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 records do I need to keep as a sole trader for my accountant?
As a sole trader, you must keep records of all income and expenses, including invoices, receipts, and bank statements. Your accountant will use these to prepare your Self Assessment tax return. It is wise to keep digital or physical copies for at least five years after the tax year ends. Organising your records monthly makes the process smoother and helps your accountant identify allowable deductions you might have missed.
How can an ACCA or ICAEW accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an ACCA or ICAEW qualified accountant can act as your representative. They will handle all communication with HMRC, prepare the necessary documents, and ensure your rights are protected. Their expertise reduces the risk of errors and helps resolve the enquiry efficiently, giving you peace of mind during a potentially stressful process.
Do sole traders need to register for VAT?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if you are below this, voluntary registration might be beneficial if you sell to VAT-registered businesses. An accountant can advise on whether registration is right for you, help with the application, and manage your VAT returns to ensure you remain compliant with HMRC.
What is the difference between a bookkeeper and an accountant for sole traders?
A bookkeeper records your daily financial transactions, such as sales and purchases, and reconciles bank statements. An accountant takes that information and uses it to prepare your tax return, provide tax planning advice, and analyse your business performance. While a bookkeeper is useful for data entry, an accountant offers strategic guidance and ensures your financial statements meet legal requirements.
Can an accountant help me reduce my tax bill as a sole trader?
Yes, an accountant can identify allowable expenses you may have overlooked, such as home office costs, travel, and professional subscriptions. They can also advise on timing of income and expenses to manage your tax liability. By planning ahead, you can legitimately minimise the tax you pay while staying within HMRC rules, ensuring you keep more of your hard-earned profits.
How often should I meet with my accountant?
Most sole traders meet with their accountant at least once a year to prepare the tax return. However, regular quarterly or monthly meetings can be beneficial, especially if your business is growing. These check-ins allow you to review cash flow, discuss upcoming tax payments, and adjust your strategy. Your accountant can also provide advice on new regulations that may affect your trade.
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