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 contractor affairs, including IR35, limited company accounts, and VAT. Check for professional qualifications such as ACCA, ICAEW, or AAT membership. Also consider whether the accountant offers fixed monthly fees, online portal access, and proactive tax advice. Reading client reviews on a reputable directory can help ensure the accountant understands the unique needs of freelancers and consultants.
How can an accountant help with HMRC compliance?
An accountant ensures your tax return, Self Assessment, and Corporation Tax filings are accurate and submitted on time to HMRC. They keep abreast of changing legislation, such as IR35 rules and Making Tax Digital, and can represent you in correspondence or investigations. By maintaining proper records and calculating liabilities correctly, they help you avoid penalties and interest, giving you peace of mind that your business remains compliant.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered bodies offering rigorous training for professional accountants, often focusing on audit, tax, and advisory. AAT is a technician-level qualification providing practical bookkeeping and accounting skills. All three ensure high standards. When choosing an accountant, verify their membership with the relevant body to confirm they are regulated and adhere to ethical and continuing professional development requirements.
Do contractor accountants help with VAT registration?
Yes, contractor accountants can advise on whether VAT registration is mandatory or beneficial based on your turnover and business type. They handle the registration process with HMRC, set up Making Tax Digital compatible software, and prepare and submit VAT returns. They also ensure you apply the correct VAT schemes, such as Flat Rate or Cash Accounting, to simplify compliance and potentially improve cash flow.
How much do contractor accountants typically charge?
Fees vary based on the complexity of your affairs and the level of service. Many contractor accountants offer fixed monthly packages covering bookkeeping, payroll, VAT returns, and annual accounts. Prices can range from around fifty to two hundred pounds per month. It is wise to compare providers on a directory like AccountingFirms, checking what is included and reading reviews to ensure value for money.
Can an accountant help me decide between limited company and umbrella?
Yes, a qualified accountant can analyse your contract terms, earnings, and expenses to recommend the most tax-efficient structure. They consider IR35 status, administration costs, and take-home pay. For many contractors, a limited company offers greater tax planning opportunities, whilst an umbrella company provides simplicity. An accountant can model both scenarios and help you make an informed choice aligned with your goals.
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