Accountants

[Murk]

I completed my Corporation Tax (UK) this month (due MArch 31st). It's basically where you calculate your profits and try to reduce them as much as possible through expenses, then pay the government 19% of it (going up to 25% from now on).

My accountant has been useless these couple of years, not really advising me on best practices, I went with a cheap option to keep expenses low as possible, and I've had to research, ask my circle of 2 with similar businesses, and basically do it all myself. Why am I paying him?

Can any accountant, or those with good ones, give me some pointers on how to select a good accountant? I need the equivalent of a ride-or-die baddie that checks all my blind spots. My business is still new so these problems aren't too costly but moving forward my revenue is increasing so need all the tricks. How likely is an audit in the first 5 years?

 

[Billtx49]

You need an office visit with a business advisor / consultant, but keep them out of the middle man payment loop. They will know and can recommend the best professional resources available in your area for all aspects of your business. Bean counters with benefits are not so easy to find by yourself …

 

[Billtx49]

You need an office visit with a business advisor / consultant, but keep them out of the middle man payment loop. They will know and can recommend the best professional resources available in your area for all aspects of your business. Bean counters with benefits are not so easy to find by yourself …

Or perhaps just a search visit to Linkedin for an accounting firm that also advertises business advisory services …

 

[Murk]

Or perhaps just a search visit to Linkedin for an accounting firm that also advertises business advisory services …

My issue with that is they all say the same things and I don't know how to distinguish a good accountant from another...

 

[Billtx49]

My issue with that is they all say the same things and I don't know how to distinguish a good accountant from another...

A third option is a friendly call to an attorney that handles bankruptcies, they always know the great accountants …

 

[BackInTheGame78]

My issue with that is they all say the same things and I don't know how to distinguish a good accountant from another...

Ask them to analyze your returns you have filed the last 3 years and then present things they would have done differently to save you money or earn you tax credits, etc.

 

[The Duke]

Here's what I look for in an accountant:

1. Republican
2. Hates the IRS and the Government
3. Has ran a business other than tax/accounting related.
4. Conservative
5. Would rather keep their money than give it away.
6. Risk taker.
7. Stays current with changes in tax law.

Create a questionaire and have them fill it out.

Auditors look for big changes from year to year. That gets you flagged.

In the US a business needs to make a profit 2 out of 5yrs or you may draw the attention of the IRS.

 

[Reincarnated]

Here's what I look for in an accountant:

1. Republican
2. Hates the IRS and the Government
3. Has ran a business other than tax/accounting related.
4. Conservative
5. Would rather keep their money than give it away.
6. Risk taker.
7. Stays current with changes in tax law.

Create a questionaire and have them fill it out.

Auditors look for big changes from year to year. That gets you flagged.

In the US a business needs to make a profit 2 out of 5yrs or you may draw the attention of the IRS.

As a CPA this answer made me laugh in a good way. I actually think it's mostly valid. Although it boggles my mind how any tax accountant could not actively be staying up to date on changes to the code/tax laws, but I know they're out there.

At risk of saying the obvious, your accountant needs to be actively chartered, equivalent of a CPA in the US. I think that industry specific knowledge is important. I work in banking, and wouldn't even try to touch a corporate return in say manufacturing for example. Also someone who you know is thinking strategically, as in how do our decisions impact future returns and also impact the operations of the business in the present.

 

[BackInTheGame78]

As a CPA this answer made me laugh in a good way. I actually think it's mostly valid. Although it boggles my mind how any tax accountant could not actively be staying up to date on changes to the code/tax laws, but I know they're out there.

At risk of saying the obvious, your accountant needs to be actively chartered, equivalent of a CPA in the US. I think that industry specific knowledge is important. I work in banking, and wouldn't even try to touch a corporate return in say manufacturing for example. Also someone who you know is thinking strategically, as in how do our decisions impact future returns and also impact the operations of the business in the present.

I assume no different than software engineers who never bothered to learn any language after C++ or Java...

 

[Murk]

I’m doing an accounting course to learn some basics. Having a business these last 2 years I learned a lot on the job, can’t hurt to know more.

 

[taiyuu_otoko]

I'd recommend keeping your eyes and ears open.

If you don't already, network with small business owners.

Low key ask them who they recommend, use etc.

A ride or die tax hating account is the kind of thing people tend to keep close to the chest, as it tends to be a competitive advantage.

This is the kind of thing you can only find out through experience.

I'd imagine tax hating accountants don't want a lot of attention for obvious reasons, so they make themselves scarce and build their book slowly and carefully.