
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 services do accountants for sole traders in Shropshire provide?
Accountants for sole traders in Shropshire provide a range of services including preparing and filing Self Assessment tax returns, managing VAT registrations and returns, bookkeeping, and offering tax planning advice. They also help you identify allowable expenses, ensure you meet HMRC deadlines, and provide ongoing support to help your business grow. By outsourcing these tasks, you free up time to focus on your core business activities.
How can an ACCA or ICAEW qualified accountant help with my HMRC tax return?
An ACCA or ICAEW qualified accountant has rigorous training and up-to-date knowledge of HMRC rules. They will ensure your tax return is accurate and submitted on time, minimising the risk of errors or penalties. They can also advise on how to structure your finances to reduce your tax bill, and they will represent you if HMRC queries your return. Their expertise gives you confidence that your affairs are handled correctly.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you are personally responsible for your business's debts and pay Income Tax on your profits through Self Assessment. A limited company is a separate legal entity, paying Corporation Tax on its profits, and you may take a salary and dividends. Each structure has different administrative burdens and tax implications. An accountant can explain these differences and help you decide which is best for your situation.
Do I need to register for VAT as a sole trader, and can an accountant help?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. Even if you are below this, voluntary registration can be beneficial. An accountant can assess your turnover, advise on whether to register, and handle the registration process. They will also help you prepare VAT returns and ensure you claim the right amount of input tax, saving you time and potential errors.
How often should I meet with my accountant in Shropshire?
The frequency of meetings depends on your business needs. Many sole traders meet their accountant quarterly to review finances and plan for tax payments. Others prefer a yearly meeting to prepare their Self Assessment return. However, regular contact is beneficial, especially if your income fluctuates or you are considering significant changes. Your accountant can provide ongoing advice, so you can schedule meetings as often as you find helpful.
What records must I keep as a sole trader for HMRC?
You must keep records of all your income and expenses, including receipts, invoices, and bank statements. HMRC requires you to keep these records for at least five years after the 31 January submission deadline. You also need to keep records of any personal income that affects your tax code. An accountant can help you set up an efficient record-keeping system, ensuring you are always prepared for your tax return.
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