Switching Accountants

Easy peasy lemon squeezy

Your relationship with your accountant can be like any other relationship – sometimes it just doesn’t work out or becomes dysfunctional. A lot of the time when this happens, people are inclined to think that changing will be too difficult so it’s better the devil you know. But having switched hundreds of clients from other accountants over to us, we know what is involved, how it works, what we need, and where the delays can be caused. From the perspective of a new client moving across to our accounting service the process of changing accountants is simple because any hard work will be done by us. However, we do not charge any extra fees for this, we simply do this on the basis that we’re right at the start of a blossoming relationship with a new client who will stay with us for years, because finally they have found the best service for their money, making the hard work worth it!

What is involved

We have been through the process of helping clients with changing accountants enough times now that we have a nice simple procedure that we use. It gets all the information regarding your company tax affairs that we need in the easiest possible way. Its done in four steps;

Check your Terms and Conditions

Take a look at the engagement letter with your existing accountant and check that there is no minimum tie-in period, or exit fees. At No Worries, we have no minimum tie-in period and no exit fees, but most accountants are not as great as us!

 Sign up with us.

Once you are ready to go, it may sound obvious but the next step is to get registered with our accountancy firm. Its simple to complete our registration form using our Sign Up page. During this process we collect all your personal information, your business details including the details of your existing accountant. If we haven’t spoken with you already we’ll arrange your dedicated accountant to call to make sure we understand your position, reasons for wanting to switch, plus any special or outstanding items that need to be dealt with right away. You will also get access to our online accounting portal run by Simplifi, so you can get going with creating invoices, raising expenses etc right away. We also take care of a number of housekeeping issues like getting appointed as your tax agent by using HMRC’s online authorisation service, and sending you out our letter of engagement to get the paperwork part underway.

Your existing accountants

This part is simple. Just send an email to your outgoing accountant (and cc us) to advise them you wish to move to our accounting service, and that you authorise them to release all relevant information to us.

Professional clearance letter

Your new dedicated accountant then springs into action by sending a professional clearance letter to your previous accountant. This professional clearance letter lists the documents/information, tax records, and previous tax returns that we need, and we go ahead and chase your old accountant along until we have everything required. Sometimes you may need to supply us with bank statements if your old accountant does not have a full record of these.

Want to know more? We are always happy to talk, so call 020 7731 1117.

When should I change to new accountants?

You have the ability to change your accounting firm anytime. Occasionally people wait until they’ve finished the tax year, but really it all depends on you. There are a few key signs that it may be time to switch accountants. If you feel like your current accountant is not meeting your needs, or if you are unhappy with the level of service you are receiving, then it may be time for a change. It is also important to consider whether your business has outgrown your current accountant. If you are a growing business, then you will need an accountant who can provide the services and support that you need to continue to grow.

Is it hard changing accountants?

The process of changing accountants is actually quite simple. Just follow the four easy steps above. In a nutshell, once you register, we will contact your existing accountant and arrange the rest. We may need to discuss this with you if your accountant has an incomplete record of your tax affairs or business accounts, but we do have several options available to us including contacting the HMRC directly to verify your tax records, which helps smooth the transition for you.

What shall I say to my existing accountants?

Where possible, end things with your current accountant on good terms and let them know that you’re moving on, as this will make the whole process much smoother. You’ll need to grant them permission to speak to us to hand over any paperwork which you can do with a simple email. We will take care of the formal part by sending the existing accountant a professional clearance letter, but we find that leaving on good terms does help grease the wheels.

Once you have changed accountants

Once you have moved over to our accounting service, there are numerous tasks we undertake to audit the information we have received to ensure your business and tax affairs are up to date, and that you are running your business as tax efficiently as you can. Our team of contractor accountants are highly qualified professionals who provide freelancers involved in the contracting industry with specific tax planning and advice. We understand the unique challenges that contractors face when it comes to taxes, and we help you minimise your tax liability and maximise your profits – we help you become more tax efficient. Contractor accountants can help you with everything from setting up a contractor-specific business structure to choosing the most advantageous tax status for your business. We also help you keep on top of your tax affairs throughout the year, so you can focus on doing what you do best – running your business. If you’re a contractor, working with a qualified contractor accountant is a smart way to ensure that you’re getting the most out of your business – both financially and legally.