Switching Contractor Accountants

Every successful relationship is built on trust. This is particularly important when forming professional relationships, like with an accountant.

However, there may be times, for one reason or another, when that trust is no longer there, and you feel the need to find a new accountant.

This can be daunting, you may be concerned how the switch over will be handled, will all the relevant paperwork be sent across, or will information get mislaid. These are all valid concerns.

Over our 20 years, we’ve welcomed onboard lots of contractors. We’ve put together our top advice that will help you switch accountant with ease.

When is the best time to switch?

It is suggested that the best time to switch is at the end of your financial tax year. For several reasons, this may not always be possible. If you are looking to switch accountants, it is best to choose a time when there is little business activity between the both of you. So, deciding to switch accountants just before you have to submit your tax return, may not be the best time to choose.

Make sure everything is ticked off the ‘to-do’ list

Before switching, check your agreement with your current accountant to see what responsibilities you must comply with in relation to ending your agreement. It could be that you have to provide your current accountant with a certain amount of notice before you can switch.

Pay your dues

The main thing that is responsible for holding up the switching process, is unpaid fees. It could be that you do not agree with a fee your current accountant has levied. If this is the case, it is always advisable to try and resolve the issue amicably with your accountant. If this is not possible, you can investigate going down the arbitration route through ICAEW or other professional body. Or, if you wish you can lodge a formal complaint against your accountant with their professional body.

How a switch works

When you’ve chosen a new accountant, this accountant will write to your current accountant informing them of their ‘assumption of responsibility’ for your business, asking for all relevant paperwork and also requesting professional clearance. This basically means that your new accountant is seeking confirmation that there is no reason why you can’t be taken on as a client.

Your current accountant should provide all these details in a reasonable timeframe. Accountants that are chartered and certified, are provided with guidelines on this timeframe by their governing body.

There may be a small fee involved with switching accountants to cover any administrative tasks.

Once any outstanding fees have been paid and your new accountants have received all relevant paperwork, the transfer is complete.

Simply the best…

If you’re new to contracting and are looking for an accountant or have been contracting for a while and are looking to switch accountants, we’ve got over 20 years’ experience helping contractors with their accountancy and taxation needs. Our team’s knowledge and experience mean’s that switching to us is hassle free and seamless.

To discuss how we can help you, give us a call on 01962 867550 and one of our highly skilled accountants will be happy to discuss the various options that are available.