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 qualifications should I look for in an accountant?
Look for qualifications from recognised bodies such as ACCA, ICAEW, or AAT. These accreditations indicate the accountant has undergone rigorous training and adheres to professional standards. A qualified accountant will also hold a practising certificate and be regulated by a supervisory body, ensuring they are competent to handle your financial affairs.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC, ensuring all income and allowable expenses are correctly declared. They help minimise your tax liability by identifying deductions you may have missed and ensure you meet filing deadlines to avoid penalties. This service is especially useful for self-employed individuals and landlords.
Do I need an accountant if I am a sole trader?
While not legally required, hiring an accountant as a sole trader can save you time and money. They can help you manage your bookkeeping, calculate your tax correctly, and advise on allowable expenses. An accountant also ensures you meet HMRC deadlines and can represent you in the event of a tax investigation.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are members of ICAEW and have completed a specific training pathway focused on audit and financial reporting. Certified accountants, such as those with ACCA, often have a broader international focus and may specialise in areas like taxation or management accounting. Both are highly qualified and regulated.
How much does it cost to hire an accountant for a small business?
Costs vary depending on the services required and the complexity of your business. Many accountants offer fixed fees for basic services like annual accounts and tax returns, ranging from a few hundred to over a thousand pounds. It is advisable to request quotes from several local firms to compare pricing and services.
Can an accountant help with VAT registration and returns?
Yes, an accountant can assist with VAT registration, advise on the best VAT scheme for your business, and prepare quarterly or annual VAT returns. They ensure compliance with HMRC rules and help you reclaim VAT on business purchases. This is particularly valuable for businesses approaching the VAT threshold.
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