A recent news story covered by the BBC highlights some of the reasons why it is important to only work with compliant, reputable and professional accountants.
A large number of lorry drivers in the UK have been left with unpaid tax bills after falling victim to an unscrupulous firm of accountants. It is thought that thousands of lorry drivers may have been affected and some have been left with unpaid tax bills which total over £11,000.
The company, which was based in Lincoln, worked with HGV driving recruitment agencies for referrals and encouraged drivers to set up limited companies promising to administer their tax affairs on their behalf. The accountancy firm, which over a period of time operated under three different names, was allegedly run by two individuals who weren’t qualified accountants.
The drivers were paid a low weekly wage plus expenses and dividends, they were under the impression that their tax obligations were being taken care of and trusted that they had paid any tax, NI and corporation tax that was due.
Whilst the accountancy firm and the individuals involved are under investigation by HMRC the lorry drivers are still liable for their unpaid taxes. Whatever your views might be on the situation it serves as a clear reminder that the ultimate responsibility for ensuring tax is paid rests with the individual. With this in mind, it is crucial to choose the right accountants. Read the full story on the BBC here.
How can you avoid using the wrong account or accountancy service?
If you have any concerns ask questions. Make sure you are happy with the answers. A professional company won’t mind answering concerns and will be happy to demonstrate their credentials.
Look for an accountancy service which is registered with a professional body such as the ICAEW or ACCA. Exchequer Accountancy is a firm of chartered accountants and is registered with the ICAEW. You can search for chartered accountants on their website so it is always worth checking even if you have been told a company is chartered.
Check what support they offer. Make sure this matches your expectations and that you will be able to communicate regularly if that is what you require. At Exchequer Accountancy Services we offer unlimited support by email and phone even with our most cost-effective package.
Do they have a good reputation? Check reviews or ask for recommendations. A quick search on Google reveals numerous negative reviews for the company involved in this story.
If you are looking for a reliable and trustworthy accountancy service then get in touch, we will be happy to talk to you about your requirements and answer any questions you may have about our experience, credentials and services.