Frequently Asked Questions (FAQ)

Introduction

This section answers some of the questions we're asked most often by potential new clients. If you'd like to discuss anything in more detail or ask different questions, please feel free to call us on 0330 111 5010.

Q: Can I change to Balanced Accounting if I already have an accountant? If so, is the process complicated?

You can certainly switch to us and we'd love to welcome you! The process is very easy and requires minimal effort on your part. You simply need to:

i) let your existing accountant know that you no longer require their services (you can write if you'd prefer not to call them);

ii) let us know when you've informed them.

In line with our Institute's professional guidelines, we'll then seek formal clearance from them, which will include us obtaining any handover information that we may need in order to take over as your new accountant. In keeping with the same guidelines, your old accountant shouldn't charge you for switching away.

Q: I've heard that I'm more likely to get a tax enquiry if I change accountants. Is this true?

Don't worry, that's completely untrue. As the HM Revenue & Customs (HMRC) website says:

"We routinely check a proportion of tax returns to make sure they're correct and will sometimes need more information to understand the figures. We also randomly select tax returns for enquiry to ensure the system is operating fairly."

People or businesses are subjected to tax enquiries either completely at random, randomly from within particular industries or because certain figures disclosed within their tax returns have exceeded set thresholds, triggering a review to ensure their accuracy.

You can rest assured that changing accountants has no impact on the chance of being subjected to a tax enquiry.

Q: How do you structure your fees? And are you expensive?

We're happy to structure our fees in whichever way best suits you or your business.

We generally aim to quote and agree a fixed fee with you in advance. If you'd like to spread the cost of your fees to assist cash flow, we can structure them on a monthly or quarterly basis. However, if you'd prefer to pay for our services as they're completed, that's fine too. We recognise that no two businesses or individuals are the same, so we aim to provide flexible, tailored billing for each of our clients.

Are we expensive? No! We may not always be the cheapest, but our fees are competitive and we truly believe that they represent excellent value. Of course, there may be accountants who seemingly offer the world at very low prices, but beware! Are they Chartered Accountants, with our highly respected qualifications? Will they work with you proactively to support you and/or your business? Will they be accessible and responsive when you need help? We offer all of this and more - and we won't increase your fees drastically in the second year, having quoted a ridiculously low fee in the first place to attract your custom!

Q: I try not to ask my accountant questions throughout the year, as I don't want to incur fees or appear a nuisance. Is this the best approach?

We'd much prefer that you keep in regular contact, updating us on your plans or concerns. Practically speaking, it's ideal if you ask our advice as things are happening, so we can help put appropriate solutions in place. Finding out later may mean that opportunities to save you money are missed!

Unlike some other accountants, we won't charge you every time we pick up the phone. You'll only ever incur extra charges with proper advance warning - which might apply, for example, if you need more in-depth advice or ask us to carry out additional work.

Successful individuals and businesses look to the future and plan accordingly. We'd like to support you by providing timely and relevant accountancy, tax and business development services - and by acting as a sounding board. Open communication helps us to help you!

Q: How do I know your fees won't keep rising significantly year after year?

We won't provide an artificially low quote to win your business, only to start raising fees by significant amounts each year. We know that's not only unfair, it's also bad business sense.

We prefer to forge long term relationships with our clients, which involves building trust - and that means being fair and honest about our fees from the outset. Our quotes are always carefully calculated to reflect what we consider to be a fair fee for the work involved.

That's not to say our fees will stay exactly the same each year, as we'll need to build in inflationary increases, just like any business should. Equally, you may choose to vary the work that we're doing for you - in which case we'll agree revised fees.

Other questions?

If we haven't answered your question here, please get in touch.


 

How could Balanced Accounting help you?

To explore how we can help you or your business, please call for a FREE initial discussion or meeting with Hazel (a Chartered Accountant), with no obligation. Call 0330 111 5010 or complete our contact form.

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