It is very important that you choose your advisor wisely. Anyone can call themselves an accountant/tax adviser whether or not they are professionally qualified. If you have not used an adviser before, you should be aware of this and make sure you seek advice from someone who is qualified.
Although there are some non-qualified advisers who may be able to help you with their given experience, qualified accountants/tax advisers have completed relevant qualifications and will be regulated by their professional body.
By being professionally qualified, these advisers keep their skills and knowledge up to date. They are expected to make an annual statement to their professional body to prove that they are continuously developing and progressing. They are also required to hold Professional Indemnity Insurance. This means if an accountant makes a mistake with your accounts, they can be held accountable for any mistakes. Otherwise, if the accounts are incorrect through no fault of your own, you may still be held accountable and have to pay the consequence of fines etc.
There are a number of professional bodies who are able to help you find an accountant/tax advisor:
– Institute of Chartered Accountants in England and Wales
– Institute of Chartered Accountants of Scotland
– Association of Chartered Certified Accountants
– Chartered Institute of Taxation
– Association of Accounting Technicians
– Association of Taxation Technicians
– Chartered Accountants Ireland
When looking for tax advice, you should check that the firm has the expertise that you require, meaning that they are able to provide you with the type of advice you are looking for. It may be useful to look into the clients of the firm and see whether their other clients are of a similar size to your own business. This way, you will know that they are likely to understand the issues and problems you may face in the future. Checking the reputation of the firm is also a must.
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