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 a sole trader do?
An accountant for a sole trader prepares your Self Assessment tax return, ensures you meet HMRC deadlines, and helps you claim all allowable expenses. They also offer advice on record keeping, cash flow, and tax planning. This allows you to focus on running your business whilst knowing your finances are in order and compliant with current regulations.
How do I choose a qualified accountant in Lurgan?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. This ensures they have the necessary training and adhere to strict ethical standards. You can also check their experience with sole traders, read client reviews, and arrange an initial consultation to discuss your needs. Using a directory like AccountingFirms can simplify this process.
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. You pay Income Tax and National Insurance on your profits. A limited company is a separate legal entity, offering limited liability, but requires more administrative work, including filing annual accounts and Corporation Tax returns. An accountant can help you decide which structure suits your circumstances.
How can an accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an accountant can act as your representative. They will handle all communication with HMRC, prepare the necessary documentation, and ensure your rights are protected. This reduces stress and helps resolve the enquiry efficiently, as the accountant understands tax law and HMRC procedures thoroughly.
What records do I need to keep as a sole trader?
You need to keep records of all income and expenses, including invoices, receipts, and bank statements. You should also keep records of any personal money used in the business. Good record keeping is essential for completing your Self Assessment accurately and for claiming all allowable deductions. Your accountant can advise on the best way to organise these records.
Are accountant fees tax deductible for sole traders?
Yes, the fees you pay to an accountant for managing your business finances are generally allowable as a business expense. This includes the cost of preparing your Self Assessment tax return and any other accountancy services related to your trade. You can deduct these fees from your taxable profits, which can reduce your overall tax bill.
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