
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 does an accountant for sole traders do?
An accountant for sole traders prepares your Self Assessment tax return, ensures accurate records, and advises on allowable expenses. They also help with VAT, HMRC correspondence, and tax planning. By managing your finances, they reduce the risk of errors and penalties, allowing you to concentrate on your business operations.
Why should I hire an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications indicate a high level of professional expertise and adherence to ethical standards. These accountants undergo rigorous training and continuous development. They are well-versed in UK tax law and HMRC regulations, ensuring your affairs are handled correctly. Their accreditation also provides you with recourse if issues arise.
How can an accountant help with my Self Assessment tax return?
An accountant ensures your Self Assessment tax return is completed accurately and submitted before the deadline. They calculate your taxable profit, apply allowable deductions, and identify any reliefs you may be entitled to. This reduces your tax liability and minimises the chance of an HMRC enquiry, saving you time and stress.
Do I need to register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold. An accountant can advise on voluntary registration, which may benefit your business if you incur VAT on purchases. They will handle your VAT returns and ensure compliance with HMRC, helping you avoid penalties for late submissions.
What records must I keep for HMRC as a sole trader?
You must keep records of all income and expenses, including receipts, invoices, and bank statements. HMRC requires you to retain these for at least five years after the 31 January submission deadline. An accountant can help you organise a simple system, ensuring you meet legal requirements and are prepared for any enquiries.
Can an accountant help me if I am investigated by HMRC?
Yes, an accountant can represent you during an HMRC investigation. They will review your records, prepare responses, and communicate with HMRC on your behalf. Their expertise ensures that your case is presented correctly, reducing the risk of additional tax liabilities or penalties. Having professional support provides reassurance during a stressful process.
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