(And Why That Is Great News for Your Business)

If you have ever bought a financial product or taken advice from a professional, there is a good chance someone along the way made a cheeky bit of cash in the background. It is called a commission, or a referral fee, and in many industries, it is just business as usual.

It’s very common in the home buying/selling market (think: estate agents, mortgage brokers, income protection providers etc), but is also an issue in recruitment and energy switchers.

It isn’t necessarily illegal – although sometimes it most certainly is; this BBC Panorama investigation into estate agents is worth a watch. And, more recently, it turned out the motor finance profession (Close Brothers etc) has been enjoying hidden commissions for years. Ouch.

But we do things differently. We have a strict rule: we do not accept commissions. Ever.

If we recommend a piece of software, an independent financial adviser, a mortgage broker, or a specialist tax consultant, we do not take a single penny for introducing you. Occasionally they might send us some nice bisuits or a bunch of flowers, but that’s about it. It certainly isn’t going to affect whether we recommend them or not.

But why turn down extra income? Wouldn’t it be nice to pad out our own bottom line?

Well, yes, but (excuse me whilst I get on my moral high ground here) we care a lot more about giving you unbiased advice than making a quick buck behind your back.

Here is why our “no commissions” rule is good for your business. And, in the long term, ours too.

1. Zero Conflicts of Interest

When anyone (accountant, solicitor, estate agent etc) gets paid a commission, a tiny voice of doubt naturally creeps in. Are they recommending this person or product because it is genuinely the best fit for me? Or because the provider gives them a handsome kickback every month?

By cutting out commission entirely, we eliminate that conflict of interest. When we suggest a tool or a service, it is because know it, we trust it, and we know it will make your life easier too.

Our advice is 100% driven by what is right for you, not what pays us a bonus. We’re going to be working together for many years, so a quick bung now isn’t going to make that relaionship solid.

2. Complete Transparency

Trust is everything when it comes to having a long-term relationship with your accountant. The Institute of Chartered Accountants in England and Wales (ICAEW) sets high ethical standards for Chartered Accountants.

While ICAEW rules do allow accountants to accept referral fees as long as they disclose them to the client, we prefer to keep things completely crystal clear by declining them altogether.

And, I’m 100% certain that there are at least a handful of firms locally who accept commissions without telling the client – because, after all, how would they find out?

Sometimes a firm (especially some of the bigger ones) havea big pot of money for referrals. Instead of flat-out refusing the money, here’s what we do:

• We ask you, our client, to nominate your favourite charity
• We then ask that firm to pay any commission to that charity on your behalf.

3. Better Relationships with Specialists

Running a business requires a team effort. Accountants are good, but they can’t fix everything! You might need specialist advice on commercial mortgages, research and development claims, or personal pensions.

Because we do not ask for or accept referral fees from third parties, the professional advisers we work with know we are sending them clients purely based on their expertise. It creates a network built on quality and trust, rather than financial back-scratching. You get the best possible specialist support, and we get the peace of mind knowing you are in safe hands.

It also means that, if we ever got negative feedback from a client on their experience with another firm, we’d stop referring clients there immediately. Thankfully it’s only ever happened once and, let’s just say, that firm is no longer trading.

4. Simple, Honest Pricing

We like to keep our fees straightforward. You pay us for our expertise, our time, and the work we do to keep you compliant with HMRC and Companies House. We do not hide extra profit margins inside third-party recommendations or try to upsell services you do not actually need just to trigger an extra payout.

Sure, we could probably shave a few quid off your bill if we got a back-hander from your IFA or mortgage broker, but that’s not how we roll.

Ready for Unbiased Business Advice? And Penguins?

If you want an accountant who gives it to you straight, puts your interests first, and never takes a penny behind your back, we would love to chat. If you’d like to apply to be a client of ours, head over to the Contact page and fill in the application form.