Working Together – Accountants and Financial Planners

In this blog post, we explore how Accountants and Financial Planners, whilst not undertaking the same roles, can help you achieve your financial objectives and goals.

If you were asked which one word relates to Accountancy, I should think that ‘Tax’ would be high up on your list.

What your Accountant Can Do For You

Suitably qualified accountants are skilled in understanding the ever changing tax position of individuals, companies and charities. They may have to interpret legislation to ensure that they are up to speed with the latest developments in taxation to ensure that their clients are paying the correct amount of tax and not falling foul of the rules.

Some Accountants are proactive in ensuring that their clients have prepared for any forthcoming changes to law or ensured that sufficient funds are put by to pay tax. They will also be useful in helping you decide on the structure of any new business venture, be that as an incorporated company, limited liability partnership, partnership or sole trader.

What your Accountant can do is to look at the bigger picture and spot any opportunities to help you stay ahead. Are you depreciating all the right assets in the most productive way? Is your business structure the most beneficial for you now and in the long term? How do recent changes to tax law affect you? What opportunities exist?

And of course, Accountants can ensure that your tax returns are submitted on time and that you pay the right amount of tax, acting as a liaison between you and HMRC.

Accountants generally charge an hourly fee for their advice, and thus are quite task-oriented. You will usually need to be specific about how you want your accountant to help you, but their breadth of knowledge can be deep.

What Your Financial Planner Can Do For You

Likewise, If you were asked which one word or phrase relates to Financial Planning, you may come up with many examples – investment, protection, retirement, estate planning, mortgages.

Generally, people tend to associate financial planners with products, rather than a strategy. A modern financial planner, does just that, helps you create a financial plan.

As the saying goes, most people don’t plan to fail, they fail to plan.

The aim is simple – to help you build wealth and repay debt and whilst that process is being undertaken, to ensure that you are protected in the way that you require.

We have advised many people, not just about the products they should use, but about their strategy. The products are the tools to get the job done, not the actual job that needs doing!

Modern Financial planners are also focused on the big picture relating to goals and aspirations. Some people may have the experience of a Financial Adviser just looking to sell them products. This is not taking into account the bigger picture.

For business owners, it is also important to see how your business fits within your life objectives.

These decisions can also be extremely emotional to deal with and a Financial Planner can help to provide a dispassionate objectivity and perspective.

The cost of any work to be undertaken is agreed in advance. Therefore you know what you are paying for the financial advice.

Modern Developments

Accountants and Financial Planners are working closer to help achieve the best of outcomes for their clients, so you may find that this two-pronged approach gives you a thorough perspective on your affairs.

Get in Touch

If you‘d like to know more about how we can add value to you, please feel to call us on 01626 833225 to find out more or to arrange an initial complimentary meeting.