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 Tameside typically offer?
Accountants for sole traders in Tameside typically offer a range of services including preparing and filing your Self Assessment tax return, bookkeeping, and managing your records. They also provide advice on allowable expenses to reduce your tax bill, help with VAT registration and returns, and can assist with cash flow forecasting. Many also offer payroll services if you employ staff, and they can represent you if HMRC opens an enquiry into your tax affairs.
How can an accountant help me with my Self Assessment tax return?
An accountant can take the stress out of your Self Assessment tax return by accurately calculating your taxable profit and ensuring all allowable expenses are claimed. They will ensure your return is submitted to HMRC before the deadline, avoiding late filing penalties. They can also advise on payments on account, help you understand your tax code, and provide strategies to legitimately reduce your tax liability, giving you peace of mind.
What is the difference between an ACCA, ICAEW, and AAT qualified accountant?
ACCA and ICAEW are chartered accountancy bodies that require rigorous exams and practical experience, qualifying accountants to handle complex financial matters, audits, and tax planning. AAT qualifications focus more on day-to-day bookkeeping and accounting skills, often serving as a stepping stone to chartered status. All three are recognised and regulated, ensuring high professional standards, but chartered accountants typically have broader expertise for complex business needs.
Do I need to be VAT registered as a sole trader, and can an accountant advise me?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. Even if you are below this, voluntary registration might be beneficial if you incur VAT on business purchases. An accountant can analyse your specific situation and advise whether registration is advantageous. They can also handle your VAT returns, ensure compliance with HMRC rules, and help you claim input tax correctly.
What records must I keep as a sole trader for HMRC?
As a sole trader, you must keep records of all income and expenses, including receipts, invoices, and bank statements. You also need to retain records of any personal income taken from the business. HMRC requires you to keep these records for at least five years after the 31 January submission deadline. An accountant can help you set up an efficient system, whether paper-based or digital, to ensure you meet these legal obligations.
Can an accountant help me if HMRC investigates my tax return?
Yes, an accountant can be invaluable during an HMRC investigation. They can handle all correspondence with HMRC on your behalf, prepare the necessary evidence, and ensure your rights are protected. They will review your records to identify any errors and negotiate with HMRC to reach a fair settlement. Having professional representation reduces stress and ensures you are not penalised unfairly, as they understand the investigation process thoroughly.
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