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, check their qualifications and experience with freelancers. Look for memberships with professional bodies such as ACCA, ICAEW, or AAT, as these indicate a high standard of expertise. It is also wise to consider their familiarity with HMRC requirements and whether they offer proactive advice on tax planning. Reading client reviews and arranging an initial consultation can help you assess their communication style and suitability.
How can a freelance accountant help me with my Self Assessment tax return?
A freelance accountant can 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 could reduce your tax bill. They can also advise you on payments on account and help you set aside the correct amount for your tax liability, avoiding any surprises when HMRC issues your statement.
Do I need to register for VAT as a freelancer?
If your taxable turnover exceeds the current VAT threshold, you must register for VAT with HMRC. An accountant can help you decide whether voluntary registration is beneficial, especially if you work with VAT-registered clients. They will guide you through the registration process, advise on the best scheme for your business, and ensure your VAT returns are filed correctly and promptly.
What are the benefits of hiring an accountant who is a member of ACCA or ICAEW?
Accountants who are members of ACCA or ICAEW have undergone rigorous training and must follow strict professional guidelines. They are required to complete continuous professional development, ensuring they remain current with tax law and accounting standards. This gives you confidence that your financial affairs are being handled by a competent and ethical professional who is accountable to a recognised regulatory body.
Can an accountant help me if I have missed the Self Assessment deadline?
Yes, an accountant can assist you if you have missed the Self Assessment deadline. They can help you file your return as soon as possible and communicate with HMRC on your behalf to explain any mitigating circumstances. They may also advise you on appealing against late filing penalties, although success depends on the specific situation and HMRC's discretion.
How often should I meet with my freelance accountant?
The frequency of meetings depends on the complexity of your finances and your personal preference. Many freelancers meet their accountant quarterly to review cash flow and tax planning, whilst others only require an annual meeting for their tax return. A good accountant will offer ongoing support throughout the year, so you can contact them whenever you have a question or a significant financial change occurs.
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