
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 exactly does an accountant for sole traders do?
An accountant for sole traders manages your financial records, prepares and submits your Self Assessment tax return to HMRC, and ensures you pay the correct amount of tax. They also offer advice on allowable expenses, help with VAT if you are registered, and can assist with cash flow management. Their goal is to keep you compliant and financially efficient.
How can an accountant save me money as a sole trader?
An accountant can save you money by identifying all allowable business expenses you might have missed, ensuring you claim every deduction you are entitled to. They can also help you plan your finances to minimise your tax bill legally, advise on the best time to make purchases, and help you avoid HMRC penalties for late filings or errors.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are chartered accountancy bodies, representing highly qualified professionals with extensive experience. AAT is a professional body for accounting technicians, offering a solid foundation in accounting skills. All three qualifications demonstrate a high level of competence and adherence to professional standards, but chartered accountants (ACCA/ICAEW) often have broader strategic advisory roles.
Do I need to be VAT-registered as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. 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 specific business, considering factors like the nature of your clients and your ability to reclaim VAT on purchases.
What records do I need to keep for my accountant?
You need to keep records of all your income and expenses, including invoices, receipts, bank statements, and any records of personal money taken from the business. For HMRC, you must keep these records for at least five years after the 31 January submission deadline. Your accountant can provide a simple system to help you stay organised throughout the year.
How often should I meet with my accountant?
Most sole traders meet with their accountant at least twice a year: once to prepare for the tax return deadline and once to discuss tax planning for the year ahead. However, many accountants offer ongoing support via phone or email for ad-hoc questions. Regular communication helps ensure you are making informed decisions and are always prepared for HMRC deadlines.
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