The annual rush to file self assessment tax returns on line by the end of January is over with almost 7 million people using the online system. Of those over half a million waited until the final day with 49,000 returns being submitted in the hour between 4 and 5pm. Whilst undoubtedly many of the returns submitted were very straightforward, the danger in leaving tax returns until the last minute is that mistakes creep in or evidence is missed and this can lead to incorrect tax returns and fines in the future.
The Office of Tax Simplification is working on simplifying the UK tax regime but with its interim report having identified over 1,000 different tax relief schemes alone, it is easy to see how mistakes creep in and potential tax benefits are missed. This is where accountants really come into their own. Even of tax affairs are relatively straightforward, having an accountant means that you can have the peace of mind that comes from knowing that your return is correct and that you are benefiting from all the legitimate allowances which are available to you. So just how do you go about choosing an accountant?
The key to a successful relationship with an accountant is trust. In business your accountant should be a quasi member of your operating team and even when dealing with private finances, your accountant will be able to advise you on the implications of all your financial and investment decisions. As the relationship develops you will naturally turn to your accountant more and more for advice and as a financial sounding board and in turn they the more they are involved, the better they will be able to advise. In fact, quite often your accountant will know more about your tax and financial affairs than your partner does. Because of this it is essential that whether you choose a one man band or a multinational firm, you must make sure that you are comfortable with their people, way of working and ethos.
Before choosing an accountant, jot down your key reasons why you might need an accountant. These could range from personal tax return to potential capital gains tax liabilities to business accounts or international trade. This will help to narrow down which accountants are best suited to your individual needs.
When choosing an accountant, nothing beats a personal recommendation. However, don't just jump into a relationship with the first accountant recommended by a friend. Personalities and needs differ and what suits one person will not work with another. So, whether you rely on recommendation or pick names from a phone book draw up a shortlist. A quick phone around will establish whether the accountant can meet your own requirements. Then choose at least three accountants and visit them.
When you talk to your prospective accountant make sure that you quiz them on your key requirements to establish their level of expertise in the areas you need. If talking to larger practices, check to see whether the person you talk to initially will be the one dealing with your affairs. If not, don't make a decision until you have met the person you would relate to on a daily basis. As well as expertise, check the qualifications held by the accountant as well as their levels of Professional Insurance. Ask for references and talk to existing clients about the service they have received.
The Office of Tax Simplification is working on simplifying the UK tax regime but with its interim report having identified over 1,000 different tax relief schemes alone, it is easy to see how mistakes creep in and potential tax benefits are missed. This is where accountants really come into their own. Even of tax affairs are relatively straightforward, having an accountant means that you can have the peace of mind that comes from knowing that your return is correct and that you are benefiting from all the legitimate allowances which are available to you. So just how do you go about choosing an accountant?
The key to a successful relationship with an accountant is trust. In business your accountant should be a quasi member of your operating team and even when dealing with private finances, your accountant will be able to advise you on the implications of all your financial and investment decisions. As the relationship develops you will naturally turn to your accountant more and more for advice and as a financial sounding board and in turn they the more they are involved, the better they will be able to advise. In fact, quite often your accountant will know more about your tax and financial affairs than your partner does. Because of this it is essential that whether you choose a one man band or a multinational firm, you must make sure that you are comfortable with their people, way of working and ethos.
Before choosing an accountant, jot down your key reasons why you might need an accountant. These could range from personal tax return to potential capital gains tax liabilities to business accounts or international trade. This will help to narrow down which accountants are best suited to your individual needs.
When choosing an accountant, nothing beats a personal recommendation. However, don't just jump into a relationship with the first accountant recommended by a friend. Personalities and needs differ and what suits one person will not work with another. So, whether you rely on recommendation or pick names from a phone book draw up a shortlist. A quick phone around will establish whether the accountant can meet your own requirements. Then choose at least three accountants and visit them.
When you talk to your prospective accountant make sure that you quiz them on your key requirements to establish their level of expertise in the areas you need. If talking to larger practices, check to see whether the person you talk to initially will be the one dealing with your affairs. If not, don't make a decision until you have met the person you would relate to on a daily basis. As well as expertise, check the qualifications held by the accountant as well as their levels of Professional Insurance. Ask for references and talk to existing clients about the service they have received.
No comments:
Post a Comment