The real deal vs the bodge job!

First things first, I want to reassure you that International Accountants are a very real thing!! They are incredibly talented individuals, with an amazing knowledge of International Accounting Standards and Tax Laws and they can bring a lot of value to an organisation.

However, an individual living in another country, who promises to deliver all your accounting services for a fraction of the price of your local accountant, is likely a very DIFFERENT type of “International Accountant”.

If the person you employ doesn’t have a complete knowledge or your countries tax laws, speak the language proficiently or have authorisation to file accounts within your country, you could find yourself wishing you’d paid a little more to use someone local.

So please take the opportunity to review these tips before you decide to hire someone from abroad to handle your accounts and taxes.

  • The simplest and best advice going… If the prices seem too good to be true, they probably are!
  • Accountants go through years of training to gain trusted qualifications and give them the knowledge they need to be able to handle financial affairs. You should always be able to ask which qualifications your accountant has gained that allows them to work in practice.
  • Accountants in the UK are monitored by Accounting Boards such as the AAT, ACCA, ICB and many others. These boards ensure that accountants abide by the UK tax laws and regulations, and that they face consequences if those laws are broken. Which accounting body is your Accountant authorised by?
  • Your accountant should ALWAYS ask you to sign off annual accounts’ submissions, tax returns, VAT returns etc before they are submitted to HMRC. This gives you the peace of mind that the returns have actually been completed and also provides an opportunity to check that the figures look correct to the best of your knowledge. If you haven’t had sight of your accounts, please don’t just assume everything has been completed and is above board.
  • And finally, although you may hire an accountant, it is important to be aware that HMRC will hold YOU ultimately responsible for making sure your financial information is correct. So, if returns aren’t submitted on time (or at all), or figures are incorrect, you may find yourself facing fines and fees that you can’t do an awful lot about.

If you have found yourself to be a victim of a phoney “International Accountant” then all is not lost, and Submit Accounts are here to help. We won’t judge and will help get your finances back on track. Why not take a look at our accountancy services page to see where we could help?