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Changing accountants

Morgan Woods is confident that we provide the best choice for accountancy in Ipswich, Cambridge and East Anglia as a whole, but perhaps you already have someone providing you with accounting services, and have some trepidation about making a change.

Are these your reasons for not considering changing accountants?

I’m still waiting for my accountant to complete last years accounts

If you’ve been waiting for a long time you could be at risk of missing certain HM Revenue & Customs and Companies House deadlines. We guarantee a speedy accounting service, enabling us to turnaround your accounts within 8 weeks of receiving all information from you. We will also make the relevant submissions correctly and on time to avoiding penalties and tax investigations. This means you’ll receive your final accounts quickly, allowing you plenty of time to make important decisions and plan for the year ahead.

We can’t change accountants, until our business accounts year end

Your business pays tax on profits at its year end. Therefore you need to change accountants in advance so that we can assess if any tax savings can be implemented before your year end comes around. We will conduct a thorough check of your accounts and advice where and how we can reduce your tax bill.

I’m worried that HM Revenue & Customs will start a tax investigation if I change acountants

HM Revenue & Customs do have various methods of deciding who to investigate, but selecting a business or individual because they changed accountants is not one of them.

I have been with my accountant for many years and they are the only ones that understand our business tax affairs

All businesses benefit from a fresh pair of eyes from time to time. Especially, when new practices, procedures and systems that your current accountant may not have knowledge of, can be applied to improve your business. We will conduct a thorough assessment of your business and make recommendations to improve cost-effectiveness and tax efficiency. We will also help you source and implement any products, services or systems that we recommend.

I don’t need an accountant, I have a book keeper and do my own tax return

Anyone can become a book keeper as there is no need for special knowledge or qualifications. We find that 9 out of 10 client accounts, maintained by book keepers, carry errors and omissions owing to their lack of knowledge. This is especially true in the area of taxation. We will thoroughly check your accounts, make any necessary adjustments to reduce your tax bill and ensure the return is submitted correctly to avoid penalties. Having an accountant is a worthwhile investment and pays for itself in the advice given and tax savings that can be achieved.

What happens when I agree to change?

Engagement

We will engage you as a client. This means we will ask you to sign an engagement letter which outlines the services we will provide to you, the records you are required to keep & your grievance procedure etc.

You will be asked to confirm your identity and place of address to meet with money laundering regulations.

You will be asked to sign a 64-8 form which authorises us to act as your new accountants and to speak with HM Revenue & Customs regarding your Tax affairs

Once the engagement letter & 64-8 have been signed, returned and identification has been completed we can then begin to act for you as your accountant.

Clearance

After you have been engaged as a client we will write a ‘ Clearance ‘ letter to your old accountant informing them that Morgan Woods Accountants are now handling you accounts and Tax affairs. The letter also asks for copies of your latest prepared accounts, Tax returns and associated working papers.

Your old accountant should respond to the letter acknowledging that they know of no reason why we should not accept the engagement and include all of the requested accounts.

When clearance has been received we will have all of the information needed to begin preparing your accounts and Tax returns from your books and records.