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 seek an accountant with specific experience in IR35, limited company accounts, and contractor tax planning. Check for qualifications such as ACCA, ICAEW, or AAT, and ensure the firm is regulated. It also helps to choose a professional who understands your industry and can provide proactive advice on expenses, dividends, and HMRC compliance.
How can an accountant help with Self Assessment and tax returns?
An accountant can prepare and file your Self Assessment tax return accurately, ensuring all income and allowable expenses are reported correctly to HMRC. They can identify tax-saving opportunities, calculate your liability, and submit the return before the deadline. This reduces the risk of errors, penalties, and unwanted attention from HMRC.
Why is IR35 important for contractors?
IR35 determines whether a contractor is considered employed for tax purposes, which affects how much tax and National Insurance is payable. An experienced accountant can review your contracts and working practices, advise on your status, and help you structure your affairs compliantly. Getting IR35 wrong can lead to significant tax bills and penalties from HMRC.
What qualifications should a contractor accountant hold?
Reputable contractor accountants typically hold qualifications from bodies such as ACCA, ICAEW, or AAT. These credentials demonstrate a high level of technical knowledge and adherence to professional standards. When choosing a firm, verify that the accountants are members of a recognised supervisory body and have experience with contractor-specific issues.
How does VAT registration affect contractors?
Once your turnover exceeds the VAT threshold, registration is mandatory. An accountant can guide you through the process, explain schemes such as Flat Rate VAT, and ensure you charge and reclaim VAT correctly. They will also handle VAT returns, helping you avoid penalties and maintain accurate records for HMRC.
Can a local accountant in Camberley Surrey help with limited company setup?
Yes, many accountants in Camberley Surrey assist with forming a limited company, including registration with Companies House and HMRC. They can advise on share structure, payroll, and director responsibilities. A local professional can meet in person, understand your circumstances, and provide ongoing support as your business grows.
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