Finding an Accountant and Financial Advisor

Essex_Jim

Debated which area to post in and settled on Cutting Tax as that is the first thing I want to do.

I am looking for the best way to choose an Accountant and then a Financial Adviser from the many that are available in my area. I have looked on the Internet for reviews but most don't seem to have any reviews like 'Trades People'.

The Accountant is to help with my Annual Self Assessment. I do this as I have business mileage and can recover some costs. Each year, my mileage goes down so I assume my tax code would cover me for the higher mileage and so should get a rebate, yet I seem to always end up with a four figure amount to pay. So I assume I must be doing something wrong and just to make sure my PAYE code is right.

After that want to get advice on my Financial situation ongoing as I am just turning 50 and need to think carefully about Pensions. Especially as I have seen older colleagues have Pension funds go into PPF.

cinderfella

Rather than seeing an accountant perhaps the latest copy of the Daily Mail Tax Guide would give you a Janet & John understanding of the Tax system.
The local tax offices used to be open for queries from people like yourself. I have a feeling they may be closing down.
As for pension advice a little self reading goes a long way. Financial Advisors are best utilised on a fee basis & get a quote first.
Plenty of peeps on this forum who will help when they know the details of your problems.

Essex_Jim

Thanks for the reply.
I would really like to see someone ‘face to face’ as I have tried to do my Self Assessment each year reading up for why I may be incurring charges that I believe should be covered by my PAYE code and yet each year still get a four figure bill. Must be something I am doing wrong. Understand I would have to pay for this. I have also tried the Tax Office phone service which did not help either. If you can do a face to face at any tax office, would certainly try that.

Likewise with the Financial Advisor. I have seen Pension issues at my company and we have been advised to see Financial Advisors. Just how to choose one!

WHA

Best way is to get recommendations from someone who already uses them.

If you can't get any recommendations, then look for a qualified chartered accountant or tax adviser. The main professional bodies have directories on their websites, and are ACCA, ICAEW, and CIOT. If you do a google search, you'll find these. Beware that literally anyone can call themselves an accountant, whether or not they have experience, qualifications nor insurance. Only properly qualified, experienced, insured and regulated ones are allowed to use the word "chartered". Of course, some chartered accountants will be poor, and some unqualifieds will be excellent, but without a personal recommendation, I'd say the risk is too great to trust an unqualified/unregulated one.

As for an IFA, search for the "unbiased" website which has a directory of qualified IFAs and you can search by type of product, i.e. pensions, or life insurance, etc., to get someone specialising in what you want.

For both, make contact with at least 3, go to meet any that give a free introductory consultation, get quotes, see how you get on with them, see if they sound right for you. If you don't like any, then try another 3 and so on. There are plenty of good accountants and IFAs out there, it's up to you to make the decision as to who's right for you, and more important to cut free and go elsewhere as soon as things start to look as if they're going wrong.

David_Ballantyne

You might also consider accountants or tax advisers who are qualified and regulated members of;

Association of Accounting Technicians
Association of Taxation Technicians
Institute of Financial Accountants
Federation of Tax Advisers

Kind regards,

David.

agrinnall

You could try this, I haven't needed to use it myself but it's been suggested in previous threads.

http://www.unbiased.co.uk/

gasontour2004

Hi Essex Jim,

There are rates from HMRC for mileage claims to your employer without an additional tax charge. Currently this is 45 pence per mile for the first 10k miles and then 25 pence per mile thereafter.

If your employer pays less than these rates, you can claim the difference back through the tax system (self assessment).

If however, your employer pays more than this then that will give you a tax charge.

e.g you did 15,000 business miles and your employer paid you 40p per mile.

You claimed 15,000 x 0.40 = £6,000

However, the HMRC rates would be

10,000 x 0.45 = £4500
5,000 x 0.25 =£1250

a total of £5750. Therefore the difference of £250 would be taxed as if the employer had given you that in cash.

As for selecting an accountant, word of mouth is probably the best way. There are plenty of internet services out there that will do it on the cheap, however the client and accountant relationship should be more than just once a year. You want someone you can pay a fixed fee to and then ask as many questions you like, without fear of additional charges.