Importance of accountant relationship
In keeping with a movement away from the traditional approach to working professional relationships, we appreciate the importance of working closely with and communicating regularly with your accountant. We believe that gone are (or should be) the days of seeing your accountant once a year to finalise your accounts and learn your tax position.
In an environment of ever complex and evolving tax legislation and regulations, it is vital that you are proactive in avoiding problems and seizing opportunities. Whether you are considering the purchase of property (be it residential or commercial) or additional assets for your business, or considering plans for your future or imminent retirement, it is essential that you let your accountant know of these plans well in advance. After all, you wouldn’t want to miss out potential grants towards capital expenditure which would be unavailable to you if you had already bought, or committed to buy. Equally, you might purchase a property in your personal name rather than through a company or pension scheme and then find that you are missing out on some very significant tax benefits, or you are putting a trading asset at unnecessary risk, if only you had consulted your accountant first.
The instances in which you might be taking the wrong path or approach or missing out on real opportunities are almost infinite. To name but a couple more, are you missing out on tax reliefs and credits afforded to companies engaging in Research and Development activities because you didn’t know that you came within HMRC’s R&D definition and your accountant didn’t have a full knowledge of your business activities, products or services? Have you recently sold all or part of your business and are now paying more tax on the sale than you might have had you consulted your accountant first?
Here at 360 we believe we are very different to the traditional accountant. We actively encourage our clients to keep in touch regularly throughout the year to keep us informed of your and your company’s affairs. This regular contact then builds into a strong working relationship whereby we know your affairs intimately – almost as well as you – and are well placed to act to your benefit. Often without being informed or prompted by you.
Give us a call and see what a difference it makes to actually and really know, engage with and even like your accountant.