• Electric Accountancy

Changing accountants is easy!

Updated: Jan 31

#ChangeAccountants #NewAccountant #ProactiveAccountancy #BusinessAdvice

Do you feel trapped by your accountancy firm?

  • Perhaps you feel that they no longer provide value for money;

  • Or maybe your requirements have changed, but they have not;

  • Maybe they’re unapproachable, or not proactive enough for you;

  • It could be that they are traditional whereas you fully embrace the digital world.

Too often, businesses stay with an accountant that they have outgrown in the mistaken belief that changing to a new accountant will be difficult, disruptive and potentially costly. This really isn’t the case.

Changing accountants is easy!

Here's how in 3 easy steps:

  1. Find a new accountant

  2. Tell your old accountant

  3. Your new accountant will do everything else.

Switching accountants can be done with minimal effort and fuss

All you need to do is find a new accountant that suits your needs and let the old accountant know. Your new accountant will take care of everything else for you.

Firstly, they will request professional clearance from your old accountant. This to find out if there are any reasons, professional or otherwise, for them to not accept the engagement (e.g. outstanding fees with the old accountant). Your new accountant will also ask the old accountant for information, such as previous year’s accounts, returns and computations.

If your old accountant is Chartered, Certified or Accredited under a professional qualification, they are required by their regulatory body to cooperate with these requests within a reasonable timeframe, unless there are exceptional circumstances.

The professional bodies oblige the documents to be provided without charge. However, in some instances you might find that your old accountant will charge a small fee for compiling the paperwork. This shouldn’t amount to more than about an hour’s work.

Things that your new accountant will need to do

Your new accountant will have to check your identity - this is an anti-money laundering requirement. They should provide you with a letter of engagement outlining the expectations and requirements of both parties, a copy of their terms and conditions and an outline of the fees. They will also get you to sign a form that gives them authorisation to deal with HMRC on your behalf (or you will be asked to do this authorisation online via the Government Gateway system).

Once this is done and all the information has been received from the old accountant, your new accountant can start work and you can relax.

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