Benefits of using a Chartered Tax Advisor

Benefits-of-a-chartered-tax-advisor

What is a Chartered Tax Advisor?

Table of Contents

Unfortunately, there is very little regulation regarding setting up an accountancy firm or defining yourself as a tax advisor. You can avoid the cowboys by looking for qualifications.  A Chartered Tax Advisor is a tax professional who has undertaken extensive training culminating in a Gold Standard, nationally-recognised qualification. Chartered Tax Advisors will usually be a member of a recognised professional body such as the CIOT (Chartered Institute of Taxation), who hold their members to an exemplary standard of practice. These bodies are committed to sustaining and advancing professional practices in taxation, as well as the training and education.

Reliability

A Chartered Tax Advisor will be held by their relevant professional body to the standards of the Professional Conduct in Relation to Taxation. The fundamental principles of this include:

Integrity- A Chartered Tax Advisor will maintain client integrity by being honest and transparent from the beginning of their relationship with you, and with taxation authorities. They will disclose all personal information you provide accordingly.

Objectivity- Any potential biases that could influence the professional standards of a Chartered Tax Advisor will be avoided. They will make transparent the risks associated with tax planning and announce any commission from third parties they may be receiving.

Professional competence and due care- They will maintain a rigorous understanding of current UK tax legislation in their specialist field and will perform their professional duties ‘within the scope of their engagement and with the requisite skill and care’. They should remain within the parameters of their initial engagement with the client or revise the engagement should they go further than this engagement in practice.

Professional Behaviour- Relevant legal and regulatory obligations when dealing with a client’s tax affairs will be complied with indefinitely, and the advisor will not behave in a way that may compromise their professional standards

Chartered Tax Advisors will have an in depth understanding of the standards of the professional conduct as this will be a document that is consistently studied during their education, and these standards will transpire into their practice. Reliability is imperative in a tax advisor as you will be disclosing key personal information and granting them power to manage your data.  

200601-1.PDF (kc-usercontent.com) – link to professional conduct in relation to Taxation

Reassurance

Problems may arise, but in the event that the service you receive from a Chartered Tax Advisor results in a loss of money for either you or your company, they should have PII (Professional Indemnity Insurance) with a cover of £1.5 million, and sometimes even more depending on the circumstances. Relevant compensation is covered by PII, putting your mind at ease. 

Variety

A Chartered
Tax Advisor will have acquired the necessary qualifications and extensive experience to deliver a wide range of services. These could include:

A Chartered Tax Advisor will also be able to advise you on the various Tax incentives available. The primary purpose of their role is to ensure you, or your business’ tax payments are calculated accurately and paid on time. 

Accountability

The service you receive from a Chartered Tax Advisor should be of a high standard. If the services you are receiving aren’t meeting your expectations, there is an accessible complaints procedure that you can find on the Chartered Institute of Taxation website. All members are held to account if they aren’t maintaining relevant standards, so the CIOT act as a support network for the Chartered Tax Advisor, but also for you, the client.

Specialism

A Chartered Tax Advisor will likely have a particular field of expertise and will have acquired a certain reputation for helping individuals or companies in the past who required this specialism. If you are searching for advisors, you should consider their specialism and how it could benefit you respectively.

HDH Accountants have over twenty-years of experience with a team of expert Chartered Tax Advisors. We specialise in the creative, technology and manufacturing industries. In the creative industries alone, we provide a broad range of services such as tax relief for film, animation, video games, museums/galleries, theatre and orchestra. We have attained a dynamic and comprehensive understanding of each of these industries and the businesses that operate within them. We have achieved a wealth of success in providing effective tax advice and relief for a substantial clientele.


If you think we could be the right fit for you or your business, contact us on 0161 714 4720, or email at info@hdhaccountants.co.uk

 

Legislation Related Blogs
HDH-Accountants-Spring-Budget-2022-Announcement

Spring Budget 2022

Find Out Everything That Rishi Sunak Announced At The Spring Budget 2022. What Are The Main Changes Coming Up. Read Now.

Read More »

Table of Contents

Get In Touch Today

We would love to give you more information about our monthly packages

Find out more about:

  • The list of services we offer
  • How quickly we can have you set up 
  • A free consultation to go through all of your requirements