
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 qualifications should I look for in an accountant for my sole trader business?
Look for accountants who hold recognised qualifications such as ACCA, ICAEW, or AAT. These accreditations ensure the professional has undergone rigorous training and adheres to high ethical standards. They are also required to keep up to date with the latest tax laws and HMRC regulations, which is vital for accurate Self Assessment and compliance.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return on your behalf, ensuring it is accurate and submitted on time. They will identify allowable expenses and deductions you may have missed, potentially reducing your tax bill. They can also advise on payments on account and help you plan for future tax liabilities.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you are personally responsible for business debts and pay Income Tax on your profits through Self Assessment. A limited company is a separate legal entity, subject to Corporation Tax on its profits, and offers limited liability. An accountant can help you decide which structure is best for your circumstances.
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 £85,000. Even if you are below this threshold, you may choose to register voluntarily. An accountant can advise you on whether voluntary registration is beneficial, and they can manage your VAT returns and ensure compliance with HMRC.
How often should I meet with my accountant to review my finances?
It is advisable to meet with your accountant at least twice a year – once to review your mid-year performance and again before the tax year end. Regular meetings help you stay on top of your cash flow, plan for tax payments, and make informed decisions. Your accountant can also provide advice on an ad hoc basis when needed.
Can an accountant help me if HMRC enquires into my tax return?
Yes, an accountant can represent you during an HMRC enquiry. They will handle all communication with HMRC, gather the necessary evidence, and present your case in the best possible light. This professional support reduces stress and ensures your rights are protected throughout the process.
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