Did Ken Dodd have the last laugh with the taxman?
In this competitive world we are more and more prepared to “ditch and switch” whether it is Car insurance, Telephone, Gas, Electricity providers and even our Banks.
Against this backdrop of competitiveness we Accountants enjoy tremendous loyalty from our clients but why?
Yes of course we are nice professional people who can be trusted but is this loyalty misplaced?
Imagine a situation where you discover that your Accountant has overlooked something that means you have paid more tax than necessary OR that you have been paying too much in fees, how would that affect your relationship?
How do you check that everything is in order and that you are getting good value for money? Unlike the medical profession you can’t simply ask for a second opinion. You can talk with other business friends and get their views or go into the marketplace and talk to other Accountants to get a better “feel” about the options available.
Get a QuoteOne thing is certain we are not infallible and can and do make mistakes or overlook things.
Getting a second opinion is always a “win-win” outcome. Either you find that the first opinion is confirmed, in which case you are reassured OR that the second opinion is a much better solution. So the outcome is either “status quo” or an improvement. You don’t have anything to lose.
Whenever we take on a new client we look at it with a fresh pair of eyes and knowing what we know ask ourselves “if it was my business what could I do to lessen my tax burden”.
That kind of approach can have some interesting outcomes, here are a few recent cases:
Client A was unhappy with existing Accountant because his accounts were being prepared just before the tax deadline and he only found out his tax bill at the last minute. We solved that issue quite simply (guaranteed deadlines) but in the process we reviewed his situation. The result was that we have “restructured” the business such that his tax saving is over £4000 per annum. Our fees? An increase of £50 per annum over the previous Accountant. (bit more work to be done)
Client B was unhappy because they were quite confused about certain issues about their accounts. We took time out to have face to face meetings to explain things. In the process we pointed out that they could benefit from being on a particular VAT scheme. The other Accountant had mentioned it in their correspondence but hadn’t communicated it fully. In adopting our suggestion the client now has a financial gain of over £3000 per annum. Our fees? Less than half the fees previously charged.
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