
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 should a sole trader keep for their accountant in Bideford Devon?
You should keep records of all income and expenses, including receipts, invoices, bank statements, and any records of personal money used for business purposes. Your accountant in Bideford Devon will need these to prepare your Self Assessment tax return accurately and to ensure you claim all allowable expenses you are entitled to.
How can an ACCA qualified accountant help with HMRC tax returns?
An ACCA qualified accountant has in-depth knowledge of HMRC rules and regulations. They can prepare and submit your Self Assessment tax return on your behalf, ensuring it is accurate and submitted on time. They can also advise on allowable expenses, reduce your tax liability, and handle any correspondence from HMRC, saving you time and reducing stress.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you are personally responsible for your business's debts and pay Income Tax and National Insurance on your profits through Self Assessment. A limited company is a separate legal entity, paying Corporation Tax on its profits, and you may take a salary and dividends. Your accountant can explain the pros and cons of each structure.
Do I need to be VAT-registered if I am a sole trader in Bideford Devon?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if you are below this, you may choose to register voluntarily. An accountant can help you decide whether voluntary registration is beneficial for your business and manage your VAT returns, ensuring you comply with HMRC requirements.
How often should I meet with my accountant in Bideford Devon?
It is advisable to meet with your accountant at least once a quarter to review your financial position and plan for tax payments. However, the frequency can depend on your business's complexity and your personal preferences. Regular contact helps you stay on top of deadlines, manage cash flow, and make informed decisions throughout the year.
What qualifications should I look for when choosing an accountant for my sole trader business?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical and professional standards. This gives you confidence that they have the expertise to handle your tax affairs correctly and provide reliable advice.
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