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
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
Frequently asked questions
What services do accountants for sole traders typically provide?
Accountants for sole traders usually offer services such as preparing and filing Self Assessment tax returns, bookkeeping, VAT returns, and tax planning. They can also assist with HMRC correspondence, setting up a business bank account, and advising on allowable expenses. Many also provide payroll services if you employ staff, and they can help you understand your tax obligations throughout the year, ensuring you remain compliant and avoid penalties.
How do I choose the right accountant for my sole trader business?
When choosing an accountant, look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. Consider their experience with sole traders in your industry, their fee structure, and the range of services they offer. It is also important to check that they are registered with a professional body and have appropriate insurance. You can compare providers on AccountingFirms to find a professional who meets your specific needs.
What is the difference between an accountant and a tax adviser?
An accountant typically provides a broader range of financial services, including bookkeeping, preparing financial statements, and managing payroll, in addition to tax planning and filing. A tax adviser specialises specifically in tax matters, such as minimising tax liabilities and dealing with complex HMRC enquiries. Many accountants also act as tax advisers, but it is important to confirm that your chosen professional has the relevant expertise for your particular requirements.
How much does an accountant for a sole trader cost?
The cost of an accountant for a sole trader varies depending on the complexity of your affairs and the level of service required. Some charge a fixed monthly fee, whilst others bill hourly or annually. Typically, you might pay between £20 and £100 per month for basic services, but this can be higher for more comprehensive support. It is advisable to obtain quotes from several firms and compare what is included in the fee.
Can an accountant help me if HMRC enquires into my tax return?
Yes, an accountant can be invaluable if HMRC enquires into your tax return. They will handle all communication with HMRC on your behalf, prepare the necessary documentation, and represent you during any investigation. Their expertise ensures that your rights are protected and that you provide the correct information. Having a qualified professional on your side can reduce stress and help resolve the enquiry as quickly as possible.
Do I need to keep records if I use an accountant?
Yes, even with an accountant, you are legally responsible for keeping accurate records of your income and expenses. Your accountant will rely on these records to prepare your accounts and tax return. You should keep receipts, invoices, and bank statements for at least five years after the 31 January submission deadline. Your accountant can advise on the best way to organise your records, whether using spreadsheets or accounting software.
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