The process of changing your contractor accountant

The process of changing your contractor accountant

If for whatever reason you have made the decision to change your contractor accountant, then there are a few steps you should take in order for the changeover to run as smoothly as possible. The aim is for you to continue with no interruption to your business.

Informing your existing accountant

Once you have found yourself a new accountant, you need to notify your existing accountant of your intention to change. They will prepare your information to hand over to the new accountant. If they are a Chartered, Certified or other professionally qualified accountant, they are bound by their regulatory body to provide this information in a co-operative and timely manner.  If they are not regulated and ignore the request, there is no need to worry as information can be collected from HMRC and Companies House.

First steps for your new accountant

Your new accountant will contact your existing accountant to ask for professional clearance. They will also ensure that there is nothing that they should be aware of e.g. money laundering.

Copies of your previous accounts, tax returns and balances will be requested.

Timing of your switch

The timing of switching your accountant is something to be aware of as some accountancy firms will charge for catch up work. This often equates to the cost of their monthly service fee for the months since your last year end.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.

Is there a good time to switch accountants?

Is there a good time to switch accountants?

If you’re a contractor who is set up as a Limited Company you’re probably one of the many who enjoy the benefits of employing an accountant to help you.  A good contractor accountant should help you ensure that all your company paperwork is in order and that the accounts themselves are properly prepared in good time for all relevant tax deadlines. In addition, they should also be able to give basic advice on both your company and personal tax planning to ensure that you are getting the best overall return on your income.

When the relationship with your accountant is good and you are confident that you are getting the professional standard of accounting services you need, all is well. However, sometimes the relationship can deteriorate. This can be due to the fact that your business has changed and you simply need an accountant who understands your new financial circumstances, or it could be that you feel you are not getting the level of personal and professional service that you would like. If this happens you may start thinking about changing accountant. Some contractors mistakenly believe that this is a difficult process. In fact it’s relatively straight forward, so if you want to switch accountants you should be able to do so quite quickly and easily.

 

Choosing a time to switch

The optimal time to switch would be at the company year end, if possible, but generally there is no preferred time to switch accountants if your new accountant provides a catch up service free of charge.

Your new accountant will write to your old accountant for handover, requesting copies of any documents they hold on file such as wage summaries, previous accounts, tax returns, VAT  returns etc.  It can take a few weeks for this to be provided, but that shouldn’t stop your new accountant from providing advice in the meantime.

So, if you are unhappy with the current service that you are receiving there’s no reason to delay switching to ensure that you are receiving the most out of your company.

 

This blog has been prepared by Intouch Accounting. While we have made every attempt to ensure that the information contained in this blog has been obtained from reliable sources, Intouch is not responsible for any errors or omissions, or for the results obtained from the use of this information. This blog should not be used as a substitute for consultation with professional accounting advisers. If you have any specific queries, please contact Intouch Accounting.