There are many reasons for moving to a new accountant; you may have outgrown your current accountant, found a firm who offer better value, additional services or even specialist expertise. The good news is that switching accountants is often much easier than you might imagine. With a few simple steps, you can smoothly transition to a new accountant without unnecessary stress or confusion. It’s always worth considering looking for an accountant that suits your business if you’re not satisfied with your current service.
One of the most common concerns when switching accountants is that the transfer of financial records will be complicated and time consuming. Fortunately, your existing accountants are legally required to provide you with access to all of your documents and records, which you can then pass on to your new accountant. Here at Gooding Accounts we have a dedicated admin team to help lighten the load when you come on board.
You’ll need to inform HMRC that you have a new accountant acting on your behalf. Contrary to popular belief this is a quick and easy process and can even be completed using HMRCs online system. Once you’ve selected a new accountant the process can usually be completed on your behalf – providing the details you supply are up to date and match those held by HMRC. You can check and update your details simply by downloading the HMRC app which gives you on-the-go access to your HMRC account.
As long as all the details are accurate this step is usually completed relatively swiftly and there’s no need for you to handle any the paperwork yourself unless you wish to. If you’re registered for VAT, PAYE, or making Corporation Tax payments, your new accountant can also ensure that all relevant registrations are updated.
Many people fear that changing accountants will come with hidden costs, but this is typically not the case. Accountants generally charge for the work they do, and if you’re not under a formal contract, you shouldn’t incur any additional fees for switching.
However, it’s important to make sure that you’ve paid for any work that’s already been done before you make the switch. This includes any services that may have been performed in the current accounting year. Be clear with your old accountant about any outstanding balances, and ensure the new accountant is ready to pick up where they left off.
Once of the main reasons for not switching accountants is that there may be disruption to your business. The good news is that the majority of switches are completed seamlessly and there is rarely any significant disruption. In fact the switch to a new accountant may even help save you time. Here at Gooding Accounts we offer a full range of accountancy services including bookkeeping, payroll, VAT returns and company secretarial which can free up your time to focus on growing your business.
The majority of accounting relationships are based on simple service agreements, often renewable on an annual basis. Unlike many professional services, you typically aren’t locked into long-term contracts and there are unlikely to be any large financial penalties should you choose to switch. This makes it straightforward to end the relationship and find someone better suited to your needs.
The majority of accounting relationships are based on simple service agreements, often renewable on an annual basis. Unlike many professional services, you typically aren’t locked into long-term contracts and there are unlikely to be any large financial penalties should you choose to switch. This makes it straightforward to end the relationship and find someone better suited to your needs.
Switching accountants gives you the chance to find a professional who is better suited to your needs. Perhaps your business has grown, your personal financial situation has become more complex, or you’re simply not happy with the level of service you’ve been receiving.
When switching accountants, it’s important to look for:
Once you’ve selected a new accountant It’s a good idea to meet with them before making the decision to switch. Here at Gooding Accounts we offer a free-of-charge initial meeting, we’ll have a detailed discussion to help us to understand your needs and how we’ll tailor our service to suit your business. It will also help you to decide whether our friendly and approachable team are the right fit for you!
Many businesses will only consider switching accountants at certain times of the year, such as the end of a tax year or financial year or after filing your tax returns. Whilst it’s true that there are certain times of the year it may be convenient there’s no reason to wait if you not satisfied with the current service or have outgrown the expertise of your current accountant.
With the move to Making Tax Digital for VAT now complete and the switch to quarterly reporting for Income Tax Self-Assessment fast approaching [link to article] the need to wait until after the end of the tax year to switch will be much less important as submissions to HMRC will happen more frequently with records being more up-to-date.
If you feel your accountant is not meeting your needs or you’re looking for an improved service, expertise, or value, don’t hesitate to make the change. After all, your financial future is too important to settle for anything less than the very best accountant for your needs!
Our friendly and helpful approach to accountancy, ensures that you understand and are in tune with your finances. Our committed team will communicate with you every step of the way so that you understand the position of your financial affairs – get in touch today.
