
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 specific experience in contractor tax affairs, including IR35, dividends, and allowable expenses. Check for qualifications such as ACCA, ICAEW, or AAT, and ensure the firm is regulated. It is also wise to confirm they handle HMRC compliance and can provide references from similar clients. Local knowledge of East Anglia can be beneficial for face-to-face meetings.
How can an accountant help with IR35 compliance?
An accountant can review your working practices and contracts to determine your IR35 status. They can advise on whether you fall inside or outside the rules and help you structure your engagements to minimise risk. If HMRC challenges your status, a qualified accountant can represent you and ensure your tax return reflects the correct position. This support is vital for contractors.
Do I need a specialist contractor accountant for a limited company?
Yes, a specialist contractor accountant is highly recommended for limited company directors. They understand the nuances of Corporation Tax, dividend payments, and payroll for owner-managers. They can also advise on the most tax-efficient salary and dividend mix. General accountants may lack this focused expertise, potentially costing you money or leading to compliance issues with HMRC.
What qualifications should a contractor accountant hold?
Look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. ACCA and ICAEW members are chartered or certified accountants with rigorous training, whilst AAT-qualified professionals offer practical bookkeeping and tax skills. These credentials ensure the accountant adheres to professional standards and stays updated with HMRC regulations. Always verify their membership is current.
How much does a contractor accountant typically charge?
Fees vary depending on the level of service and the complexity of your affairs. Many contractor accountants offer fixed monthly packages covering bookkeeping, payroll, VAT returns, and year-end accounts. Prices in East Anglia may range from affordable monthly plans to premium services. It is best to compare providers and clarify what is included before committing, as some charge extra for Self Assessment.
Can an accountant help me switch from sole trader to limited company?
Yes, an accountant can guide you through incorporating a limited company, including registering with Companies House and HMRC. They will explain the tax implications, such as Corporation Tax and dividend rules, and help you decide if incorporation is beneficial. They can also handle the transition of your accounting records and ensure your Self Assessment is updated correctly.
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