Frequently Asked Questions
If the answer to your question isn’t here, please send an email to us at: ihaveaquestion@freemancarr.com and we will contact you directly.
Most definitely, wherever you are based we can be your advisor.
We correspond over the phone, send documents online with digital approval capabilities and arrange video calls.
Absolutely. The changeover process is governed by the rules and ethics of the main accountancy bodies, so it is a smooth efficient handover process.
We are able to prioritise urgent tax and accounts work to meet close deadlines.
– Check their qualifications, which will be determined by the Institute or Association they are members of.
– Their qualification needs to be through one or more of the following professional bodies:
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- Association of Chartered Certified Accountants (as Freeman Carr are)
- Institute of Chartered Accountants in England and Wales
- Chartered Tax Association.
– Ask if they are familiar with your type of business and tax matters
– Ask for another client reference
– Ask if they have they been sued in the last 15 years?
– Do they have professional indemnity insurance? This is a requirement for being able to operate within the Chartered Association of Certified Accountants, so all reputable and regulated accountants will have this, but you are free to ask who they are insured with.
– How do they communicate with clients, are they readily available on the phone when you need them?
– Do they look organised, how do they ensure all deadlines are met and how do they communicate these deadlines to clients?
– Do they have experience with successful HMRC appeals, reducing or removing penalties?
– Are they the cheapest in town? This should not be a reason to pick your next accounts and tax advisor, it will cost far more in poor tax advice from outdated or insufficient knowledge in a surprisingly short time span. We are not the cheapest, we don’t aim to be, we invest constantly in training and technical updates on tax planning matters to ensure we provide money saving efficient tax advice. We will provide the option of fixed fee quotes for our work so you don’t have the worry of hourly rates ticking by.
As well as share valuations for these scenarios we provide negotiable arguments supporting your counter valuations in order for you to arrive at a successful deal.
We take you through the accounts line by line in order for you to understand what you are buying into.
We provide specialist tax advice for a range of circumstances. It might be that Banksy sketch hanging on the wall from 1996, or a one-off amount of overseas income.
We do not require a minimum contract period of our clients, we hope they choose to stay of their own free will having received an attentive tax efficient service, that tax refund due over a year ago or the cancellation of penalties they thought were a done deal.
We advise non-UK domiciled and non-UK resident clients on their tax options regarding overseas income.
We explain the difference between the terms and where our client fits into the tax rules. Every case is different, and we have the expertise to advise you on the most tax efficient treatment of overseas income applying the remittance basis where relevant.
You’ll be glad to hear we are experts in this field, we are pleased to update also that you now have 60 days (extended by HMRC from 30 days) to report and pay capital gains tax on relevant residential property.
We do the hand holding as well as the tax calculations with all available tax reliefs. We advise on planning ahead of a sale to ensure the most efficient tax position before events occur.
This area of work is sadly a busy one, we provide calculations enabling financial agreements with full tax consequences built into the share of monies. We provide schedules for financial court hearings. There are special rules and exemptions on capital gains tax on the family home for spouses that leave the property. We advise sensitively and of course confidentially.
More and more individuals are owning bitcoin in some form or another and are becoming quietly concerned about the tax position on the gains they’ve made over the years. We prepare calculations and determine the type of income or gain clients are operating with in order to submit the correct tax treatment and communicate with HMRC with regard to late declarations to ensure the minimum in penalties to bring our clients’ tax affairs up to date.
We prepare business plans from the small details upwards. We take you though all the minutiae to build an accurate and reliable plan that stands the test of 2 – 5 years not just a few months. The schedules we include as standard are cashflow forecast, profit and loss account, balance sheet, assumptions and all calculations.
These include the vital elements of calculated VAT, PAYE and corporation tax all precisely worked out from the ground level details of each staff member, sales of services, goods, tax rates on each and even pension contributions for the staff members. It is then a pack that has some credibility and can be relied upon for business planning.