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 services do accountants for freelancers typically provide?
Accountants for freelancers usually offer a range of services including preparing and filing Self Assessment tax returns, managing VAT returns, and advising on allowable expenses. They can also help with bookkeeping, tax planning, and ensuring you meet HMRC deadlines. For those operating through a limited company, they may assist with Corporation Tax and payroll. Their goal is to keep your finances organised and compliant, allowing you to focus on your freelance work.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time, reducing the risk of HMRC penalties. They will review your income and expenses to ensure you claim all allowable deductions, potentially lowering your tax bill. They can also advise on payments on account and help you plan for future tax liabilities. This saves you time and gives you confidence that your return is correct.
Why is it important to choose an ACCA or ICAEW accredited accountant?
Choosing an ACCA or ICAEW accredited accountant ensures you are working with a professional who has undergone rigorous training and adheres to strict ethical and professional standards. These qualifications demonstrate a high level of expertise and commitment to continuing professional development. It also provides you with access to a complaints procedure if something goes wrong, offering extra peace of mind that your finances are in safe hands.
What is the difference between a freelancer and a limited company for tax purposes?
A freelancer who is self-employed pays Income Tax and National Insurance through Self Assessment, while a limited company pays Corporation Tax on its profits. As a limited company director, you may also need to operate a payroll and file Company Tax Returns. An accountant can help you decide which structure is best for your circumstances and manage the associated tax obligations, ensuring you remain compliant with HMRC.
How often should I meet with my accountant?
The frequency of meetings depends on your individual needs and the complexity of your finances. Many freelancers meet their accountant quarterly or twice a year to review their financial position and plan for tax payments. However, you may also have ad hoc meetings when you need advice on a specific issue, such as a large contract or an HMRC enquiry. Your accountant will be available to support you throughout the year.
Can an accountant help me if I have missed an HMRC deadline?
Yes, an accountant can assist you if you have missed an HMRC deadline. They can help you file your tax return as soon as possible and communicate with HMRC on your behalf to explain any mitigating circumstances. They can also advise on how to appeal any late filing penalties or interest charges. Acting quickly with professional support can help minimise the financial impact and resolve the situation efficiently.
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