Abbey

Chartered Tax Advisers
Old Bishops' College
Churchgate
Cheshunt
Hertfordshire
EN8 9XP

T: 01992 642024

E: abbey@abbeyaccountants.com

Smiling businessmen and women

      Frequently asked questions

Why do I need an accountant?

Not everyone needs an accountant, but a wealthy individual or business will always require expertise as a result of the complexities of the tax system.  Businesses in particular will benefit from an accountant's business acumen and extensive experience.

Why should I change my accountants and why should I choose you?

There are several reasons why an individual or business may seek a new accountant. Price is almost certainly one of them but frequently it is to improve the service and quality of advice you will receive; or that your circumstances are changing and you now need more from your accountant. Many practices simply do not have the relevant expertise in UK and international taxation that Abbey can provide to ensure you are getting the best advice to save you money. We specialise in dealing with small, owner managed businesses and high net worth clients.  Our expertise in taxation helps us to identify issues and organise matters to minimise tax exposure.  Tax planning is our forte and our existing clients benefit to a great degree as a result of this.

How easy it is to change accountants?

It is very easy to switch. All we need is a letter from you which we send on to your existing accountants. They ensure your full records are transferred to us, so there is no loss of history or disruption. The process is extremely simple and painless.

How long have you been in business?

Abbey has been in business for over 24 years trading from our main office in Cheshunt, Hertfordshire. 

Do you have experience in dealing with clients in my field?

We work with companies and sole traders in a wide variety of industries.  Our client base is varied so please call us and we will be delighted to discuss our experience in your particular area. 

How much do you charge and how can I pay?

Each client has different needs so we always try to meet you first before we estimate fees. Our first meeting is free and once we understand your needs we will provide you with an estimate and gain your agreement before we start work. We charge fees in one of two ways:

Fixed Fee - for small jobs we will quote in advance for the cost of undertaking the range of services you request from us. 

Time basis - fees will be charged at an hourly rate dependent on the seniority of the personnel involved and the complexity of the service required. Where possible we will provide a non-binding estimate in advance.

Our invoices will normally be issued on a quarterly or annual basis, this will depend on the work undertaken and the client agreement with us.  Payment is due on presentation of the invoice and can be made direct to our bank account or by cheque. 

What do I need to bring with me to our first meeting?

Two separate proofs of identification will be required to comply with money laundering legislation.  Copies of the previous year's tax return/accounts and any correspondence from HM Revenue & Customs and/or Companies House (if applicable) will also be of assistance. 

What red tape is involved in appointing an accountant?

Compliance with the money laundering legislation is necessary, which involves the identification procedures mentioned above and answering a number of relevant questions.  Also approving and signing a formal letter of engagement and signing a formal form of authority to HM Revenue & Customs to communicate with us direct.

Can you reduce my tax liabilities and national insurance payments?

We will always endeavour to ensure that you pay the legal minimum amount of tax.  This of course very much depends on your personal circumstances or those of the business and it is only by carrying out a full review that we will be in a position to ascertain whether any savings can be made. 

Can you deal with cross-border business?

Yes we can.  We currently have clients in France, Germany, China, Spain, USA, South America, New Zealand, Russia and Monaco.

Can you deal with Estates and Wills?

Two of the directors are members of the Society of Trust and Estate Practitioners and have extensive experience in dealing with these matters.

Can you give investment advice?

We are not authorised to give investment advice but we have close connections with independent financial advisers to whom we refer existing clients and have received very positive feedback. 

Which bookkeeping software do you recommend?

We predominantly use Sage and Xero for our bookkeeping requirements.

Are there any other services that you offer?

Our services include but are not limited to: accounting, audit, bookkeeping, tax and payroll services. In addition we have a team who specialise in tax planning for individuals and companies.  

Am I tied into your services in any way?

No, not in any way.  Although you sign a letter of engagement which is a formal legal contract this can be terminated with immediate effect by either party in writing. 


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