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 specific records do I need to keep for my Self Assessment tax return as a sole trader?
You must keep records of all your income and expenses, including receipts, invoices, and bank statements. This includes money from sales, payments for services, and any personal income that affects your tax. Keeping a detailed log of business mileage, office costs, and equipment purchases is also essential. Good record-keeping ensures you can accurately complete your tax return and claim all allowable expenses, which can significantly reduce your tax bill.
How can an ACCA or ICAEW qualified accountant help me with an HMRC investigation?
An accountant with ACCA or ICAEW accreditation can act as your authorised agent, handling all communication with HMRC on your behalf. They will prepare the necessary documentation, build a robust case to support your figures, and negotiate with tax officers to resolve the enquiry efficiently. Their professional expertise ensures that your rights are protected and that you are not taken advantage of during what can be a stressful process.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you are personally responsible for all business debts and pay Income Tax on your profits through the Self Assessment system. A limited company is a separate legal entity, meaning you pay Corporation Tax on its profits and then potentially Income Tax on dividends. An accountant can analyse your specific income levels and future plans to advise which structure is more tax-efficient for your circumstances.
When do I need to register for VAT as a sole trader?
You must register for VAT if your total taxable turnover for the previous 12 months exceeds the current threshold, which is £90,000. You can also register voluntarily if your turnover is below this amount, which may be beneficial if you want to reclaim VAT on business purchases. An accountant can help you decide whether voluntary registration is worthwhile and manage your VAT returns to ensure you remain compliant with HMRC regulations.
What are the deadlines for filing my Self Assessment tax return and paying the tax I owe?
The deadline for filing your paper tax return is 31 October, and for online submissions it is 31 January following the end of the tax year. Any tax you owe must be paid by 31 January, and if you make payments on account, the second payment is due by 31 July. Missing these deadlines results in automatic penalties, so it is wise to have an accountant prepare and file your return well in advance.
Can an accountant help me claim all the allowable expenses I am entitled to as a sole trader?
Yes, a professional accountant will thoroughly review your business activities to identify every allowable expense you can claim, such as office rent, utility bills, professional subscriptions, and travel costs. They will also advise on capital allowances for equipment and the simplified expenses scheme for working from home. This ensures you pay the correct amount of tax and do not miss out on legitimate deductions that reduce your overall liability.
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