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 services do accountants for sole traders in Havant Hampshire typically provide?
Accountants for sole traders in Havant Hampshire offer a range of services including preparing and filing Self Assessment tax returns, bookkeeping, VAT returns, and tax planning. They also provide advice on allowable expenses, record keeping, and HMRC correspondence, helping you stay compliant and minimise your tax liability.
How can an ACCA or ICAEW qualified accountant help my sole trader business?
An ACCA or ICAEW qualified accountant brings a high level of expertise and professional standards. They can ensure your accounts are accurate, help you meet HMRC deadlines, and provide strategic tax planning. Their qualifications mean they are regulated and committed to ongoing professional development, giving you confidence in their advice.
Do I need to register for VAT as a sole trader in Havant Hampshire?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. An accountant can advise you on whether voluntary registration is beneficial, and they will handle your VAT returns and ensure you comply with HMRC regulations, saving you time and reducing errors.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you pay income tax on your profits through Self Assessment, whereas a limited company pays Corporation Tax on its profits. Sole traders have simpler reporting requirements, but limited companies offer limited liability and potential tax efficiencies. An accountant can help you decide which structure suits your business best.
How often should I meet with my accountant in Havant Hampshire?
It is advisable to meet with your accountant at least once a quarter to review your financial position and plan for upcoming tax payments. However, many sole traders benefit from more frequent contact, especially during busy periods or when making significant business decisions. Your accountant will recommend a schedule based on your needs.
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. HMRC requires you to retain these records for at least five years after the 31 January submission deadline. Your accountant can help you organise your records and ensure you are prepared for any HMRC enquiries.
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