
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 manages your Self Assessment tax return, ensures you claim all allowable expenses, and keeps your records compliant with HMRC. They also offer advice on VAT, cash flow, and business planning. By handling your financial administration, they help you save time and avoid errors, giving you confidence that your tax affairs are in order.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict professional standards. They are recognised for their expertise in tax law and financial management. Choosing such a professional ensures you receive accurate advice and reliable service. Their qualifications also mean they are regulated, providing you with added protection and peace of mind.
How can an accountant help with HMRC enquiries?
If HMRC opens an enquiry into your tax return, an accountant can represent you and handle all communication. They will prepare the necessary documents, explain your position, and negotiate on your behalf. This reduces stress and ensures your rights are protected. Having a professional manage the process often leads to a quicker and more favourable resolution.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you pay Income Tax and National Insurance on your profits, while a limited company pays Corporation Tax on its profits. Sole traders have simpler reporting requirements but are personally liable for business debts. An accountant can help you decide which structure suits your business, considering factors like profitability and growth plans.
Do I need to register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if your turnover is below this, you may choose to register voluntarily. An accountant can advise on whether voluntary registration is beneficial, considering your customer base and ability to reclaim input VAT. They will also help you complete VAT returns correctly.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many sole traders meet their accountant quarterly to review cash flow and tax planning, while others only meet annually to prepare their tax return. Regular contact helps you stay on top of deadlines and changes in legislation. Your accountant can recommend a schedule that keeps you compliant and informed.
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