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 a startup accountant?
Look for accountants who hold ACCA, ICAEW, or AAT accreditation. These qualifications demonstrate rigorous training and adherence to professional standards. Such accountants are well equipped to handle HMRC requirements, tax planning, and compliance for new businesses.
How can a startup accountant help with HMRC registration?
A startup accountant can register your business with HMRC for Corporation Tax, VAT, and PAYE. They ensure all paperwork is completed accurately and on time, helping you avoid penalties and delays. This professional guidance is invaluable for new business owners.
What is the difference between a sole trader and a limited company for tax purposes?
Sole traders pay income tax on profits via Self Assessment, whilst limited companies pay Corporation Tax on profits and can distribute dividends. An accountant can analyse your circumstances and advise which structure offers the best tax efficiency for your startup.
Do I need to register for VAT as a startup?
You must register for VAT if your taxable turnover exceeds the current threshold of £90,000. Even below this threshold, voluntary registration may benefit your business if you incur VAT on purchases. An accountant can help you decide based on your specific trading patterns.
How often should I meet with my startup accountant?
Quarterly meetings are recommended to review financial performance, plan for tax payments, and adjust strategies. Many accountants also offer monthly check-ins during the first year to ensure your startup stays on track. Regular contact helps you make informed business decisions.
What records must a startup keep for HMRC compliance?
You must keep records of all income and expenses, including invoices, receipts, bank statements, and payroll records. For limited companies, you also need to maintain statutory registers and file annual accounts. An accountant can set up a system to organise these documents efficiently.
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