How to find a good accountant

Why do I need an accountant?

Some believe that an accountant is simply a luxury and not a necessity, however, there are many reasons as to why a limited company contractor or sole trader would benefit from hiring a good accountant.

For example, they’ll be able to:

• take care of certain tasks, such as filling in and filing forms, leaving you to concentrate on running your business.
• ensure that you remain compliant with your financial liabilities and keep on top of important deadlines.
• provide useful financial advice that you might not have been aware of, which could potentially save you money in the long run.

How to find a good accountant

You must choose an accountant who you can trust completely, as they’ll be responsible for helping you out with important situations that could potentially affect the success of your business.

There are a lot of accountancy companies out there, so it can be a daunting task to pick the right one for you. Each will offer different packages and benefits, so it’s best to look around and do your research.

Here are our top tips when it comes to looking for a good accountant:

• Do they specialise in contractor tax? To ensure you’re getting the right type of help and advice, you need to check that your accountant knows how contractor tax works. There will be a number of taxes and legislations that will only apply to self-employment so your accountant must understand this area completely.
• Will I have my own dedicated accountant? Having just one point of contact will be beneficial for you and your business, as it means you’ll receive personalised advice instead of being passed around a team.
• Are they qualified? It might surprise you to learn that an accountant is not required by law to have official qualifications, however, it might give you more peace of mind knowing that your accountant is qualified.
• Do they have a fixed monthly amount? Not every accountant works on a fixed monthly fee, so it’s worth finding out if yours does – otherwise, you could find yourself with a surprise bill at the end of the year. Check that their package includes everything you need, such as tax returns, VAT returns, payroll etc.
• Do they have a good reputation? It’s really important to do your research on any potential accountant to make sure that they are professional and can be trusted. Look for reviews and forums and speak to other self-employed workers.

Take a look at Our Services page to see everything that we can offer you as an award-winning accountancy company.

Can I switch accountants?

If you are unhappy with your current accountant and wish to switch then this is a fairly easy process.

You’ll need to:

• Write to your accountant informing them of your decision to leave – we have a Notice of Termination Template page you can refer to.
• Register with a new accountant – you’ll usually need to fill out a registration form and your new accountant will have to (by law) carry out an anti-money laundering check on you.
• Letter of engagement – this is a written agreement that will come from your new accountant explaining the expectations and requirements between the both of you.
• Professional Clearance – this is where your new accountant will contact your previous accountant to gain access to your financial information, such as accounts and tax records.
• Authorise your new accountant to deal with HMRC on your behalf – to do this you’ll need to sign a 64-8 form.

Our Switching Accountants page provides further information on this.

If you need any further help, or you’d like to sign up you can either contact us via our online chat, call one of our friendly experts on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.