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
SJD ACCOUNTANCY LIMITED
SJD Accountancy is the UK’s largest specialist provider of fixed fee, limited company accountancy services to contractors and freelancers; we’ve been ...See More
Numerii Ltd
Informed financial support for your business. We are a small, friendly and highly motivated team who offer a professional and efficient service to our...See More
DOLAN ACCOUNTANCY LIMITED
If our name sounds familiar, don’t be surprised. Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. A...See More
The Bean Counters Accountants LLP
Established in 2011, The Bean Counters Accountants is a growing accounting firm in Maidenhead which specializes in cloud accounting and bookkeeping, p...See More
MINT FORMATIONS LTD
We have over 100 years of combined industry experience, having worked with hundreds of startups and small businesses in every industry imaginable. We ...See More
DIrect Assist accountants Ltd
Direct Assist accountants Ltd is one of the fastest growing chartered accountants firm serving businesses and individuals from different industries fr...See More
BARNES MAYER LIMITED
Barnes Mayer Ltd is an independent, family run business providing accounting and taxation services throughout Maidenhead, Berkshire and Buckinghamshir...See More
Yourtaxhelp
Our motto is “Accountants and Tax Advisers with simple technology”. We will not stop being innovative or using cutting edge technology to help you out...See More
EXPEDIENT ACCOUNTANCY
Expedient Accountancy Limited provides a wide range of expert accounting services. We are a partnership of 3 Chartered Certified Accountants with more...See More
MAKESWORTH LIMITED
Makesworth
Accountants is an award-winning accountancy practice of Chartered
Certified Accountants tax and business advisors. We a...
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Taxeasy Ltd
TaxEasy Ltd is an experienced and proactive firm of certified accountants and bookkeepers offering high quality accounting services to clients through...See More
MARK SASTA & ASSOCIATES
Mark Sasta & Associates Ltd is a member firm of the Institute of Chartered&nbs...
Hayes Accountants
Hayes Accountancy is your local accountancy service provider & part of the group BNW Accountants & Tax Consultants. We offer high-quality accounting a...See More
City Tax London
City Tax London provides unparalleled personalized accounting services and th...
TAA CONSULTANTS LTD
TAA Consultants- Super Accountants 69201 - Accounting and auditing activities 69202 - Bookkeeping activities
KUBED SOLUTIONS LIMITED
Gouri Kubair, the founding director of the business has over a decade of experience in the field of accountancy. Including 8 years in Deloitte, ...See More
BLUEBIRD ACCOUNTANCY LIMITED
Bluebird Accountancy was created with the needs of modern day contractors and freelancers like you in mind. With modern day accountancy software makin...See More
John Lavender accounting ltd
John Lavender Accounting Firm is a beacon of precision and expertise in the financial landscape. With a legacy steeped in integrity and excellence, we...See More
Frequently asked questions
What does an accountant for sole traders do?
An accountant for sole traders handles your Self Assessment tax return, calculates your tax and National Insurance liabilities, and advises on allowable expenses. They also help with bookkeeping, cash flow forecasting, and VAT if you are registered. By managing your financial records and ensuring HMRC deadlines are met, they reduce the risk of penalties and allow you to focus on running your business effectively.
How do I choose between an ACCA, ICAEW, or AAT qualified accountant?
All three qualifications indicate a high level of competence and professionalism. ACCA and ICAEW chartered accountants often have broader experience with complex tax and business matters, whilst AAT members are particularly skilled in day-to-day bookkeeping and preparing accounts. Your choice should depend on the size of your business and the level of advice you need. Always check their experience with sole traders and their familiarity with your industry.
Can an accountant help me with an HMRC tax investigation?
Yes, an accountant can be invaluable during an HMRC enquiry. They will handle all correspondence with HMRC on your behalf, prepare the necessary documents, and ensure your tax position is presented accurately. Their expertise helps minimise any additional tax or penalties you might face. Having professional representation provides peace of mind and ensures the process is managed correctly from start to finish.
What records do I need to keep as a sole trader?
As a sole trader, you must keep records of all your income and expenses, including receipts, invoices, and bank statements. You should also track any personal money taken from the business. HMRC requires you to keep these records for at least five years after the 31 January submission deadline. An accountant can help you set up an efficient system to ensure you remain compliant and prepared for your tax return.
Are accountant fees tax-deductible for sole traders?
Yes, the fees you pay to an accountant for managing your business finances are generally allowable expenses. This means you can deduct them from your trading profits before calculating your tax liability. It is important to keep a copy of the invoice as proof. Your accountant can confirm exactly what is deductible and ensure you claim all legitimate business expenses.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many sole traders meet their accountant quarterly to review cash flow and tax planning, whilst others only meet annually to prepare their tax return. Regular contact is beneficial, especially if your business is growing or you face significant financial decisions. Your accountant can advise on a schedule that keeps you on track without being intrusive.
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