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FAQ - ExecutorProtector

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What does Avantage do?

There are a lot of myths about the personal liability of executors, chief among them the view that contested estates are always squables among disgruntled heirs, and that the problem can be solved by a clause in the will stating heirs who contest their inheritance receive nothing. It's quaint and seemingly clever solution, but not grounded in reality.

In reality, lawsuits can originate from any number of sources, such as excluded heirs, creditors and other injured third parties, not to mention the Canada Revenue Agency (CRA) or even the Internal Revenue Service (IRS) in some cases. If they're not named in the will, an exclusion clause is meaningless.

The Benefits of Avantage

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Can I do my own accounting?

It is perfectly possible for you to do your own accounting, yes – but only if you know exactly what you’re doing. When it comes to DIY accounting, you’ll need to know all the rules, all the deadlines and all the standards. For more information about how to handle your own accounts, please visit our accounting services pages.

What are the benefits of hiring an accountant?

If you are struggling to keep up with your business’s financial accounts, or wish to focus more on other aspects of your business, then you may want to consult an accountant for help. An accountant will undertake all accounting duties and remove the responsibility of tax deadlines from your shoulders, freeing up your time and energy so that you can concentrate on other parts of your business.

How could an accountant help my start-up business?

Starting a new business can be a monumental task. A start-up involves, along with a million other tasks, market researching, choosing a company name, designing logos and business cards, branding, networking and product sourcing. It’s easy to get carried away with aesthetics and forget about the numbers. An accountant can get your business running, show you the ropes, free up your time and avoid any mistakes that that could be detrimental to a young business.

How could an accountant help my expanding business?

Proprietors thinking of expanding their businesses, whether to move abroad, upgrade to bigger offices, provide more services or take on more employees, need to handle the transition process delicately. Making the wrong decisions at this transitory stage could ruin the whole business. An accountant will help proprietors control costs by drawing up realistic budgets and using evidence to determine whether or not the planned changes are likely to benefit the business.

How could an accountant help with my personal finances?

Accounting isn’t just for businesses. As an employee, you may face certain points in your career where expert financial advice could come in useful. For instance, an accountant could help with tax, pensions or salary and job changes. In day to day life, situations arise where we may need to spend or handle a substantial sum of money- like marriage, planning to have children, getting a mortgage, handling savings, inheritance and so on.

People who earn substantial amounts of money may benefit from consulting an accountant. An accountant can help with distribution, taxes, investments, shares etc. Remember you only have to book a short appointment every once in a while – hiring an accountant is not the same as employing an accountant. Two hours of advice at crucial times in your life could make a positive difference to your life decisions.


Get into the Details

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How regularly will I need to see my accountant?

This is entirely up to you. How often you see your accountant will depend on your personal or business requirements. If you are an individual seeking personal finance advice, you may only want to see an accountant once a year. Similarly, if you are the proprietor of a small business, you may only require an accountant to help with your annual tax returns. If you wish to have absolutely no hand in your accounts, you may want to be in contact with an accountant on a more regular basis. When you contact an accountant, be sure to state your exact requirements and they will be able to predict the length of the job and how often you will need to be in contact.

Are accountants regulated?

The term ‘accountant’ is not regulated in the UK. Essentially, anybody who wants to call themselves an accountant, can do so. Of course, most businesses would be unwilling to hand over delicate business information to complete strangers without being assured of a certain set of standards. There are a number of regulatory boards for accounting in the UK.

What qualifications should an accountant have?

There are a number of different accounting bodies in the UK, all of which have their own regulatory rules, standards and registration requirements. In order to ensure the highest possible ethical and practicing standards, Accountant Directory only accepts accountants who are registered with approved and recognised accounting bodies. Accounting bodies only accept accountants with certain qualifications and experience, so, whoever you choose, you can be assured of receiving a secure and highly professional service.

How do I know which accountant to choose?

Handing over your business’s sensitive financial information can be a delicate process that involves a lot of trust. It is advisable to take your time over your decision and find out as much as possible about the services different accountants offer before deciding.

How much should I expect to pay for my accountant?

Accounting costs can vary widely depending on the practices of the firm or individual you choose, along with the nature of your own accounting needs.

Basic bookkeeping and tax affairs may cost no more than £200-£300 per year, but this really is dependent on your own accounting needs.

For larger businesses with more complex financial accounts, it will cost much more.

Although many people are drawn to DIY accounting because they’re put off by the costs, it is widely thought that businesses eventually recoup the cost of a good accountant in the amount of tax and fees accounting expertise can save.

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    Copyright ExecutorProtector. All rights reserved.

    Copyright ExecutorProtector. All rights reserved.