Lawyer-Accountant: (1) Practical Matters

Bart Van den Bossche writes:

On a practical level, any document connected to the financial running of your professional business should be filed and stored. These financial documents (invoices, receipts) must be handed over to your accountant to make the necessary tax and (if applicable) VAT filings.

How regularly should you and your accountant meet?

If your professional services are registered for VAT, then your quarterly VAT returns must be made, at the latest, 20 days after the quarter has finished. So all the relevant documents should be handed over at least 4 times a year.

If your professional services are not registered for VAT, then perhaps 2 or 3 times a year will be sufficient.

How should you transfer documents?

Different accountants and clients transfer the documents in different ways. Some transfer documents by post. Others physically hand over the documents at a meeting.

It is a small point, but is worth checking at the start how your accountant deals with this issue. After all do you want these important documents getting lost in the post?

Next article: (2) Expectations

Author: Bart Van den Bossche©
First published: 12 November 2005
Last updated: 19 January 2006