How to Prepare for Your First Meeting with an Accountant

Meeting an accountant for the first time can feel surprisingly daunting. You are not sure what they will ask, whether your records are good enough, or how much the whole thing is going to cost. The good news is that a little preparation goes a long way. Walking in organised and informed will help you get real value from the meeting, set the right expectations on both sides, and avoid wasting time (and money) covering ground you could have handled beforehand.

This guide covers exactly what to bring, what questions to ask, what red flags to watch for, and how tools like Accounted and its AI bookkeeper Penny can work alongside your accountant to keep your finances in order from the very start.

What to Bring to Your First Accountant Meeting

Think of this meeting as a financial health check. The more information your accountant has upfront, the more specific and useful their advice will be. Here is your checklist.

Your UTR Number

If you are already registered as self-employed with HMRC, you will have a Unique Taxpayer Reference (UTR). This is a 10-digit number that HMRC uses to identify your tax affairs. If you have not yet registered, that is perfectly fine, but mention it at the meeting so your accountant can guide you through the process. You can register as a sole trader through HMRC's self-employment registration page.

Your National Insurance Number

Your accountant will need this to link your tax records. It is on your payslip if you are currently employed, on any letter from HMRC, or on your National Insurance card if you still have one.

Bank Statements

Bring at least three months of business bank statements, ideally six or twelve months if your business has been running that long. If you use a personal account for business transactions (common for new sole traders), be prepared to highlight which transactions are business-related. Digital statements are fine; there is no need to print anything.

Receipts and Invoices

Gather whatever receipts you have for business expenses: equipment purchases, travel costs, materials, software subscriptions, professional memberships, insurance, and anything else you have spent money on for the business. Do not worry if they are not perfectly organised. The point is to show your accountant the kinds of expenses you incur so they can advise on what is and is not deductible.

If you have been using Penny through Accounted, she will already have categorised your transactions and matched your receipts. You can simply share your Accounted dashboard with your accountant, giving them a clean, organised view of your financial history. This saves enormous time and immediately demonstrates that you take your record-keeping seriously.

Previous Tax Returns

If you have filed Self Assessment returns before, bring copies. Your accountant can review them for accuracy, identify any missed deductions, and understand your tax history. HMRC's guidance on Self Assessment tax returns explains what records you need to keep and for how long.

Your Business Plan (If You Have One)

This does not need to be a polished document. Even a rough outline of what your business does, who your customers are, how you earn money, and where you see it going over the next year or two will help your accountant give you tailored advice. If you are thinking about growing, taking on staff, or switching from sole trader to limited company, mention it now.

Questions to Ask Your Accountant

The first meeting is not just about the accountant assessing you. You should be assessing them too. Here are the questions that matter most.

How Do You Charge?

Understanding the fee structure upfront prevents nasty surprises. Some accountants charge a fixed monthly or annual fee that covers everything: bookkeeping, Self Assessment filing, ad hoc queries, and year-end accounts. Others charge by the hour. A few operate on a hybrid model where routine work is fixed-fee but advisory work is billed separately.

Fixed fees offer predictability, which most small business owners prefer. Hourly rates can work out cheaper if your affairs are very simple, but they create an incentive to avoid calling your accountant with questions, which is counterproductive. Ask what is included in the quoted fee and what would incur additional charges.

How Will We Communicate?

Some accountants prefer email. Others use client portals. A few are happy to communicate via phone or even messaging apps. Find out what works for them and whether it aligns with your preferences. Also ask about response times. If you send a question on a Tuesday, should you expect a reply the same day, within 48 hours, or within a week? Setting this expectation early avoids frustration later.

What Software Do You Use or Recommend?

This is an important question because you want to make sure your systems are compatible. If your accountant already works with Accounted, they will be able to see your books through the practice dashboard and benefit from Penny's automated categorisation and receipt matching. If they use a different platform, ask how you will share data and whether there is a risk of duplicated effort.

Do You Have Experience in My Industry?

Accountants who specialise in your sector will know the specific allowable expenses, common tax pitfalls, and industry benchmarks that a generalist might miss. A construction industry accountant, for example, will understand CIS deductions inside out. A property accountant will know the ins and outs of the Rent a Room Scheme and allowable landlord expenses. Ask about their client base and whether they have worked with businesses like yours.

What Should I Be Doing Differently?

This open-ended question often surfaces the most valuable advice. Your accountant might suggest restructuring as a limited company, registering for VAT voluntarily, claiming expenses you did not know were allowable, or changing your accounting year end. A good accountant will have spotted opportunities just from reviewing the information you brought to the meeting.

Red Flags to Watch For

Not every accountant is the right fit, and some are best avoided altogether. Here is what to look out for.

If an accountant cannot give you a clear indication of what their services will cost, that is a problem. They do not need to quote to the penny at the first meeting, but they should be able to provide a range. Similarly, no reputable accountant will guarantee a specific tax refund before reviewing your records. If someone promises you a £5,000 refund before they have seen a single receipt, walk away.

A professional accountant will issue an engagement letter that sets out the scope of their services, the fees, and the responsibilities on both sides. If they do not provide one, ask why. Watch out too for poor communication from the start. If it took three weeks to get a reply to your initial enquiry, that pattern is unlikely to improve once you are a client.

Finally, be cautious of any accountant who resists technology. HMRC's direction of travel is firmly digital, and your accountant should be comfortable with cloud-based software and digital record-keeping.

What to Expect from the Meeting Itself

A typical first meeting lasts 30 to 60 minutes. The accountant will ask about your business, your income sources, your expenses, and your goals. By the end, you should have a clear understanding of what services they will provide, what it will cost, and what you need to do next. Some accountants offer the first meeting free of charge; others charge a consultation fee that is credited against future work. Ask about this when booking.

How Accounted Works Alongside Your Accountant

Accounted is not a replacement for a qualified accountant. It is a tool that makes the relationship between you and your accountant more productive. Penny handles the day-to-day bookkeeping: categorising transactions, matching receipts, flagging anomalies, and tracking deadlines. Your accountant provides the professional judgement, strategic advice, and regulatory expertise that no AI can replicate.

When you use Accounted, your accountant receives clean, organised, continuously updated books instead of a year's worth of chaos dumped on their desk every January. This means your accountant can spend your meeting time on advice rather than administration, which is better for both of you.

You can explore the full range of bookkeeping features Penny offers on our features page. If your accountant is not yet familiar with Accounted, we are happy to walk them through the practice dashboard and explain how it integrates with their workflow.

Sole Trader vs Limited Company: The Discussion You Need to Have

One of the most common topics at a first accountant meeting is whether you should operate as a sole trader or a limited company. There is no universally correct answer, but here are the key considerations.

As a sole trader, you pay Income Tax and National Insurance on your profits. The tax rates are straightforward, the administrative burden is low, and your accounts are private. Most people earning under £40,000 to £50,000 in profit find that sole trader status is simpler and often cheaper from a tax perspective.

As a limited company, you pay Corporation Tax on profits and then extract money through a combination of salary and dividends. The tax savings can be meaningful once your profits exceed roughly £50,000, but there are additional responsibilities: filing annual accounts with Companies House, maintaining statutory registers, and the general administrative overhead of running a company.

Your accountant will model both scenarios using your actual numbers and recommend the best structure for your situation. If you are starting out, sole trader is almost always the sensible first step. You can incorporate later if and when the numbers justify it. HMRC's guidance on setting up as a sole trader covers the basics of getting registered and understanding your obligations.

Preparing Your Books Beforehand

The more organised your records are before the meeting, the more productive it will be. Even if your bookkeeping is imperfect, making an effort to sort your transactions into rough categories (income, materials, travel, subscriptions, etc.) shows your accountant that you are engaged and serious.

If you sign up for Accounted before your first meeting, Penny can do much of this preparation for you. Connect your bank account, forward a few receipts via email or WhatsApp, and within days you will have a categorised transaction history and a clear picture of your income and expenses. Bring that to your meeting and you will immediately distinguish yourself from the majority of new clients who arrive with nothing more than a vague idea of what they earned last year.

Getting started takes just a few minutes. You can sign up for a free trial and have your initial books prepared well before your accountant meeting. It is a small investment of time that pays significant dividends in the quality of advice you receive.

Final Thoughts

Your first accountant meeting is the foundation of a relationship that could last years and save you thousands of pounds. Arriving prepared, asking the right questions, and choosing the right accountant sets the tone for everything that follows. Take it seriously, do the homework, and do not be afraid to shop around until you find someone who genuinely fits your needs and your business.

For more on this topic, read Affiliate Marketing Income — Do I Need to Pay Tax?.

You may also find our Renting a Room on Airbnb — Rent-a-Room Scheme Explained helpful.

Related reading: Best Accountants for Freelancers in Birmingham.

Starting out? Accounted is built for UK sole traders from day one — from £14/month. Get started →