
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, look for someone who is regulated by a recognised professional body such as ACCA, ICAEW, or AAT. This ensures they meet strict standards and stay up to date with tax legislation. It is also wise to choose an accountant with experience working with freelancers, as they will understand your unique needs and can offer proactive advice on managing your finances efficiently.
How can a freelance accountant help me with my Self Assessment tax return?
A freelance accountant will gather all your income and expense records, calculate your tax liability, and submit your Self Assessment return to HMRC before the deadline. They will also identify allowable expenses you may have missed, ensuring you do not pay more tax than necessary. Their expertise reduces the risk of errors and helps you avoid penalties for late or incorrect submissions.
Do I need to register for VAT as a freelancer, and can an accountant advise me?
You must register for VAT if your taxable turnover exceeds the current threshold, but voluntary registration can also be beneficial in some circumstances. An accountant will assess your income and business activities to determine whether registration is compulsory or advantageous. They will handle your VAT returns and advise on schemes like the Flat Rate Scheme if it suits your business.
What is the difference between an ACCA and an AAT qualified accountant?
ACCA qualified accountants have completed a rigorous professional programme covering advanced areas such as taxation, audit, and financial management. AAT qualifications focus more on practical accounting skills like bookkeeping and preparing accounts. Both are respected, but the right choice depends on the complexity of your freelance business. Many firms employ professionals with both qualifications to offer comprehensive support.
How often should I meet with my accountant to keep my finances on track?
It is advisable to have a meeting at least twice a year, but more frequent contact can be beneficial, especially during your first year of freelancing. Regular communication allows your accountant to provide timely advice on cash flow, tax planning, and business decisions. Many accountants offer ongoing support via email or phone, so you can ask questions whenever they arise.
Can an accountant help me if I am investigated by HMRC?
Yes, an experienced accountant can provide invaluable support during an HMRC investigation. They will help you gather the necessary records, communicate with HMRC on your behalf, and ensure your tax affairs are presented accurately. Having professional representation reduces stress and helps protect your rights, ensuring the investigation is resolved as smoothly as possible.
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