What should I be asking potential accountants

[northernladuk]

The problem with that is that the person answering queries on here is unlikely to be personally looking after your accounts. If you think that they truly reflect the standards of the company then fair enough.

Possibly.. So scratch that and go for a recommendation from a highly respected pillar of the community.

[DallasDad]

Hi all,

I've just landed a contract to start in April, previously been working as an employed consultant for an agency (desperate times,out of work for 4 months). So I've called a lot of the accountants recommended her but wanted some advice about what would I be asking in specific? I'll be the only shareholder in my company and the initial contract is for 6 months, Have no clue when is comes to accounting...just don't want too break the law or owe Mr. taxman anything. Advice would be much appreciated Thank you.

FTFY

Nluk must have been caught napping

[Contreras]

Ask about:

- your responsibilities as a company director, statutory filing requirements, what and when.
- what the accountant will do for you.
- what you can do for them, record keeping, etc.
- the proportion of their business that is 'contractor accounting'.
- VAT, PAYE, NI, Corp Tax, P11D, can they explain these in clear terms?
- proposed salary/dividend split.
- experience of IR35.

The last few items having done some of your own research first. And, how much?

[WordIsBond]

1. "Should I take £8K or £11K in salary this year? Which is better and why?"
2. "What is your view on making a wife a shareholder and either company secretary or director? What share holding split would you recommend if I do this? Can I pay my wife a salary if I do this, and how much of a salary should I pay? Are there any drawbacks or risks here?"
3. "At times, I'd ask your advice on expenses. On a scale of 1-10, 1 being extremely cautious and 10 being aggressive in claiming everything I can, where would your advice fall on that scale?" And follow-up, after the answer is given, "If I told you that I want to be more aggressive than that, would you be prepared to advise me according to my own risk attitude rather than yours, explaining the risks to me? If I told you I want to be more cautious than you've described, would you advise me according to my standard rather than yours?"
4. "Can I have a company paid 'Christmas party' where I take my wife out and the company pays? If so, what is the limit I can spend? If not, why not?"
5. "If I have contracts with the same client for more than 2 years, does that mean I'm inside IR35?"
6. "Do you recommend my company make pension contributions for me? Why or why not?"
7. "Is there any way my company can buy life insurance for me tax free? What about private medical insurance? Critical illness cover? Can I get any of these for my wife?"
8. "Should I take out all my profits after tax in dividends every year?"

The answers to those will tell you a lot about the way an accountant thinks, and some of them will let you know whether he knows his stuff or not. It will also just give you more of an opportunity to find out if you like him/her.

[mudskipper]

... my wife...

... or husband.

[WordIsBond]

... or husband.

LOL. OP probably doesn't have either, since said he/she is the only shareholder. The point of the question is not wanting the answer to the question, but wanting to hear how the accountant thinks and how good he/she is at expressing himself/herself and explaining things.

(Was that gender-generic enough for you, oh Exalted Mistress of CUK? )

[kaiser78]

I like to meet my accountant face to face to go through my accounts before being finalised and so I always find out if they are flexible around meeting times - are they a 9-5 outfit or do they meet in evenings/ weekends ?

[SueEllen]

LOL. OP probably doesn't have either, since said he/she is the only shareholder. The point of the question is not wanting the answer to the question, but wanting to hear how the accountant thinks and how good he/she is at expressing himself/herself and explaining things.

(Was that gender-generic enough for you, oh Exalted Mistress of CUK? )

You can simply use " s/he",and "they" as it saves typing. Though younger people won't agree with the "s/he" as it only recognises 2 genders.

[SueEllen]

I like to meet my accountant face to face to go through my accounts before being finalised and so I always find out if they are flexible around meeting times - are they a 9-5 outfit or do they meet in evenings/ weekends ?

Then you are just weird.

I just sit there and cross check the email my accountant sends me.

[Waldorf]

I like to meet my accountant face to face to go through my accounts before being finalised and so I always find out if they are flexible around meeting times - are they a 9-5 outfit or do they meet in evenings/ weekends ?

Very unusual, I doubt if even 1% meet their accountant each year.