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 a startup accountant hold?
A qualified startup accountant should hold accreditation from a recognised professional body such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to ethical standards. They are also required to complete continuous professional development to stay current with tax laws and accounting practices.
How can a startup accountant help with HMRC compliance?
A startup accountant assists with HMRC compliance by preparing and filing accurate tax returns, including Self Assessment and Corporation Tax. They ensure all deadlines are met to avoid penalties and handle any correspondence from HMRC on your behalf. Their expertise helps you stay compliant from the outset.
What is the difference between a sole trader and a limited company for tax purposes?
As a sole trader, you pay income tax on your profits via Self Assessment and are personally liable for debts. A limited company is a separate legal entity, paying Corporation Tax on profits, and you can take a salary and dividends. An accountant can advise which structure suits your startup best.
Do I need to register for VAT as a new business?
You must register for VAT if your taxable turnover exceeds the current threshold of £90,000. Even if below this threshold, voluntary registration may benefit your business if you incur VAT on purchases. A startup accountant can assess your situation and advise on the best approach.
How often should I meet with my startup accountant?
It is advisable to meet quarterly to review financial performance, plan for tax payments, and adjust forecasts. Many accountants also offer monthly check-ins during the first year to ensure your bookkeeping is accurate and you are on track. Regular contact helps avoid surprises at year-end.
What records must a startup keep for tax purposes?
You must keep records of all income and expenses, including receipts, invoices, and bank statements. For a limited company, you also need records of dividends, directors' loans, and payroll. HMRC requires these records to be kept for at least six years. An accountant can help you set up an efficient system.
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