With 11 million people in the UK needing to complete a tax return every year, many will choose a qualified accountant to assist with their personal tax requirements.
Taxpayers assume that by hiring an accountant, it ensures that the return is completed accurately and the correct amount of tax is paid.
But what happens if you accountant is not qualified or regulated, and is in fact, not legitimate?
For large businesses, small and medium-sized enterprises (SMEs), individuals, sole-traders, freelance workers and many others, an accountant is a key component in their lives, ensuring that their bookkeeping, payroll, taxes and more are taken care of.
Unfortunately, fraudulent individuals can take advantage of people by offering their services as an accountant, despite not being qualified or regulated.
They can then artificially inflate tax returns, meaning that you and your business pay more tax than you are required to, with the fake accountant siphoning off the difference for themselves.
This causes unnecessary stress and concern for many people, with HM Revenue & Customs (HMRC) investigating fraudulent activity, with individuals and businesses unwittingly being subject to the scam by the person they entrusted to be their accountant.
How can I tell that my accountant is genuine?
A genuine accountant will be a member of a regulatory body, such as ACCA or ICAEW. You can check with your prospective accountant’s qualifications with the relevant body, which will ensure that they are qualified and regulated to the standard that they claim to be.
If you are looking for an accountant that you can trust, why not contact our expert team at Macalvins today. We can assist you with your tax, business and accountancy needs, with a service that is tailored to your business goals.