The One Thing Your Accountant Wishes You’d Tell Them Before It’s Too Late

There are probably things your accountant wishes you would tell them sooner. Not because they want to know every detail of your life, but because something that seems completely unrelated to your tax return could actually make a difference to the advice you need. Let's take a little look at some of the areas on your accountant's 'please inform me about' wish list.

“I’m thinking about selling a property.” Even if you have not put it on the market yet, mentioning it early can give your accountant the chance to consider the potential tax implications before the sale happens.

“I’ve inherited some money or property.” An inheritance can raise questions about what happens next, particularly if you are considering selling, transferring or investing what you have received.

“I’m thinking about moving abroad.” Where you live, when you move and what assets you leave behind can all be relevant to your UK tax position, so it is worth talking about before you make the move.

“My business is growing quickly.” Higher profits and turnover can bring new tax considerations, and the way you structure and take money from your business can become increasingly important.

“I’m thinking about changing my business structure.” Moving from sole trader to limited company, bringing someone into the business or making other structural changes can have tax and financial consequences that are much easier to consider beforehand.

“I’ve bought an investment property.” Property ownership can involve more than simply declaring the rental income. Financing, expenses, ownership and future disposal can all be relevant.

“HMRC has written to me.” Even if the letter seems straightforward, getting advice early can help you understand what HMRC is asking for and what you need to do next.

“I’ve made a big financial decision.” Sometimes a decision that feels purely personal or commercial can have tax consequences. Telling your accountant gives them the opportunity to spot something you may not have considered.

These are the conversations that can easily become, “Oh, I didn’t realise that was something I should have told you.” And that is the point. You do not need to know whether something has tax implications before you mention it. That’s our job.

At The Tax Faculty, we cover all areas of tax and accounting, allowing us to look at the bigger picture rather than treating every issue in isolation. Sometimes that means detailed tax planning. Sometimes it means identifying an opportunity. And sometimes it simply means reassuring you that something you were worried about is not actually a problem.

The important thing is to have the conversation before a decision is made wherever possible. Once something has happened, some opportunities may already have passed. So, if there is something you have been meaning to tell your accountant but keep thinking, “It probably isn't relevant…”, it might be worth mentioning after all. It could make no difference whatsoever.

Or it could be the most important thing they have heard all week.

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The One Thing Your Accountant Wishes You’d Tell Them Before It’s Too Late

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

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