
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 compliance with HMRC, and offers advice on allowable expenses and tax deductions. They also help with VAT registration, bookkeeping, and financial planning. By managing your accounts, they save you time and help you avoid costly mistakes, allowing you to focus on running your business effectively.
How do I choose between ACCA, ICAEW, and AAT qualified accountants?
All three qualifications indicate a high level of competence, but they differ in focus. ACCA and ICAEW are chartered bodies, often suited for complex tax and business advice. AAT is more practical, focusing on bookkeeping and day-to-day accounting tasks. Consider your business needs: if you require strategic planning, a chartered accountant may be ideal; for routine compliance, an AAT professional is sufficient.
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 your turnover is below this, you may choose to register voluntarily, especially if you incur VAT on business expenses. An accountant can advise on the best approach, help you complete the registration, and manage your VAT returns to HMRC, ensuring you meet all deadlines.
What expenses can I claim as a sole trader?
You can claim expenses that are wholly and exclusively for business purposes, such as office supplies, travel, equipment, and a proportion of home costs if you work from home. You can also claim for professional fees, insurance, and marketing. An accountant will help you identify all allowable deductions, ensuring you pay no more tax than necessary while remaining compliant with HMRC rules.
How often do I need to file a Self Assessment tax return?
As a sole trader, you must file a Self Assessment tax return every year, even if you have no tax to pay. The deadline for online filing is 31 January following the end of the tax year. You must also pay any tax owed by the same date. Your accountant will remind you of these deadlines and prepare and submit the return on your behalf.
Can an accountant help if HMRC investigates my tax return?
Yes, an accountant can represent you during an HMRC investigation. They will review your records, prepare the necessary documentation, and communicate with HMRC on your behalf. This reduces your stress and ensures that your rights are protected. Having a professional who understands tax law and HMRC procedures is invaluable in resolving any queries efficiently and favourably.
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