Let’s rephrase that. It’s not a question of what does an accountant do, but what does a good accountant do. And how do you know if your accountant is good enough?
Is your accountant doing enough for you?
Like many businesses, your accountant will by now have submitted your self-assessment for 2021/2022. But is this enough?
What else has your accountant done for you? Or have they left you hanging with several questions that are niggling away in the back of your mind?
Common questions at this time of year are:
- Could my tax bill have been reduced further?
- Did I make the most of tax-free allowances?
- Is my business growing as I want it to?
- I’m about to go into the 40% tax bracket. Is there any way to avoid this?
- I’m about to hit the VAT level. What should I do? Is this right for me and my business?
If you have a proactive accountant, they should be on hand to give you business advice and help to plan your business moving forward.
Unfortunately, all too many times we hear of accountants who do the basics and then disappear until the end of the next tax year!
Questions, which may have a huge impact on your business go unanswered. Repeated calls don’t get returned and emails still sit awaiting a response.
Yes, January was a hugely busy period for accountants and so they may not be able to respond as quickly as they would like, but if you have a proactive accountant, they should have a plan in place to go through your future business plans and advise you accordingly.
A good accountant isn’t only there to help you fill in your tax forms correctly. A good accountant will also be on hand to:
- Help minimise your tax bill.
- Help plan your tax liability ahead.
- Advise on your business growth.
- Discuss and help with business decisions.
If you are feeling as though you have been somewhat left to fend for yourself until your next self-assessment is due, maybe it’s time to consider changing accountant. It’s an easy process and most of which your new accountant will do for you.
Look out for the signs below that it may be time to change:
- They do your year-end accounts and tax return but that’s it – nothing else.
- They are difficult to get hold of.
- They are reactive, not proactive – you never hear from them unless you contact them.
- They don’t offer value for money.
- No added extras – no reports, support in bookkeeping, advice, planning etc.
If you have answered yes to one or more of the signs above, find out more about how to change accountants.
And if you want a great accountant, get in touch with us at Maynard Johns on 01237 472071.