Hello all,
I am working through a Ltd company and have trouble with my accountant. It's a large accounting firm and i'm with them since I started the business some 5 years ago. In general they were OK, and did all the VAT and Corp Tax returns on time.
Over the years, my Corp Tax returns were always in the region of tens of thousands of pounds, however I was now advised that I could have easily avoided paying this much if for example I invested in more tools (which I would have welcomed!) or save tax through other (legal) means. And this is something I should have been advised off by my accountant.
I know that it's also my fault (at the end of the day I am responsible for the company financials), but why do I pay an accountant if I get zero advice as to how to lower my corp tax expenditure?
My last Corp Tax return was just a couple of months away, and as always resulted in a large 5 digit payment to HMRC. But I found out that apparently I can change the Corp Tax return for the previous year once every 5 years, which will also change the reporting date. I would now like to try to claim back some of the money and rather buy some additional tools for my work instead.
Has anyone else experienced something similar? Is my plan feasible?
I guess I will need a better accountant (any recommendations? Preferably a chartered accountant?), but is there any chance to hold my current accountant responsible for the complete lack of advise or tax planning over the years?
Thanks,
Sledge
I am working through a Ltd company and have trouble with my accountant. It's a large accounting firm and i'm with them since I started the business some 5 years ago. In general they were OK, and did all the VAT and Corp Tax returns on time.
Over the years, my Corp Tax returns were always in the region of tens of thousands of pounds, however I was now advised that I could have easily avoided paying this much if for example I invested in more tools (which I would have welcomed!) or save tax through other (legal) means. And this is something I should have been advised off by my accountant.
I know that it's also my fault (at the end of the day I am responsible for the company financials), but why do I pay an accountant if I get zero advice as to how to lower my corp tax expenditure?
My last Corp Tax return was just a couple of months away, and as always resulted in a large 5 digit payment to HMRC. But I found out that apparently I can change the Corp Tax return for the previous year once every 5 years, which will also change the reporting date. I would now like to try to claim back some of the money and rather buy some additional tools for my work instead.
Has anyone else experienced something similar? Is my plan feasible?
I guess I will need a better accountant (any recommendations? Preferably a chartered accountant?), but is there any chance to hold my current accountant responsible for the complete lack of advise or tax planning over the years?
Thanks,
Sledge
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