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 must I keep as a sole trader for my accountant?
You must keep records of all your income and expenses, including receipts, bank statements, and invoices. Your accountant will need these to accurately complete your Self Assessment tax return. It is also wise to keep a record of any personal money introduced into the business. Good record-keeping helps your accountant identify all allowable expenses and ensures you are fully prepared for any HMRC compliance checks.
How can an ACCA or ICAEW qualified accountant help with an HMRC enquiry?
If HMRC opens an enquiry into your tax return, a qualified accountant can act as your representative. They will handle all communication with HMRC, prepare the necessary evidence, and ensure your rights are protected. Their professional knowledge of tax law and enquiry procedures is invaluable in resolving the matter efficiently and minimising any potential financial impact or stress on you.
Do I need to be VAT-registered to use a sole trader accountant?
No, you do not need to be VAT-registered to benefit from professional accountancy services. An accountant can help you decide if voluntary VAT registration is beneficial for your business. They will manage your VAT returns if you are registered, but their core services, such as preparing your tax return and offering business advice, are valuable for all sole traders regardless of their VAT status.
What is the difference between a bookkeeper and an accountant for my business?
A bookkeeper typically handles the day-to-day recording of financial transactions, such as logging sales and purchases and reconciling bank statements. An accountant, however, uses this data to provide higher-level services like preparing your annual accounts, filing your Self Assessment return, and offering strategic tax planning advice. Many accountants also offer bookkeeping services, providing a comprehensive solution for your business.
How often should I meet with my accountant to review my finances?
While a minimum of once a year is necessary to finalise your accounts and tax return, meeting more frequently is often beneficial. A quarterly or bi-annual review allows you to discuss cash flow, forecast for the coming months, and address any financial concerns promptly. This proactive approach ensures you are not faced with unexpected tax bills and helps you make better business decisions throughout the year.
What are the typical fees for an accountant who specialises in sole traders?
Fees can vary significantly based on the complexity of your affairs, the level of service required, and the location of the firm. Some accountants charge a fixed monthly fee for a defined service package, whilst others charge an hourly rate or a flat fee for completing your annual tax return. It is always best to request a detailed quote from a few different firms to compare costs and services.
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