline. They can help you submit your tax return as soon as possible to minimise any additional penalties. They will also communicate with HMRC on your behalf if necessary, potentially helping to reduce fines or set up a payment plan. While they cannot waive penalties entirely, their expertise can guide you through the process and prevent further issues. It is always best to seek professional help promptly after missing a deadline.
How often should I meet with my freelance accountant?
The frequency of meetings with your freelance accountant depends on the complexity of your finances and your personal preferences. Many freelancers benefit from quarterly check-ins to review cash flow, tax provisions, and any changes in their business. Your accountant should also be available for ad hoc advice when you have specific questions or face significant financial decisions. Regular communication ensures that you remain compliant and can take advantage of tax planning opportunities throughout the year.
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