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
Startup Accountants
Our startup accountants London operate with a specific approach to keep your business afloat. Gradually positioning it where you have dreamt it to be....See More
KAAB
BUSINESS ADVISORY-Would you like to see how i can help to improve your profit, your cashflow and the value of your business value?
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Clear House Accountants
Clear House Accountants are Performance-driven Business Accountants in London. We are Chartered Accountants focused on helping startups and small bus...See More
Naail & Co Chartered Certified Accountants
We are a London based accounting firm, offering all round accountancy, taxation and support services to a wide range of businesses.<...
ION Chartered Accountant
ION Chartered Accountants are a boutique accountancy and consulting practice that supports small and medium enterprises in a wide range of business se...See More
Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
1ST FORMATIONS LIMITED
1st Formations is a leading online company formation agent in the UK. We offer a comprehensive selection of company registration packages and address ...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More
TIDE PLATFORM LTD
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GOFORMA LIMITED
GoForma is a trusted team of accountants in UK, helping contractors, freelancers, sole&...
Earne
Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services firm headquartered in London, Eng...See More
@UKPLC
More than 40 years ago Stanley Davis started in the company formations business, offering clients cost-effective prices and quick turn-around UK and o...See More
THEFORMATIONSCOMPANY.COM LIMITED
Forming your company is the first step. Together, we’ll make it an easy one. We’ve helped form more than 750,000 companies. Whether you’re taking a ho...See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
YOUR COMPANY FORMATIONS LTD
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Frequently asked questions
What services do accountants for sole traders typically provide?
Accountants for sole traders offer a range of services including preparing and filing Self Assessment tax returns, managing VAT returns, bookkeeping, and providing tax planning advice. They can also assist with setting up a business bank account, estimating tax payments, and ensuring you claim all allowable expenses. Their goal is to keep your finances organised and compliant with HMRC requirements.
How can an accountant help me save money on my taxes?
An accountant can identify allowable business expenses you might have missed, ensure you are using the correct tax codes, and advise on the most tax-efficient way to structure your business. They can also help with timing of income and expenses, pension contributions, and claiming capital allowances. This proactive tax planning can significantly reduce your overall tax liability.
Do I need to be VAT-registered as a sole trader?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is £85,000. Even if your turnover is below this, you may choose to register voluntarily. An accountant can advise on whether voluntary registration is beneficial for your business, and they can handle the registration process and ongoing VAT returns to ensure you remain compliant.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered accountancy bodies that offer advanced qualifications for accountants, often working with larger businesses or providing complex tax advice. AAT is a more entry-level qualification focusing on practical bookkeeping and accounting skills. All three are recognised and regulated, but the choice depends on the complexity of your needs. A chartered accountant (ACCA or ICAEW) is often preferred for more complex tax matters.
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 financial performance and plan for tax payments. Others only meet annually to prepare their tax return. Regular contact is recommended to stay on top of cash flow and take advantage of any tax changes throughout the year.
What records do I need to keep for HMRC as a sole trader?
You must keep records of all income and expenses, including receipts, invoices, and bank statements. You also need to keep records of any personal income that affects your tax code. 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 for tracking and storing these documents.
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