As with any important business decisions, taking the time to do appropriate research and looking around at all the options is extremely important. If you have never used a tax advisor before, you should be aware that anyone can call themselves an accountant/tax advisor, whether they are professionally qualified or not.
Professionally qualified advisors will have achieved a qualification based on knowledge, work experience and ethics; they also keep their skills up to date through continued professional development. Tax advisors North Wales are registered with the Institute of Chartered Accountants in England and Wales; this is a regulatory body that maintains the highest professional standards.
What to look for in a Tax Advisor
When looking for a North Wales tax advisor, it is always beneficial to check out the firm – make sure that they have the appropriate expertise to provide the type of advice that you are looking for. Doing your research is the best advice when looking to hire a tax advisor. Make a list of what exactly you need them to be able to do, and find the right firm that ticks all the boxes. For example, do you want them to have experience dealing with a business from your sector? Do they have a good reputation? How often would they be in contact with you, would they be available when you needed them?
Invest some serious time into finding the right tax advisor, take a look through websites, reviews and client testimonials – this will give a clear indication of the services they are able to provide. Contact a few firms and meet with those that make your shortlist. This way you can get a feel for how it would be to work with them. Inform them about your current accounts records, can they suggest any improvements? Check whether they offer the services that you will need as your business develops. Always check in advance whether the first meeting is free of charge; there can be specific charges attached to giving business advice.
Establish a bottom line for fees and when these will be payable – always ask for an estimate. The prospective advisor may want to see your accounting records if business accounts are to be prepared – there will be additional charges associated with services such as; preparing VAT returns or running your business payroll. You can always minimise the charges by doing some of the work yourself, ask the advisor about this at the initial meeting. If you are considering purchasing a software package for your accounts, discuss the options with the advisor – this is due to the purchase of compatible product software saving the advisor’s billable time and your fees.
After appointing your advisor
You will receive a letter which will outline the specifics of what your advisor will and will not do for you, and the terms of your engagement. You should keep in regular contact with your tax advisor, not just at the end of the tax year – by keeping them up-to-date with the business circumstances they can better advise you on your business. After the annual tax return has been completed, your advisor will inform you of what your future tax liabilities will look like.