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, prepare and submit your Self Assessment tax return, and ensure you claim all allowable expenses. They also offer advice on VAT, bookkeeping, and tax planning. By keeping accurate records and meeting HMRC deadlines, they help you avoid penalties and reduce your tax bill, allowing you to focus on running your business.
Why should I choose an ACCA or ICAEW qualified accountant?
Choosing an ACCA or ICAEW qualified accountant ensures you are working with a professional who has undergone rigorous training and adheres to strict ethical standards. These qualifications are recognised globally and demonstrate a high level of expertise in tax and accounting matters. This gives you confidence that your finances are handled correctly and that you receive accurate, up-to-date advice.
How can an accountant help with my HMRC tax return?
An accountant can complete and file your Self Assessment tax return with HMRC on your behalf, ensuring accuracy and timeliness. They will review your income and expenses to identify all allowable deductions, reducing your tax liability. They also keep you informed of any changes to tax laws and can help you respond to any HMRC correspondence, saving you time and stress.
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 £90,000. Even if your turnover is below this, you may choose to register voluntarily. An accountant can advise you on whether voluntary registration is beneficial for your business, and they can handle your VAT returns and ensure you comply with all HMRC regulations.
What records should I keep for my accountant?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and any records of personal drawings. If you have a vehicle used for business, keep a mileage log. Your accountant will need these to prepare accurate accounts and your tax return. Organised records also make it easier to claim all allowable expenses and reduce your tax bill.
How much does it cost to hire an accountant for a sole trader?
The cost varies depending on the complexity of your business and the services you require. Many accountants offer fixed-fee packages for sole traders, which can start from around £30 per month for basic bookkeeping and tax return preparation. More comprehensive services, including VAT and payroll, will cost more. It is advisable to compare quotes from several firms to find one that fits your budget.
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