Most accountants are like GPs

When we go to the doctor we tend to expect them to know a fair amount about most things medical. We are rarely surprised however when they refer us to a specialist. Indeed we would feel at risk if our local GP wanted to operate on us to remove a kidney stone for instance.

Did you know that most accountants are just like GPs? Indeed the expression 'General Practitioner' is one that accountants will often use to describe themselves.

What this means is that you should expect your GP accountant to recognise when he/she is out of their depth. They should admit when your situation or advice needs are outside their level of expertise. One accountant I know tells me that "If asked for advice and I am on uncertain ground I will ALWAYS seek specialist advice from elsewhere. I let my clients know that; they do not expect me to be an expert in everything."

Many GP accountants have arrangements with third party 'tax support' services that supply the specialist technical expertise that the GP does not have. In some cases there is no formal arrangement - the GP obtains the specialist expertise from whichever he/she judges to be the most appropriate technical specialist on a case by case basis.

If you ever feel that your accountant is out of their depth you can always ask for a second opinion - just as you would if your medical GP seemed unsure of the cause or remedy for your troubles.

In a subsequent blog I will explain how such arrangements with tax support services operate.