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
OVAL ACCOUNTANTS LTD
Your Bookkeeping, Accounting And Self Assessment Experts, Here To Bring You The Highest Standard Of Service.
Marden & Co Accountants Ltd
We are a two partner accountancy practice based in Epsom, serving Sutton, Banstead, Reigate, Dorking & across Surrey. We provide professional accounta...See More
APRC Accountants
We are a forward thinking firm of Chartered, Certified Public Accountants & Tax Advisers and Chartered Payroll Professionals established in 2005 in th...See More
Cruse+Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Owadally & Kings Partnership
At O&K we aspire to be one of the most forward thinking accountancy firms in Croydon. Our dedicated in-house team, and external specialists, based in ...See More
Cruse + Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Taxaccolega Chartered Accountants & Tax Advisers
As one of the brightest firms of chartered accountants in London, UK, Taxaccolega, based in Croydon, combines the passion and creative thinking of a s...See More
Tax Cruncher
Tax Cruncher is an online accounting &Tax consulting firm serving clients nationwide. Our aim is to help SMEs to grow their business by crunching thei...See More
Central London Accountants
We are proud partners of leading software provider firm Xero, and we can help if you require Xero Accountants in London, Xero training, or need remote...See More
Cheap - Accountants
As a small business owner, your main focus is to work on your business strengths to help it grow, and you can’t just achieve it through juggling every...See More
London Accountants
We have been providing a range of tailored accounting and taxation services to individuals as well as small and medium sized businesses. See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
Coman And Co Ltd
Chartered Tax Advisers and Chartered Certified Accountants, we offer assistance with tax return compliance and specialist tax consultancy services for...See More
EFJ CONSULTING LTD
We are the firm of Chartered Certified Accountants based in London. We provide professional and practical help with all aspects of accountancy and tax...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
Frequently asked questions
What exactly does an accountant for sole traders do?
An accountant for sole traders helps you prepare and file your Self Assessment tax return, calculates your tax and National Insurance liabilities, and ensures you claim all allowable expenses. They also provide advice on record keeping, VAT, and tax planning. By using their expertise, you reduce the risk of errors and penalties from HMRC, and you gain more time to focus on running your business effectively.
How do I know if an accountant is properly qualified?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications require rigorous training, ongoing professional development, and adherence to strict ethical standards. You can verify an accountant's credentials by checking the registers on the respective professional body's website. Choosing a qualified professional ensures you receive competent, reliable advice that meets regulatory requirements.
Can an accountant help me if HMRC investigates my tax return?
Yes, an accountant can provide invaluable support during an HMRC enquiry. They can handle all correspondence with HMRC on your behalf, prepare the necessary documentation, and represent you in discussions. Their knowledge of tax law and procedures helps to ensure that your rights are protected and that any issues are resolved efficiently. This professional representation reduces stress and can prevent small mistakes from becoming major problems.
What records do I need to keep as a sole trader?
As a sole trader, you must keep records of all your income and expenses, including receipts, invoices, bank statements, and any other relevant financial documents. You should also keep a record of any money taken from the business for personal use. These records are essential for completing your Self Assessment tax return accurately and for demonstrating your income to HMRC if required. Your accountant can advise you on the best way to organise your records digitally or on paper.
When should I register for VAT as a sole trader?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is £90,000 for the 2024/25 tax year. However, you can also choose to register voluntarily if it benefits your business, such as to reclaim VAT on purchases. An accountant can help you decide whether voluntary registration is advantageous, and they can manage your VAT returns and submissions to HMRC, ensuring compliance and avoiding late filing penalties.
What is the difference between a sole trader and a limited company?
A sole trader is self-employed and personally responsible for all business debts, whereas a limited company is a separate legal entity, offering limited liability protection. Sole traders pay Income Tax and National Insurance on their profits, while limited companies pay Corporation Tax. Many sole traders choose to remain as they are for simplicity, but an accountant can explain the pros and cons of each structure and help you decide what is best for your business goals.
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