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 freelancers look for when choosing an accountant?
Freelancers should seek an accountant who has experience with self-employed individuals and understands the specific challenges of freelance work. Look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. It is also important to consider their familiarity with HMRC regulations, their approach to communication, and whether they offer services that match your needs, such as Self Assessment preparation or VAT advice.
How can an accountant help with Self Assessment tax returns?
An accountant can prepare and submit your Self Assessment tax return on your behalf, ensuring accuracy and timeliness. They will help you identify allowable business expenses, claim all relevant deductions, and calculate your tax liability correctly. This reduces the risk of errors and penalties, and saves you valuable time. They can also advise on payments on account and help you plan for future tax bills.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and must adhere to strict professional standards. They possess deep technical knowledge and are required to maintain their expertise through continuing professional development. This ensures they are up to date with the latest tax legislation and accounting practices. Using such a professional gives you confidence that your financial affairs are handled competently and ethically.
Do freelancers need to register for VAT?
Freelancers must register for VAT if their taxable turnover exceeds the current VAT threshold, which is £85,000. Even if your turnover is below this limit, voluntary registration may be beneficial in certain circumstances, such as if you supply other VAT-registered businesses. An accountant can assess your situation and advise on the best course of action, including managing VAT returns and ensuring compliance with HMRC.
Can an accountant help with Corporation Tax if I operate as a limited company?
Yes, an accountant can assist with all aspects of Corporation Tax for your limited company. They will prepare your annual accounts, calculate your Corporation Tax liability, and submit the necessary returns to HMRC. They can also advise on tax-efficient ways to extract profits, such as salary versus dividends, and help you meet your filing deadlines to avoid penalties.
How often should freelancers meet with their accountant?
The frequency of meetings depends on your individual circumstances and the complexity of your finances. Many freelancers benefit from quarterly check-ins to review cash flow and tax planning, whilst others only require annual support for their tax return. A good accountant will offer flexible arrangements and be available for ad hoc queries throughout the year. Regular communication helps ensure you remain on top of your obligations.
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