Most clients and businesses are usually unaware of how to switch accountants they are unsatisfied with. As your accountant holds a lot of business information, things can get complicated once you decide to look for a new accountant – especially when you are entirely dependent upon them. Fortunately, you can make this transition hassle-free for you and your business. As we have helped countless clients switch their accountants for industry-leading services at Lanop, we have compiled a list of 5 steps you can take to help you navigate this process smoothly.
Step 1: Identify When to Make the Move
The first step is to identify your business year-end. This helps you ascertain whether it is an opportune time to switch your accountant or whether you need to wait some time.
We usually recommend switching accountants after your business year ends as taking an accounting assignment mid or end of the financial year requires extra effort and is definitely not an ideal situation to be in.
This also allows experienced professionals at Lanop to develop a learning curve while getting to understand the ins and outs of your business and serving you in the best possible manner.
This does not mean that you should wait for your year to end and then look for new accountants.
If you are dissatisfied with your accountant or your business is suffering, contact and look for new accountants straight away so that they can familiarize themselves with your business requirement and guide you through the whole process smoothly.
It is always a good idea to get all pending work done prior to the move and let your current accountants know of the switch so they can prepare accordingly.
Step 2: Provide Your Accountants’ Details
Next, simply give us the details of your accountant along with the permission to approach them and get a professional clearance letter. After taking your information from them, we will transfer your accounting information onto our records for processing.
PS: You are advised to clear your dues with your accountants before we approach them for a professional clearance letter.
Step 3: Wait for our Letter of Engagement
Once you provide us your accountants’ details and authorize us to deal with HMRC, we will send a Letter of Engagement to you. This sets out the requirements, scope of work and expectations between both the parties.
Step 4: Authorize us to deal with HMRC
Now you need to sign a 64-8 form.
This will authorize us to deal with HMRC on you and your company’s behalf by using HMRC’s online authorization service.
Step 5: Schedule a Meeting
Now sit back and relax.
After receiving your business records from the accountants, we will set up a meeting with you to discuss and take things forward with you.
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Lanop Accountants and Tax Advisors for Small and Medium Businesses
Our Chartered Accountants and Tax Advisory team are proud to serve as your local financial experts in Putney, Harley Street, and Battersea.
Our physical offices are in Southwest and Central London; we have expanded our reach globally, catering to a diverse clientele. To ensure uninterrupted service, our dedicated staff has seamlessly transitioned to remote work, utilizing Zoom accounts to connect with clients across the UK. This virtual approach allows us to deliver personalized assistance regardless of geographical barriers. Our commitment to excellence remains steadfast as we strive to provide comprehensive financial solutions tailored to your unique needs.
We have extensive knowledge in XERO Accounting and provide expert guidance and support as trusted business advisors within the Wandsworth Borough.
Whether you require assistance with tax matters, accounting solutions, or strategic business advice, our experienced team is here to support you every step of the way. We value the trust you have placed in us and are dedicated to fostering long-term relationships built on professionalism, reliability, and exceptional service.