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 does an accountant for sole traders do?
An accountant for sole traders helps you manage your business finances, including bookkeeping, preparing and filing your Self Assessment tax return, and ensuring you meet all HMRC deadlines. They also provide advice on allowable expenses, tax planning, and can help you understand your tax liabilities, ensuring you pay the correct amount and avoid penalties.
How can an accountant help with HMRC tax investigations?
If HMRC opens an enquiry into your tax return, an accountant can act as your representative. They will handle all correspondence with HMRC, prepare the necessary documents, and provide expert advice throughout the process. This reduces your stress and ensures your case is presented accurately and professionally, often leading to a more favourable outcome.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies with rigorous exams and experience requirements, often specialising in various areas of accountancy and finance. AAT qualifications focus on practical bookkeeping and accounting skills. All are recognised and regulated, ensuring a high standard of professional competence and ethical practice.
Do I need to register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. However, you can also choose to register voluntarily, which may be beneficial if you incur significant VAT on your business expenses. An accountant can advise on whether voluntary registration is right for your specific circumstances.
What records do I need to keep for my Self Assessment tax return?
You need to keep records of all your income and expenses, including receipts, invoices, and bank statements. This includes records of any personal income you receive. Keeping accurate and organised records throughout the year makes it easier to complete your tax return and ensures you claim all allowable expenses, reducing your tax bill.
Can an accountant help me with Corporation Tax if I decide to incorporate?
Yes, an accountant can provide valuable advice on whether incorporating your business is the right step. If you do incorporate, they will assist with the Corporation Tax registration, prepare and file your Company Tax Return, and advise on how to extract profits efficiently from your company, ensuring you remain compliant with HMRC.
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