Changing Accountant

11 October 2017

You may think switching accountant is going to be difficult and there is potentially going to be a lot of hassle and cost involved. You will be glad to know we take care of the whole process and we won’t charge you a penny to transfer over to us.

Professional Clearance

Once you’ve had a chat with us and decided you would like to appoint us as your accountant, the first thing we do is send something called a “professional clearance” letter to your current accountant.

This letter is a comprehensive list of all the information we require such as:

  • Copies of your company accounts and tax returns
  • Copies of your personal tax returns
  • Payroll and VAT returns & data
  • All other accounting information
  • Company certificates and administration documents
  • Any issues we need to be aware of

After we send the letter, it can take anywhere between 1-4 weeks for your current accountant to send the information. Some accountants are good and send the info quickly, while others will drag their heels.

Once we’ve received the information, we will pop you an e-mail and let you know the next steps.

Information Received

We will need to deal with some initial admin such as signing our terms and conditions via electronic signature and then we will do the following:

  • Upload your accounting data and tax data to our systems
  • Speak to HMRC and get authorisation in place so we can speak to them on your behalf
  • Set up payroll and VAT on our systems
  • Investigate any historic issues you bring to our attention
  • Carry out a tax efficiency analysis to ensure your previous accountant was making you tax efficient
  • Check if your previous accountant made us aware of anything

Money Laundering

As chartered accountants, we are required to verify your identify and follow Anti Money Laundering legalisation and procedures. We will request two forms of ID and use online tools to check you against the electoral register, terrorist watch lists etc.

Once the above areas have been completed you’re now up to date and ready to start your relationship with Source Accounting and receive a great service.

Are you looking to change your accountant?

Follow this link to contact the team at Source Accounting to find out more.

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