
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 actually do?
An accountant for sole traders handles your Self Assessment tax return, ensures you claim all allowable expenses, and helps you meet HMRC deadlines. They can also advise on VAT registration, bookkeeping, and cash flow management. Their goal is to minimise your tax bill legally and keep your finances organised, so you can focus on running your business without worrying about compliance.
How do I know if an accountant is qualified and regulated?
Look for membership in a recognised professional body such as ACCA, ICAEW, or AAT. These organisations require members to follow strict ethical guidelines, maintain professional competence, and hold appropriate insurance. You can verify an accountant's credentials by checking the register on the relevant body's website, which gives you confidence that your financial affairs are being handled by a competent professional.
Can an accountant help me if HMRC investigates my tax return?
Yes, an experienced accountant can represent you during an HMRC enquiry, helping to gather the necessary documents and respond to queries. They understand the investigation process and can communicate with HMRC on your behalf, reducing stress and ensuring that your rights are protected. Having professional support in this situation is invaluable, as it can prevent small issues from escalating.
What records do I need to keep as a sole trader?
You must keep records of all income and expenses, including receipts, invoices, bank statements, and details of any personal money used in the business. HMRC requires you to keep these records for at least five years after the 31 January submission deadline. Your accountant can help you set up a simple system to track everything, making tax time far less stressful.
How much does it cost to hire an accountant for a sole trader?
Fees vary depending on the complexity of your affairs and the level of service you require. Some accountants charge a fixed fee for a standard tax return, while others offer monthly packages that include bookkeeping and ongoing advice. It is worth comparing quotes from several firms to find one that fits your budget and offers the support you need.
What is the difference between a sole trader and a limited company?
As a sole trader, you are self-employed and personally responsible for business debts, but you keep all profits after tax. A limited company is a separate legal entity, which means your personal liability is limited, but you must file annual accounts and Corporation Tax returns. An accountant can explain the pros and cons of each structure based on your circumstances.
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