The most common complaints made about accountants in the UK
Given the important nature of the role, when you hire an accountant you expect a certain level of expertise, service, and reliability. It’s unfortunate then that many business owners aren’t happy with their accountant, and can experience considerable stress as a result of mistakes and bad advice.
So what are the most common complaints made against accountants, and how might their actions affect you?
“My accountant forgot to file my tax return”
Filing tax returns accurately and on time is a basic requirement for an accountant, so forgetting this crucial task has a number of ramifications for you as the owner or director of a business.
Your accountant is hired as an agent of the business, and as such, doesn’t hold final legal responsibility for your tax affairs. You are ultimately responsible for complying with HMRC rules, rather than the accountant.
Failing to file a tax return results in financial penalties, but it can also damage your relationship with HMRC. If in future you require their support by way of extended payment terms, for example, your previous history of filing and payment will be taken into account.
“My accountant has lost my books”
If your accountant has lost your books or records, you’ve probably experienced frustration and worry about meeting your tax obligations. It can be difficult to accurately reconstruct the information held in your books if they’re lost, and it’s advisable to contact HMRC so they’re aware of the situation. Let them know you’re working to rectify the problem, and keep them updated on progress in case you have to miss a filing or payment date.
“My accountant has made a mistake”
If your accountant has made a mistake on your tax return, it could result in a penalty from HMRC. You should contact the tax office to explain the situation, but as we mentioned earlier, you’re ultimately responsible for the tax affairs of your business rather than the accountant.
HMRC may be willing to provide more time to pay if the mistake means you’ve gone into arrears with tax, or agree a repayment plan to relieve the pressure on your business finances.
“My accountant is charging too much”
Accountants use a number of different charging models including hourly rates, fixed fees, and value based pricing. How they charge you is also influenced by the legal structure of your business, how much finance-related work you carry out in-house, and how organised you are.
If you feel you’re being charged too much ask your accountant how they determine their fees, and discuss the potential for change. They may be willing to negotiate or alter their level of service if some elements are not needed.
“My accountant isn’t proactive”
A good accountant will send reminders of key tax dates and other information pertinent to your business, so you stay ahead of your obligations. This type of support may seem like an ‘add-on’ service, but is important as it enables you to run your business efficiently and take advantage of all the tax reliefs available.
One of an accountant’s main roles is to minimise your tax liability and they should always save their client more money than is spent hiring them. This is a good rule of thumb if you have doubts about your own accountant, and are considering change.
How to find a reliable accountant
It can be difficult to find an experienced accountant you can trust, but our team at Handpicked Accountants can help. We’ve developed strong working relationships with accountants around the country, and will put you in contact with a suitable professional in your area. Please call one of our expert team to find out more.
