Vernon Associates - Accountancy specialists

FAQ's

Q. What if I am considering approaching VA but am not sure what to do or what is involved?

A.

You can use one of the methods set out on the 'Contact Us' page but, if you are uncertain, it would probably be best to telephone us to discuss. From that telephone call, we can then agree on the best way forward, which might well be an initial (no obligation) meeting as a fact finder.

Q. At the initial meeting, what will be required of me?

A.

The meeting will be a general 'fact find' on both sides and an exchange of information. If there are any relevant tax or accountancy papers which would help that process along, then by all means bring them to the meeting. If you are already in business, a copy of your latest accounts would be useful.

Q. Will I be charged for an initial meeting?

A.

In general, no - we are happy to make the initial meeting FOC, and this meeting will typically last for an hour or so. Should there be a need for a significantly longer meeting, any charge would need to be discussed and agreed in advance.

Q. If I have an accountant already, and wish to change to VA, how do I do this?

A.

This is all relatively straightforward and painless. There is a professional etiquette which is recognised by most accountants. If you have made the decision to change, then it is courteous to advise your existing agent in writing. A few days later, we will approach that former agent direct for the necessary 'linking information' to ensure that there is no loss of continuity in your business and taxation affairs.

Q. What are the VA fees and how will they be charged?

A.

In common with most accountancy firms, we charge on a 'time-cost' basis; that is to say that we have hourly rates for all staff which are charged to clients on the basis of how many hours are spent on a particular assignment. Fee accounts are generally raised at the conclusion of an assignment but may also be raised periodically on account for ongoing work. For certain types of work it is possible to agree a set fee in advance but we like to think that our fees are reasonable and represent value for money.

Q. Can I have regular telephone/ email contact when I need assistance?

A.

Yes - we encourage our clients to contact us whenever they need us, either by telephone, email or letter. There should always be someone available to assist in dealing with any enquiry but, in the unlikely event that no one is available at any given time, we will take a message and return your call or email as soon as possible. We aim to respond to letters on the day that they are received.

Q. Will VA speak in plain English to me?

A.

Yes - we pride ourselves in doing just that. We recognize that technical jargon related to accountancy and tax is a complete mystery to most people and we therefore try to avoid it whenever we can. If we sometimes lapse into it, please tell us and we will translate into plain English!

Q. How long must I keep my records to satisfy the tax man?

A.

In general, the period required is six years, plus the year in progress. Unfortunately, we cannot hold those records for our clients as we do not have available space but our client files are continuous and are never destroyed. Our old files are archived but always retrievable.

Q. What if I receive an unexpected letter from the Revenue? Will VA help me?

A.

Yes, of course - in fact, given that we will have registered with HM Revenue and Customs as your official agents when we began acting for you, we should receive a copy of that letter on the same day that you receive the original. We will discuss its contents with you and agree on an appropriate response. If you are not a client, we will be happy to meet with you to discuss the content of the letter generally, and advise as to whether you require our services to help.

Q. I am worried about Inheritance Tax and Capital Gains Tax - can VA help me?

A.

Many people are worried about the effects of Inheritance Tax, particularly property and/or small business owners with even modest other assets. We are happy to discuss this topic with any client and we have a number of specialist associates available to us for consultation for more complex cases. The same applies to Capital Gains Tax and we can assist in planning to mitigate the effects of these taxes.