
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 do contractors need specialist accountants rather than general practitioners?
Contractors face unique tax rules, including IR35, dividend taxation, and allowable expenses specific to limited companies. Specialist accountants understand these complexities and can structure remuneration tax-efficiently. They also keep abreast of changing HMRC guidance, ensuring compliance and reducing risk. General accountants may lack this focused expertise, potentially costing contractors money or exposing them to penalties.
What qualifications should I look for in a contractor accountant?
Look for membership of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate rigorous training, ethical standards, and ongoing professional development. Members are subject to oversight, giving you confidence in their competence. Additionally, check whether the firm specialises in contractor clients and has experience with IR35 and limited company accounts.
How can an accountant help with HMRC investigations?
A qualified accountant can represent you during HMRC enquiries, correspond on your behalf, and ensure all information is presented accurately. They can identify potential issues before they escalate and negotiate settlements where appropriate. Having professional representation reduces stress and helps achieve a fair outcome. It is advisable to inform your accountant immediately if you receive any HMRC correspondence.
What is the difference between Self Assessment and Corporation Tax?
Self Assessment is the system used by sole traders, partners, and directors to report personal income to HMRC. Corporation Tax is paid by limited companies on their profits. Contractors operating through a limited company typically file both a Corporation Tax return and a personal Self Assessment. An accountant ensures both are prepared correctly and filed by the deadlines.
Can an accountant help me decide between a limited company and umbrella employment?
Yes. A qualified accountant can compare the tax and administrative implications of each structure. They will consider your contract terms, IR35 status, income level, and expenses. This analysis helps you choose the most tax-efficient and compliant option. Many firms offer a free initial consultation to discuss your circumstances before you commit.
How do I verify that an accountant is regulated and reputable?
Check the firm's membership with ACCA, ICAEW, or AAT via their online registers. Read independent reviews and ask for references from other contractor clients. A reputable accountant will be transparent about fees and services. Using a directory such as AccountingFirms.co.uk, which lists verified practices, can simplify this process and give you confidence in your choice.
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