Just a note on accountants – horses for courses.
Accountancy like any other profession covers a very broad spectrum of skills so you need to select an accountant who specialises in the appropriate discipline, i.e. small business taxation, small business advice etc. As this constantly changes you need someone who keeps up to date.
For example, most solicitors deal with house conveying and divorces; this is their bread and butter. If you wanted say to defend a trademark action, then it is quite likely they would not know much about trademarks. (although they still might accept the work).
This is just the same with accountants. A lot of accountants are glorified bookkeepers and although they will know about taxation, this does not make them a tax specialist.
Keeping up to date is expensive and hence it is likely that the smaller practices cannot invest or afford the constant cost of training etc. And although you might ‘get on well’ with your accountant, it is often too late when you realise that the tax or business advice given was not right for you.
There are several posts in the forum on employment status and taxation relating to freelance trainers, it’s surprising how many accountants get it wrong.
Accountants, Solicitors etc give you opinions, it is your responsibility to accept it or not. It is also you who signs off the tax returns.
As a recommendation, you should do the day to day accountancy activities, i.e. sale, purchases and wages. This inherently keeps your eye on the financial position of your business. Get the accountant to assist and advise on end of year returns etc.
I know a person who runs a very small business and gets his accountant to do his wages each month including a Tesco’s bag full of receipts, sales notes etc for him to deal with why, because ‘he’s no good with paperwork’ . This costs him a small fortune.
He’s also no good at running a business and is now so far in debt that his house is on the line.