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
Why should contractors use a specialist accountant rather than a general practitioner?
Contractors face distinct rules such as IR35, dividend taxation, and allowable expenses that general accountants may not handle daily. A specialist understands how to structure salary and dividends efficiently, manages limited company accounts correctly, and keeps abreast of HMRC changes affecting freelancers and consultants. This focused expertise typically reduces tax liabilities and ensures full compliance.
What qualifications should I look for in a contractor accountant?
Look for credentials from recognised bodies such as ACCA, ICAEW, or AAT. These memberships confirm the accountant has met strict training and ethical standards. Additionally, check whether the firm is regulated for anti-money laundering and experienced with contractor-specific matters including IR35, VAT flat rate schemes, and Corporation Tax returns.
How do accountants help with Self Assessment and tax returns?
Accountants prepare and submit Self Assessment tax returns accurately, ensuring all income sources are declared and allowable expenses claimed. They calculate liabilities, apply relevant reliefs, and file before HMRC deadlines to avoid penalties. For contractors, they also advise on payments on account and coordinate with company accounts to present a complete financial picture.
Can an accountant assist with VAT registration and returns?
Yes. Accountants advise whether VAT registration is mandatory or beneficial, choose appropriate schemes such as flat rate or standard, and prepare quarterly returns. They ensure VAT-registered contractors reclaim allowable input tax, maintain compliant records, and submit returns to HMRC on time, reducing administrative burden and avoiding costly errors.
What is the role of Corporation Tax in a contractor limited company?
Corporation Tax is payable on company profits. Accountants calculate taxable profits after allowable expenses, apply relevant rates, and file returns with HMRC. They also advise on timing of dividends, salary levels, and capital allowances to legitimately minimise tax. Accurate Corporation Tax handling keeps the company compliant and avoids interest or penalties.
How does AccountingFirms help me choose the right accountant?
AccountingFirms lists verified, regulated accountants and allows users to compare providers by specialism, qualifications, and reviews. Established in 2019 and built by ICAEW and ACCA accountants, the directory helps contractors browse local firms, assess credentials, and connect with professionals suited to their needs, making the selection process transparent and efficient.
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