Types of Tax Accountants

by Trims55 on April 21, 2011

There are a number of different types of tax accountants so choosing the one best suited to your needs is one of the most important decisions you’ll ever make when dealing with your business.

One of the first things you should consider when choosing the type of tax accountant you need to use is to think how well matched the person or firm you finally choose to represent you is to your particular type of business. Many small businesses for instance prefer to deal with small firms where they can get to know the accountant on a reasonably personal level. Smaller accountancy firms are often also cheaper than their bigger counterparts.  If on the other hand you run a fairly large company then you may feel more comfortable dealing with a larger accountancy firm with more employees. Either choice is fine and is entirely up to you the individual.

Choosing the right type of tax accountant for you!

Bookkeeper
A bookkeeper isn’t an accountant in the true sense of the word as their job is usually based around recording financial dealings etc. Usually a bookkeeper will ensure all the relevant data is recorded, correct and ready for the tax accountant to work with. There are some bookkeepers who will also submit returns etc to the Inland Revenue on your behalf and of course this will probably be a lot cheaper than using a professional tax accountant. However the question you really need to ask yourself is does this person know enough about tax laws to get you the best deal or is using them a false economy.

There are a couple of different types of tax accountants in the UK and their qualification is dependent on the governing body they sat their exams with and with whom they are affiliated.

  • AIIT is the association of indirect tax formed in July 1991. To qualify as a tax accountant with the AIIT all student accountants have to sit four exams set at three monthly intervals which all have to be passed before they can achieve membership.
  • ATT is the association of taxation technicians and was founded in 1991 and this is considered the leading body for accountants. In order to gain an ATT accountancy qualification students have to sit four examinations set at periodic intervals.

Whichever type of tax accountant you decide to use, as long as they have a professional qualification then you can rest assured they will have the skills and knowledge needed to deal with your tax affairs in a competent manner. Your tax affairs are probably one of the most important areas of your life so it makes sense to ensure they are looked after by the professionals. Submitting your tax return is not something you should skimp on!

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