
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 handles your Self Assessment tax return, ensures you claim all allowable expenses, and advises on record keeping. They also help with VAT registration, tax planning, and can assist if HMRC enquires into your affairs. Their goal is to keep you compliant and minimise your tax liability legally.
How much does a sole trader accountant cost?
Fees vary based on the complexity of your finances and the level of service you need. Some accountants charge a fixed monthly fee, whilst others bill annually. Typical costs range from £100 to £300 per month for ongoing support, but it is best to request quotes from several firms to compare prices and services.
Do I need an accountant if I am a sole trader?
You are not legally required to use an accountant, but it is highly recommended. An accountant saves you time, helps you avoid mistakes, and ensures you take advantage of all available tax reliefs. They also provide valuable advice on growing your business and managing cash flow effectively.
What qualifications should I look for in an accountant?
Look for an accountant who is a member of a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training and adheres to strict ethical standards. This gives you confidence that your finances are in safe and capable hands.
Can an accountant help with HMRC investigations?
Yes, an experienced accountant can provide invaluable support during an HMRC investigation. They will handle communications with HMRC on your behalf, prepare the necessary documentation, and ensure your rights are protected. Their expertise can reduce stress and help resolve the enquiry as smoothly as possible.
When should I hire an accountant for my sole trader business?
It is wise to hire an accountant as soon as you start trading. They can help you set up proper bookkeeping systems, advise on tax obligations, and ensure you are registered correctly with HMRC. Early professional guidance can prevent costly mistakes and set a solid foundation for your business.
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