
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 prepares your Self Assessment tax return, calculates your tax and National Insurance liabilities, and advises on allowable expenses. They also help with VAT registration, bookkeeping, and cash flow management. Their goal is to ensure you meet HMRC deadlines and pay the correct amount of tax, whilst identifying savings opportunities and keeping your records in order.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and examinations, and they adhere to strict professional standards. This ensures they are fully up to date with UK tax laws and regulations. Choosing such a professional gives you confidence that your finances are handled accurately and ethically, and they are authorised to represent you in dealings with HMRC, including tax investigations.
How can an accountant help with my HMRC tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC, ensuring it is accurate and filed on time. They will review your income and expenses to claim all allowable deductions, reducing your tax bill legally. They also advise on payments on account and can help you plan for future tax liabilities, avoiding any surprises at the end of the tax year.
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 £90,000. An accountant can help you determine if registration is necessary or beneficial for your business. They can also handle your VAT returns, advise on which scheme to use, and ensure you comply with HMRC regulations, saving you time and preventing costly mistakes.
What is the difference between a sole trader and a limited company?
A sole trader is self-employed and personally liable for business debts, whilst a limited company is a separate legal entity with limited liability. As a sole trader, you pay Income Tax and National Insurance on your profits, whereas a limited company pays Corporation Tax. An accountant can explain the pros and cons of each structure, helping you decide which is best for your circumstances.
How do I find a reliable accountant for my sole trader business?
You can use a directory like AccountingFirms.co.uk to find and compare accountants in your area. Look for professionals who are members of recognised bodies such as ACCA, ICAEW, or AAT, and check their reviews and specialisms. It is also wise to arrange an initial consultation to discuss your needs and ensure they are a good fit for your business.
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