Find an accountant

You are not legally required to use an accountant, but they can save you time and often money by ensuring you claim all allowable expenses and reliefs. Most self-employed people and limited company directors use an accountant.

Costs vary widely depending on the complexity of your affairs. A sole trader with straightforward self-assessment might pay £200–£500 per year. A limited company typically pays £800–£2,000+ per year for accounts, corporation tax, and payroll.

Look for membership of a recognised professional body: ICAEW (Chartered Accountant), ACCA (Certified Accountant), CIMA, or AAT. These bodies require ongoing professional development and adherence to ethical codes.

A bookkeeper records day-to-day financial transactions. An accountant interprets that data, prepares financial statements, handles tax compliance, and provides strategic financial advice. Many firms offer both services.

A good accountant ensures you take advantage of all legitimate tax reliefs and allowances. They can advise on business structure, pension contributions, capital allowances, and timing of income and expenditure to minimise your tax liability within the law.

The deadline for online self-assessment tax returns is 31 January following the end of the tax year (5 April). For example, the 2024/25 tax year return must be filed by 31 January 2026. Late filing incurs automatic penalties starting at £100.