How to Find the Best Tax Accounting Firm For Your Business
As a UK business owner or an expat considering moving to the UK, you may have heard about how important it is to find the best tax accounting firm. You may not know quite what a tax accounting firm does and it can be confusing knowing that some people are actually in the legal profession while claiming to be CPAs. You can actually find the best tax accounting firm for your business requirements by doing a little research on your own. Here are a few tips:
Tax Accountants
Most tax accountants will be accredited with the Company Tax Authority - they must also sign a code of practice with the Tax Practitioners Association of Ireland. The TPAI is the body that governs the profession within the IAA. This is because the tax accountant must be registered with them in order to be able to do professional work in Ireland. If a company has a registered accountant then the accountant is obliged to work under the principles laid down by the TPAI. It's worth checking to see if you accountant is a member of the TPAI because if not then they are not obliged to work with the TPAI.
Size
Many sized enterprises won't have a need for an accountant. This is because they don't carry out any of the large scale accounting work. However they may need assistance with certain tasks such as paying the capital gains tax. In the case of a large business the services of a tax accounting firm could be invaluable, so ask yourself whether you could afford not to employ one.
Kinds of Tax Accountants
There are two kinds of tax accountants that you can employ. One is the self-employed tax accountant. These tax accountants work for themselves and can only be found in the UK. The second kind of tax accountant is the company tax accountant. This type of accountant is employed by a large business that employs hundreds or even thousands of staff.
How to Find a Tax Accountant Company
How to find a tax accountant depends on whether you work for a large business or for a company. You'll also need to consider the skills of the accountant you're considering. For example, if you work for a big company you'll likely want a trained accountant that is familiar with company tax and VAT. These types of tax accountants will generally charge more than a freelance accountant.
Choose Tax Accounting Firm
In order to choose a good tax accounting firm, it pays to think outside the box. For example don't just select the first accountant you come across. Visit at least two tax accounting firms and ask to see their clients' list. Find out what qualifications the accountant has attained and ensure that you know how long they've been in business.
If you decide to use an accountant on a contract basis, make sure you know what their terms and conditions are. The majority of these contracts will allow for one or more changes to be made to the tax return at any time during the contract. You need to check this before committing to use the accountant. The tax accountant should inform you if they can make any changes to your account during the contract.
Services of Tax Accountant
If you need to find out how to find the best tax accounting firm, there are a number of ways you can approach it. You could do it yourself. You could use the services of a tax accountant who specializes in tax accounting.
An accountant can provide a valuable service but if you are not careful they may not come through for you. It is important when using an accountant to establish whether they have the right experience and skills required for your particular needs. You may need a tax accountant that specialises in a particular area such as UK dividends tax or corporation tax. If you are unsure, then look elsewhere. An accountant that specialises in UK dividends tax for example will be better placed to advise you on this area of tax.
It is also worth finding out how much experience the tax accountant has. Is he an expert? He may have worked for the company before but there is no guarantee that he will have any experience with this new tax accounting area. It is always better to choose an experienced accountant to cover new areas of tax that you are likely to encounter. They will be able to advise you on the correct tax filing and help you take the correct deductions.
Finding Right Tax Accountant
Finding the right tax accountant can be easy if you know where to look. The internet can be a valuable resource as it can highlight the differences between different tax accounting firms and their services. It is important however, that you do not pay too much money just to get an accountant. There are many excellent accountants who charge reasonable fees and do a good job. The more experience he or she has, the more knowledgeable he or she will be. The accountant you choose should have a reputable firm on his or her website - check out ratings and reviews.
