How do I change accountants? Why do I need to change accountants? How hard is it to change accountants? Can’t I just let my accountant tell me how much tax I need to pay at the end of the year?
Why are accountants important?
Your accountant should be an integral part of your business offering you relevant accounting, taxation and business advise. Your accountant should be so much more than just about the numbers.
As your business grows Red76 will help you save time and money and sleepless nights worrying about your tax returns!
Time spent doing paperwork or dealing with HMRC is an opportunity cost – where could you spend your time and expertise more profitably?
Accountants do cost money, but they also earn their keep! Red76Tax will help you to run a tax efficient business, giving you advise and direction on how to grow your business and be a sounding board as we join you on your business journey.
Why would I change accountants?
Not all accountants are created equal, and there are times when changing accountant makes business sense. Don’t put up with poor service or bad advice, make sure your accountant is taking you on the right journey, on your journey.
When is a good time to change accountants?
Plan your move and time it so you are not at a crucial date in your financial year and make sure everything is up to date with your current accountant.
How do I change accountants?
Write to your current accountant advising them you will be moving to another firm, giving details of the new firm. Outline expectations of work to be finalised before you go.
Register with a new accountant. But be aware. Anyone can call themselves an accountant regardless of whether they have specialist experience, technical skills, qualifications, or professional indemnity insurance.
Look for an accountant who is registered with a recognised professional body such as the ICAEW. As a professional membership body and regulator, ICAEW, sets and enforces standards of conduct and performance for their members, students, firms and non-member affiliates. Qualifying as an ICAEW Chartered Accountant is demanding. Extensive formal training with ICAEW-approved firms and training providers is necessary to develop technical knowledge and practical skills, which must be kept relevant and up-to date with continuing professional education.
What does the future look like?
Once you have engaged Red76Tax we will go on your business journey together.
With your say so, Red76Tax will write to your current accountant asking them for professional clearance. The accountant will be asked to pass over all the relevant information so Red76Tax can start to work with you and for you.
We will also need to get Agent authorisation (form 64-8) from HMRC. This is where we submit a form to HMRC to let them know Red76Tax have your permission to deal with them on your behalf.
I have had a letter from HMRC telling me to fill in a tax return, what should I do?
You have 2 choices – you can fill in your tax return online at https://www.gov.uk/log-in-file-self-assessment-tax-return and if your finances are straightforward, this may be the best option.
Or you can ask an accountant to help. You will still need to provide all the relevant information, but your information will be in safe hands and understood by a qualified professional.
What you can’t do is ignore the letter. So, if the brown envelope from HMRC is making you nervous, if you are not sure where to start or what to do, Red76Tax can point you in the right direction. We will help you where help is needed or equally we will let you know that you can do this one yourself (if you are happy to).
How to I pay my taxes?
The easiest, and quickest way to pay HMRC is through a direct bank transfer using the account name, sort code and account number on the payment notice. You will need to include your reference which is your UTR followed by K.
However, if you prefer, HMRC will accept the following methods of payment:
- online by card (debit card only): Pay your Self Assessment tax bill – GOV.UK (www.gov.uk) and sign in to your government gateway accountant, using UTR as your reference
- through a direct debit
- by cheque in the post
- at your bank or building society: remember to bring a paying-in slip from HMRC
You can view your HM Revenue and Customs online account to check if your payment’s been received – it should show as paid between 3 to 6 working days later.
We need your permission to speak to HMRC on your behalf. The process is called ‘agent authorisation’.
Red76Tax has now requested agent authorisation from HMRC. Within the next 7 days, you will receive a letter from HMRC containing details of our request and an agent authorisation code. If you agree to authorise Red76Tax to act on your behalf, please pass the code to email@example.com.
How to get a Government Gateway Account
- Go to HMRC’s login page.
- Click the GREEN sign in button.
- Click “Create an account
- Enter your email address where asked.
- You will now be emailed a confirmation code. Use this code to confirm your email address.
- You will now be issued with a User ID for your government gateway account.
We recommend you print this page to PDF and file it somewhere safe. The user ID is a digital string so not memorable. Losing this ID can create a lot of work in the future (not to mention if you lose it moments before a deadline you may receive a late payment penalty).