
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 does a contractor accountant do for a limited company director?
A contractor accountant manages statutory accounts, prepares and files Corporation Tax returns, calculates optimal salary and dividend payments, handles VAT registration and returns, and advises on IR35 compliance. They also liaise with HMRC on your behalf and ensure all deadlines are met. This allows you to focus on running your business whilst remaining fully compliant with tax obligations.
Why should I choose an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualifications guarantee that an accountant has passed rigorous exams and adheres to strict ethical and professional standards. These credentials ensure up-to-date knowledge of tax law, including Self Assessment and Corporation Tax. Choosing a qualified professional reduces the risk of errors and gives you confidence that your financial affairs are in safe hands.
How do I know if I need to register for VAT as a contractor?
You must register for VAT with HMRC if your taxable turnover exceeds the current threshold within any rolling twelve-month period. Even below that threshold, voluntary registration can be beneficial if you have significant VAT-bearing expenses. A qualified accountant can analyse your situation and advise whether registration is advantageous for your contracting business.
What records should I keep for Self Assessment as a contractor?
You should retain invoices, receipts, bank statements, mileage logs, and contracts for at least five years after the submission deadline. These records support your income and expense claims. A professional accountant can help you organise these documents and ensure you claim all allowable expenses, reducing your tax liability legitimately.
Can an accountant help me with IR35 compliance?
Yes, an experienced contractor accountant can review your contracts and working practices to assess IR35 status. They help determine whether you fall inside or outside the off-payroll rules and advise on steps to strengthen your position. This is crucial because incorrect IR35 treatment can lead to significant tax liabilities and penalties from HMRC.
How often should I communicate with my contractor accountant?
You should communicate at least quarterly to review your financial position, VAT returns, and tax planning. However, many accountants offer unlimited support, so you can contact them whenever your circumstances change. Regular communication ensures your tax strategy remains effective and that you never miss important HMRC deadlines or filing obligations.
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