GP or consultancy services?

In an earlier blog I explained how most accountants are like GPs. When a client needs advice that is outside the accountant's comfort zone they will often seek input and advice elsewhere.

The options tend to include:

• The biggest firms of accountants - some of which have dedicated support services for smaller firms of accountants and tax advisers;
• Large specialist providers of tax support for other accountants and tax advisers;
• One man bands - individuals (often local to your accountant) who provide a specialist support service;
• Telephone help lines - often provided by the same organisations that offer fee protection insurance;
• Professional institutes and training bodies that provide support to smaller firms of accountants and tax advisers;
• Specialist websites and magazines where experts will answer questions posed by accountants and tax advisers;

NB: In my experience some accountants do not admit that they have sought third-party input. They seem to think there is some shame in not knowing everything.

I think this is dangerous. Indeed there is clear advice in the standard Guide to professional Conduct that applies to all professionals giving tax advice. It recommends that no one should take on work or advice on any matter unless they have adequate experience. If in doubt, they should seek input from elsewhere. This is especially true when a client is the subject of a tax investigation or requires advice on a less common subject such as inheritance tax, stamp duty land tax or VAT.

Does your accountant know everything? Are they a GP? When you need a specialist opinion can you get one? (Bear in mind you'll have to pay for it and it will cost more than your GP accountant would have charged - in the same way as medical consultants are more expensive than your local GP)