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?
You need to keep records of all your income and expenses, including receipts, invoices, and bank statements. Your accountant will use these to prepare your Self Assessment tax return. It is also wise to keep a record of any business mileage, home office costs, and other allowable expenses. Good record-keeping helps your accountant maximise your deductions and ensures you are ready for any HMRC enquiries.
How can an ACCA or ICAEW accountant help me with HMRC?
An accountant who is a member of ACCA or ICAEW is regulated and highly trained. They can communicate directly with HMRC on your behalf, resolve any tax issues, and ensure your tax returns are filed correctly and on time. They can also represent you during a tax investigation, providing expert advice and reducing the stress of dealing with HMRC yourself.
Do I need to be VAT-registered as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, you can also choose to register voluntarily. An accountant can advise you on whether voluntary registration is beneficial for your business, and they can manage your VAT returns and ensure you claim back any allowable input tax.
What is the difference between a sole trader and a limited company?
As a sole trader, you are self-employed and personally responsible for your business debts. A limited company is a separate legal entity, which means your personal liability is limited. Your accountant can explain the tax implications of each structure, including Corporation Tax for companies, and help you decide which is best for your circumstances.
How often should I meet with my accountant?
Most sole traders meet with their accountant at least once a year to prepare their Self Assessment tax return. However, it is often beneficial to have more regular meetings, such as quarterly, to review your cash flow, plan for tax payments, and discuss any changes in your business. Your accountant can also be available for ad-hoc advice whenever you need it.
Can an accountant help me with my Self Assessment tax return?
Yes, absolutely. An accountant can prepare and file your Self Assessment tax return for you, ensuring that all your income and allowable expenses are correctly reported. They can also help you plan ahead to reduce your tax bill, and they will make sure you meet the HMRC deadline, avoiding any late filing penalties.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.