CCAB, the joint group representing the main UK accountancy bodies, has launched an initiative to provide easily accessible advice on choosing the right accountant or tax adviser, in a bid to improve access to services from regulated and qualified professionals
It is also warning that anyone can call themselves an accountant/tax adviser even if they are not professionally qualified so that potential clients need to check out their credentials.
The online guide gives tips on what to look for when choosing an accountant or tax adviser, charges and what to expect after appointing an adviser.
Jann Brown, CCAB chair, said: ‘While we accept that some non-qualified advisers may have experience, professionally qualified and regulated advisers have knowledge and expertise and, moreover are obliged to work ethically, keep their knowledge and skills up to date and hold professional indemnity insurance.’
The CCAB guidance has checklists and useful information to help companies and individual taxpayers make a decision on the appiontment of a new adviser.
What to look for in an accountant/tax adviser
- For tax advice, check that the firm has the expertise to provide the type of advice you are looking for
- If you are in business, look for a firm of an appropriate size and with other business clients of a similar size to your business. They are likely to understand the issues and problems you will face.
- Do you want them to have experience of advising clients in the same trade sector as your business?
- Do they provide all the services you require? If you need audit, investment or insolvency advice make sure that the accountant is authorised to undertake that work.
- Do they have a good reputation?
- Will they be acceptable to third parties e.g. finance providers, shareholders?
- What qualifications do they have? Are those qualifications appropriate for your particular needs? Do they have professional indemnity insurance?
- Would you be able to contact or meet them as often as you wanted?
Once the tax adviser is appointed, make sure that you receive a letter of engagement - this is a letter setting out what your adviser will (and will not) do for you and the terms of the engagement.
The leaflet is packed with useful information about choosing the right accountant and can be downloaded here
The membership of the five CCAB bodies - ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland - totals 245,000 professional accountants in the UK and Ireland (354,000 worldwide). CCAB is a forum for the bodies to work together collectively in the public interest on matters affecting the profession and the wider economy.
