Moving from accoutnant with Freeagent to no accountant and RBS

[DeludedKitten]

Starting to get a bit fed up with my accountant so looking at options.

People keep saying that it's dead easy to move from one Freeagent accountant to another, but I'm not clear on the practicalities. What do you actually do? Can someone who's been through it explain, please. How does one stop the old accountant having access and doing things and get the new one access? My FA account was created by the current accountant so I have no idea how the setup works.

Second question - I'm considering not having an accountant at all and just sticking with FA. Seems that the cheapest way to do this is to open an RBS business account and pay them £5 a year. Has anyone transferred from an existing FA account via an accountant to doing it via RBS? If so, how does it work to set that up?

Can't see anything on the FA website about it and there's naff all on the RBS website that I could see.

Ta.

[northernladuk]

It's definitely the cheapest way.
.. But is it the best way?

Regarding transfer. This is how its done.

Adding existing FreeAgent users to your practice dashboard – FreeAgent

[Alchemy Accountancy]

When the transfer is accountant to accountant, the new accountant simply sends a request to FreeAgent's support to move the client from the old accountant's dashboard to their own and they shift it over within a few days - they do something similar if you become a 'direct' customer as well. I am unsure if there is a mechanism to turn an existing account (that is being paid for) into one that is funded by RBS, I have a feeling that it would need to be an entirely new FreeAgent account - you'd possibly be better putting that to FreeAgent.

In terms of your accounting records outside FreeAgent, when transferring to a new accountant, he/she will write to the previous accountant to request copies of accounts, supporting schedules and tax submissions etc. There is no reason that you couldn't request these details for yourself.

Of course I am biased, but would always advocate using an accountant rather than doing it yourself - in the long run a good accountant will more than pay for themselves. Speak to a couple and see if you can find another than you are comfortable with (and check their qualifications/experience), not all accountants are the same.

[malvolio]

Just going through this myself, FA-based to FA-based on both sides. A flurry of emails to confirm the details and some outstanding actions (which is why I'm moving) and authorise the required transfers and then leave it up to the two companies to sort the detail. It should be painless - other than it's upsetting for the old accountant of course...

[DeludedKitten]

I asked Freeagent this morning and got a reply back just now.

For anyone who is looking to move from an accountant to the RBS offer, here's the process.

1) Ask the current accountant to remove your account from their dashboard.

2) This then triggers an email with the next steps on how to retain the account yourself.

3) Once you have the email, contact FreeAgent support and ask them about it. They will send an email with a link to a form to confirm your RBS account number and sort code.

4) They verify that you are eligible for the RBS offer.

5) New footer when you log into FreeAgent shows RBS branding.

You have two weeks from the accountant removing you from their dashboard to getting the RBS one set up or your account expires. If moving to another accountant, you can then either transfer it to their dashboard or you can add them as a user so that they can see your data etc.

[Maslins]

You have two weeks from the accountant removing you from their dashboard to getting the RBS one set up or your account expires.

Your post all makes sense but I feel perhaps the bit quoted above makes it sound more scary than it is. Basically you get 2 weeks free, understandably FreeAgent don't want you using the account for free indefinitely. When you say the account "expires", the data wouldn't be deleted or anything like that, you would just have your access removed until either you start paying for it yourself as a direct customer, or you sort something else out (be that putting it onto a new accountant's dashboard so they pay for it, or sorting something with RBS/NatWest).

[DeludedKitten]

Your post all makes sense but I feel perhaps the bit quoted above makes it sound more scary than it is. Basically you get 2 weeks free, understandably FreeAgent don't want you using the account for free indefinitely. When you say the account "expires", the data wouldn't be deleted or anything like that, you would just have your access removed until either you start paying for it yourself as a direct customer, or you sort something else out (be that putting it onto a new accountant's dashboard so they pay for it, or sorting something with RBS/NatWest).

Thanks for the clarification - it was an exact quote from their email, but didn't explain what that really meant in practice.

[mudskipper]

Thanks both - really useful. I'm also in this area atm - still waiting for a response from my accountant from a question raised on Tuesday...

[WLB2018]

The move from one FA accountant to the other is fairly easy and straight forward. I was lucky that both accountants were well versed in it and it was simple and quick.

I would always have an accountant on standby, I have fellow contractors who are accountants and they still have an accountant!

My recommendation would be to shop around for a decent accountant at a rate you are comfortable and happy with.

WLB

[pr1]

Thanks both - really useful. I'm also in this area atm - still waiting for a response from my accountant from a question raised on Tuesday...

Are they failing to keep InTouch?