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Can Anyone Recommend A Good UK Accountant?

by Toniy
13 replies
Hey all...

After the feedback from this thread:

http://www.warriorforum.com/main-int...de-tax-uk.html

(Excuse the title)

I'm going to consult with an accountant as well as HMRC.

Now I'm in Swansea currently, but I don't know how important it is to have a local accountant.

My question is quite simply... businessmen (and indeed businesswomen) of the UK, does anyone have a good accountant they can recommend to me?

Alternatively... should I just go with the local guys?

Thanks in advance!

And good fortune to you

Cheers,

Adam
#accountant #good #recommend
  • Profile picture of the author Alexa Smith
    Banned
    Originally Posted by Toniy View Post

    Alternatively... should I just go with the local guys?
    Hi Adam, I'll repeat the advice given to me, by a former tax inspector: if you can, go to a chartered accountant with the letters ACA, specifically, after their name ("accredited chartered accountant") rather than "ACCA" or "ACMA" or other letters you don't recognise, because although all the others may be perfectly competent, the Revenue instinctively "recognises" ACA's rather better and slightly more respectfully than the others and that can make a small difference to how they deal with you, your chances of getting audited and so on. I know very little about this subject, but I offer that thought as "second-hand from a tax inspector", for what it's worth.
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    • Profile picture of the author Toniy
      Hello there Alexa...

      It's refreshing to just reply to just one person in just one post... not usually my MO...

      OK so we're after ACA Accredited Chartered Accountants... as opposed to their subpar cousins in the Certified and Management institutes... that's a good start

      Kinda rings of the Judean Peoples Front and The People's Front Of Judea though, no?

      I hope that joke's still relevant and hilarious today...

      In any case, it's worth plenty so thank you Alexa.

      I don't know any former tax inspectors...
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      • Profile picture of the author malcsimm
        Hi Mate - are you sorted with your tax?

        If not, I have suggestions for the UK.

        In the UK you DEFINITELY need one or more LLPs. (I have 3).

        The thing is, LLPs have many tax advantages over companies. Many, many. However, hardly anyone - including most accountants - understand them.

        But they are the way to go to minimize tax. If you are pro-active.

        For example, the max tax I pay is 21% including all tax and all NI. Thanks to having an LLP.

        Get back to me if you want more info. I don't earn out of this - but it is a passion of mine - to minimize (legally) what I pay to HMRC.

        I have a great accountant and I have a great tax accountant. The former does my year end books: the latter I see once a year for advice on general structuring. It works very well indeed for me.

        Cheers

        Malc
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    • Profile picture of the author paul_simister
      Originally Posted by Alexa Smith View Post

      Hi Adam, I'll repeat the advice given to me, by a former tax inspector: if you can, go to a chartered accountant with the letters ACA, specifically, after their name ("accredited chartered accountant") rather than "ACCA" or "ACMA" or other letters you don't recognise, because although all the others may be perfectly competent, the Revenue instinctively "recognises" ACA's rather better and slightly more respectfully than the others and that can make a small difference to how they deal with you, your chances of getting audited and so on. I know very little about this subject, but I offer that thought as "second-hand from a tax inspector", for what it's worth.
      I just have to correct this - ACA does not stand for accredited chartered accountant but instead means Associate of the Institute of Chartered Accountants In England & Wales.

      How do I know this?

      Because I used to be an ACA and when I become more experienced and could prove it, I became an FCA (Fellow of the Institute of Chartered Accountants In England & Wales)

      If I was you I'd look for an F rather than an A. It's a bit like airline pilots and medical consultants, you feel most comfortable if they have a certain amount of experience without being past it.

      But I wouldn't be too concerned with whether it is FCA, FCCA or FCMA provided they are in practice and dealing with small businesses and can do your accounts and tax.

      If you have really complicated tax requirements, then you should look for a member of the Chartered Institute of Taxation. This is what people I knew who qualified as accountants did when they wanted to specialise in tax.
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  • Profile picture of the author neil_patmore
    In my experience there are two types of accountants. Traditional and creative. Who you choose to work with depends on your character and the way you do business.

    I've worked with both in the past and I much prefer the creative, as does my bank account. I suggest you pop in to some local accountants and get a feel for them. You want to be able to meet at short notice when you require and therefore I wouldn't employ someone 100 miles away, niether would I trust my accounts to a referral from a forum on the internet :-)

    One thing I would say from reading your opening post on the thread you linked to is there is no such thing as unemployed whilst making a profit and it will bite you in the arse the longer you leave it. I've been there and I've got the proverbial T-shirt to prove it.

    I'm not an accountant so confirm this with one, but - You could go self employed as suggested in your other thread, but the most tax efficient way for you to manage your profit is to setup a limited company, pay yourself your tax free personal allowance which I believe is about £7k at present, and then pay the rest in Directors dividens. You will then pay corporation tax on the dividens and you can draw up to £50k before you start paying personal tax.

    You will of course have to submit annual accounts but small businesses with a turnover of less than £6.5m no longer have to submit audited accounts, which makes this simple.

    But once again, I'm not an accountant so go and see one!
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  • Profile picture of the author neil_patmore
    Malc, I'm interested in what you have to say :-)
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  • Profile picture of the author Toniy
    MalcSimm - Hey there Malc, thanks a ton man! I'd really like to hear more... although on that point of LLP... do they have to be partnerships or can I act as the sole owner? I'll drop you a PM as well, but please feel free to share on this thread too

    Neil_Patmore - Neil, thanks to you too as well buddy... I'd like to start by saying I don't really want to own that same t-shirt However I really like what you just said... I'll check it out, but that seems like great advice, so thanks. Exciting advice at the very least I'll take a look at some local accountants... Although I'll be moving in about 10 months... so I'm not sure what'd happen then.
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    • Profile picture of the author Alex.R
      Some good advice already given in this thread. I would think you should be able to find one local to you, but if not don't be afraid to go further afield.

      I've had three accountants in the last fifteen years, if they are not working the best for you, move on. Best of luck with your tax endeavors.
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      • Profile picture of the author Toniy
        Originally Posted by Alex.R View Post

        Some good advice already given in this thread. I would think you should be able to find one local to you, but if not don't be afraid to go further afield.

        I've had three accountants in the last fifteen years, if they are not working the best for you, move on. Best of luck with your tax endeavors.
        That's great Alex, thanks.... I guess it's like anything, look around, feel them out, give it a shot and if they don't perform then move on

        Smooth
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        • Profile picture of the author KenJ
          Hi Tony
          My daughter is a fully qualified UK accountant. If she can't sort you out she will know a person who can
          PM me if you want more info.

          BTW - My accountant and my daughter are integral to my business and the future planning. This is not an after thought. They have early input and shape what I do. This is what you should be looking for - its not just book keeping.

          Kenj
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  • Profile picture of the author Toniy
    Kenj, that'd be brilliant mate

    I'll shoot a PM over to you now... And on an interesting side note (for me) I used to live and work in Bracknell.

    In actual fact, I spent my University Internship working at Hewlett-Packard.

    The UK's Silicon Valley is rather a grand term, no? ... happy memories though, it has to be said


    Speak soon mate and thanks for the advice!
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    • Profile picture of the author KenJ
      Originally Posted by Toniy View Post

      Kenj, that'd be brilliant mate

      I'll shoot a PM over to you now... And on an interesting side note (for me) I used to live and work in Bracknell.

      In actual fact, I spent my University Internship working at Hewlett-Packard.

      The UK's Silicon Valley is rather a grand term, no? ... happy memories though, it has to be said


      Speak soon mate and thanks for the advice!
      No problem, I've PM'ed the contact details

      Kenj
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  • Profile picture of the author Toniy
    Hey Paul,

    Thanks a ton for that... I should have looked into it myself (I looked at the others, but left out ACA based on the fact it was stated with such confidence and kinda made sense... it woulda been my guess too :p).

    As for the rest of it, I'll hunt out some F's if I can... sincerely, thank you Paul, great advice.

    My tax is about as uncomplicated as it gets
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