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 should a contractor look for in an accountant?
A contractor should look for an accountant with relevant qualifications such as ACCA, ICAEW, or AAT, and experience in contractor-specific matters like IR35, dividends, and allowable expenses. It is also important to check that the accountant is regulated and can handle HMRC correspondence, VAT returns, and Self Assessment efficiently.
How do contractor accountants help with IR35 compliance?
Contractor accountants help with IR35 by reviewing contracts and working practices to determine employment status. They advise on whether a contract falls inside or outside IR35 and assist with any necessary calculations or status determinations. This reduces the risk of HMRC investigations and ensures that contractors pay the correct amount of tax.
Why is it important to use an ACCA or ICAEW qualified accountant?
Using an ACCA or ICAEW qualified accountant ensures that the professional has met rigorous training and ethical standards. These qualifications are recognised by HMRC and indicate expertise in tax, accounting, and financial reporting. Contractors benefit from accurate advice, compliance with regulations, and peace of mind that their affairs are handled by a competent expert.
Can a contractor accountant handle VAT and Corporation Tax?
Yes, a contractor accountant can handle VAT registration, returns, and compliance, as well as Corporation Tax calculations and submissions. They ensure that all deadlines are met and that the contractor takes advantage of any available reliefs or allowances. This helps avoid penalties and optimises the contractor's tax position.
What is the role of AccountingFirms in finding an accountant?
AccountingFirms is a directory that connects contractors with verified, regulated accountants. It allows users to find and compare professionals based on qualifications, services, and location. The platform, established in 2019 and built by ICAEW and ACCA accountants, does not provide accounting services but helps users browse local firms and make informed choices.
How often should a contractor submit a Self Assessment tax return?
A contractor must submit a Self Assessment tax return to HMRC every year if required. The deadline for online submission is 31 January following the end of the tax year. A contractor accountant can prepare and file the return, ensuring all income and expenses are accurately reported and any tax due is paid on time.
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