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 financial records, prepare and submit your Self Assessment tax return, and ensure you meet all HMRC deadlines. They can also provide advice on allowable expenses, VAT, and tax planning. By keeping your finances organised, they help you avoid penalties and reduce your tax liability, allowing you to focus on running your business.
Why should I use a qualified accountant instead of doing it myself?
Qualified accountants, such as those who are ACCA, ICAEW, or AAT members, have extensive training and knowledge of tax laws. They can identify deductions you might miss, ensure your tax return is accurate, and provide strategic advice for your business. Using a professional reduces the risk of errors and HMRC investigations, and saves you time and stress.
How much does it cost to hire an accountant for a sole trader?
The cost varies depending on the complexity of your finances and the level of service you need. Many accountants offer fixed-fee packages for sole traders, which can range from £100 to £300 per year for basic tax return preparation. More comprehensive services, including bookkeeping and ongoing advice, will cost more. It is best to compare quotes from different firms.
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, meaning you are not personally liable for its debts. Companies pay Corporation Tax on profits, and you may take a salary and dividends. An accountant can help you decide which structure suits you best.
How often should I meet with my accountant?
It is recommended to meet with your accountant at least twice a year. One meeting should be before the end of the tax year to plan your tax strategy, and another after the year ends to review your financial statements and prepare your tax return. However, if your business is growing or you have complex finances, more frequent meetings may be beneficial.
What records do I need to keep for my accountant?
You need to keep records of all your income and expenses, including receipts, invoices, bank statements, and records of any personal money used for business. You should also keep a log of any business mileage and other allowable expenses. Your accountant can provide a list of what is required and help you set up a simple system for tracking your finances.
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