
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, look for recognised qualifications such as ACCA, ICAEW, or AAT. Check their experience with freelancers and their understanding of HMRC requirements. It is also important to consider their communication style and whether they offer services that match your needs, such as tax return preparation or VAT handling. Reading client reviews and comparing fees can help you make an informed decision.
How can an accountant help me with my Self Assessment tax return?
An accountant can ensure your Self Assessment tax return is accurate and submitted on time to HMRC. They will identify all allowable expenses and reliefs you are entitled to, potentially reducing your tax bill. They can also help you keep proper records throughout the year and provide advice on payments on account, making the process smoother and less stressful.
Do I need an accountant if I am a freelancer with a limited company?
Yes, if you operate through a limited company, an accountant is highly recommended. They can manage your Corporation Tax, ensure compliance with Companies House filings, and advise on salary and dividend strategies. They also help with payroll and VAT if you are registered. Their expertise ensures you meet all legal obligations and avoid penalties.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict ethical guidelines. They possess in-depth knowledge of UK tax law and accounting standards. This ensures you receive professional, reliable advice and that your financial affairs are handled correctly. Their qualifications also mean they are regulated, providing you with additional protection and recourse if needed.
How can an accountant help with VAT for my freelance work?
An accountant can advise whether you need to register for VAT, based on your turnover. They can handle your VAT returns, ensure you claim the right input tax, and help you choose the best VAT scheme for your business, such as the Flat Rate Scheme. This can save you money and reduce administrative burdens, keeping you compliant with HMRC.
What records should I keep for my accountant to prepare my tax return?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and any records of personal drawings. If you work from home, keep details of household bills for potential expense claims. Also note any business mileage and travel costs. Your accountant can guide you on the best way to organise these records for efficient tax preparation.
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