Businesses should 'always' use a qualified tax advisor

Date: 3rd April 2008

Small business owners should use a "properly qualified tax advisor" to help manage their finances, the Chartered Institute of Taxation (CIOT) has suggested

The CIOT's John Whiting says consumers should find a company they trust to give them financial guidance.

"If you want to build an extension on your house you will look around to get recommendations - it's the same process when looking for a tax adviser. Make sure that you get an adviser you can trust," he comments.

Mr Whiting also advises consumers to find a company capable of dealing with their specific circumstances.

"If you are self-employed and just need your books doing, then you just need a competent accountant who knows how to do a tax return," he added.

According to the Office for National Statistics, there has been a significant growth in self-employment since 2001.

A number of tax changes will take effect from this month, including a reduction in the basic rate of income tax and the abolition of taper relief.