In a joint survey, entitled ‘You and Your Accountant', carried out by the UK200 Group and Clydesdale Bank, 86.8% of respondents said that poor or incorrect advice had encouraged them to take their business elsewhere. A lack of a personal touch came second, with 65.8% of the vote, followed by high fees, which received 60.5%. Only 9.7% said that their accountants helped them achieve the best possible savings.

The FPB's Senior Member Services Representative, Philip Moody, urged members to use accountants prepared to devote time and effort to their individual businesses, along with the FPB's legal expenses insurance.

"One of the reasons that accountants recommend the FPB to their clients is because of our legal expenses insurance," he said. "It covers the cost of tax investigations, up to £75,000 in any one year, and still allows them to work with their own accountants at the same time."

When choosing a new accountant, 84.2% of respondents said they followed personal recommendations, while 63.2% based their decision on reputation alone. Respondents rated tax planning as the most valued service provided by their accountants.

Many of the business owners surveyed said they stuck by the accountants they chose – with 60.5% having stayed with theirs for between 5 and 10 years. However, over half (51.6%) said they wanted to develop better relationships, and switch from an independent financial adviser to an accountant who offered the same services. Around one-third said they would welcome them filling a role similar to a business partner.

The survey showed that a majority of respondents have embraced technology in order to communicate with their accountants, with 56.8% preferring to exchange and receive documents by email.