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?
You should look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to strict ethical standards. Membership in these bodies also requires continuous professional development, meaning your accountant stays up to date with the latest tax laws and financial regulations.
How can an accountant help with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return to HMRC accurately and on time. They will ensure all allowable expenses and reliefs are claimed, potentially reducing your tax bill. They also keep records organised and can advise on payments on account, helping you avoid penalties for late submission or underpayment.
Do I need an accountant if I am a sole trader?
While it is not a legal requirement, using an accountant as a sole trader is highly beneficial. They can help you register for Self Assessment, manage your bookkeeping, and identify tax-deductible expenses. An accountant also ensures your tax returns are correct and can advise on National Insurance contributions, saving you time and reducing the risk of HMRC enquiries.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of ICAEW or ICAS, whilst certified accountants are members of ACCA. Both are highly qualified and regulated, but their training pathways differ slightly. ICAEW members often focus on audit and corporate finance, whilst ACCA members have a strong emphasis on international accounting standards. Both can provide excellent accountancy services.
How much does it cost to hire an accountant for a small business?
Costs vary depending on the complexity of your business and the services required. Many accountants offer fixed fees for basic services like annual accounts and tax returns, which can range from a few hundred to over a thousand pounds. It is advisable to request quotes from several firms to compare pricing and ensure the services match your needs.
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 your records comply with HMRC requirements and help you reclaim input VAT correctly. This is particularly valuable if your business turnover exceeds the VAT threshold or if you trade internationally.
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