If you’re an entrepreneur, Small to Medium Enterprise (SME), company, freelancer or even a Sole Trader, you’ll be well aware why you need an accountant. All those headaches such as expenses, accounts, taxes can be a major headache – and often detract you from what you do best, running your business.
Even more of a headache is how to find the best accountant in London, or even where to start. Did you know for example, that the UK has more accountants per head of population than any other country?
Add into this that some so-called ‘accountants’ are anything but, due to the name ‘Accountant’ being an unregulated term, and the headaches quickly multiply.
However, it’s not all bad news. With just a few pointers, it’s actually quite stress-free and simple to know how to find the best accountants in London.
Why you need a Chartered Accountant
Have you ever wondered how a Chartered Accountant is different? To qualify as Chartered Accountant takes around eight years, so of course, they are more experienced – and potentially more expensive – than anyone calling themselves ‘just’ an Accountant.
Those eight years have been spent learning best practices, along with the educational and legal responsibilities, so a Chartered Accountant is far better placed to offer you advice.
Tax advice is only one measure of how paying more for a Chartered Accountant actually delivers more value – because the tax bill you’re likely to pay will be much cheaper.
Why you need an experienced Chartered Accountant
Liabilities – the less your business has, the less tax and costs your business will pay, bringing you greater profits. The simplest way to have less liabilities is to use the services of an experienced Chartered Accountant.
Starting with a free consultation, an experienced Chartered Accountant will advise you of your potential tax liabilities. Only by addressing your liabilities will your business continue to be profitable, as the saying goes, if you ‘pay cheap, you pay twice’.
If you were to consider taking advice offered to you from a low fees firm, be very wary. Whilst an experienced Chartered Accountant will not necessarily be cheap, the advice given will be valuable.
Protect your fees
Often, it’s those unanticipated fees that can cost your business dearly, not least as a result of a HMRC enquiry. When you are assessing accountants’ fees, ensure you check that any quoted sums include Fee Protection Insurance.
If you don’t, and you start incurring fees because of an event, your fees will only rise, and HMRC’s pockets are deeper than most companies’s.
So if you’re wondering how to find the best accountants in London, start with the 3 tips above.
- look for being members of Chartered bodies such as CIMA, CIOT, ICAEW or ACCA
- look for experience across many industries (project management, construction, investment, property development etc.)
- look for value not cost, especially when considering liabilities and fees protection