Choosing the best tax accountants in London can be extremely difficult given the large number of financial advisors and accounting firms that operate there. Use these five tips to choose the top tax accountants in London and ensure you’re always paying your fair share of taxes while making sure you don’t get overcharged by aggressive accountants and accountancy firms.
1) Do some research
First, find an accounting firm that has lots of experience working with start-ups, as these firms can offer you advice on specific issues you may encounter as your business grows. It’s also a good idea to research similar businesses and see which accounting firm they use.
Check out online reviews and ask around for recommendations from friends or colleagues who have used tax accountants in London. Finally, make sure your accountant is registered with HMRC (Her Majesty’s Revenue & Customs) so you know he or she is legally allowed to work for clients outside of their own business.
2) Ask for recommendations
Not sure where to turn for tax advice? Ask someone you trust. An accountant that a family member, friend or colleague has used is probably a good place to start. If you have friends who are self-employed, they can provide valuable insight into what makes an accountant great — and let you know if they had any issues with their previous service provider.
Other things to consider when choosing a tax accountant include location and cost. It’s also worth considering your comfort level with your potential tax advisor. Just because he’s highly recommended doesn’t mean he’s right for you.
3) Consider your needs
The accountant you choose should be someone who can listen to your needs and find a plan that works for you. They should provide all relevant details so you can start using your tax accountants in London as soon as possible. If they don’t, there’s no point hiring them.
It might seem like an extra cost now, but trust me when I say that it will make life much easier further down the line. You want to make sure that any tax accountants in London you hire have experience dealing with startups or small businesses because these types of clients are often overlooked by larger firms.
4) Compare the figures
In order to find out who’s best for you, compare your options. Tax accountants in London vary widely based on their experience, fees and overall reputation. The simplest way is to ask for recommendations from friends or associates who have used tax accountants in London before.
However, it’s wise to interview a few candidates before making your decision because there are many areas of tax accounting where even a top professional may not be able to help you if your situation is complex.
5) Don’t forget about tax returns
It’s important that you keep all of your records handy so that you can fill out your tax returns every year. It’s also a good idea to have a professional do it for you, if only because they know what they’re doing. Don’t take on tasks like filing and paying taxes yourself if you don’t need to, it can cause complications or mistakes later on.