What qualifications are we looking for in a tax professional?

For those of us who do not have employers to assist us with our dual tax situations, looking for someone in the UK to hire is daunting (at least to me). Just saying that someone has *experience* with US tax law is obviously not enough, but I don't know exactly what qualifications I should be asking for in my search for tax advice.

Can someone please explain the terminology we might run into and what it means? For instance, one website I found says this:

" Our consultants have numerous years of specialist experience gained within Big 4 international accountancy firms, advising U.K. nationals abroad and foreign nationals in the U.K. in both tax and social security issues, and include members of the Chartered Institute of Taxation and U.S. Certified Public Accountants."

So that sounds nice, but is it really what I am looking for? Help! 

US qualifications:  Enrolled Agent, Certified Public Accountant - EA & CPA

UK qualifications:  Chartered Institute of Taxation, Chartered Accountant - Guya knows a bunch more.

Thanks! I'll look forward to seeing what guya has to say as well. 

Hopefully this will help several of us, since the question of a recommended tax person comes up again and again. If there is no one willing to make a recommendation, at least we know the bare minimum we are seeking.

as you might be able to tell from my most recent post in the us-uk tax forum... i'll be looking for a new accountant sometime soon.

i am looking for an accounant who:

1- file my UK taxes.
2- advise me on UK-US tax implications (such as should i bring this money from the US to the UK now, or in two small chunks, or never, etc...)
3- give me a financial check-up.  pension, savings plans etc.  this would need to be comphrensive- as i have these in the UK & US.

am i looking for someone certified in the UK but with "experience" with US national clients?  what does that mean?  do i interview these people?

Excellent questions!

Why isn't there an Expat Finances for Dummies book out yet? 

Someone must have some insight. I get very frustrated since I know I am not stupid, and if you want to discuss cellular membranes or something, I am yours, but when the topic of finances gets past basic budgeting, my brain turns to spaghetti.

Someone? Anyone?

Hi Courtney - you express that really well.

One of my relatives drives a bus.  I asked him once how he could do it (I couldn't) what with having to concentrate all day, work lousy hours and deal with rude passengers.  He said it was easy. It is what he does, he drives.  However he said he couldn't do what I do because he just doesn't understand money.

So the short answer is some folks get the tax and money complications but can't do other stuff.  Some people find the constant translation between one set of tax laws and another real complex but are clever in other ways.

So the answer here is that a good tax or financial adviser will have qualifications, this is just sensible to protect yourself.  But - and this is the most important to my mind - they will be someone you feel you can get on with.

There are loads and loads of qualifications.
The UK has:
CIOT (Chartered Institute of Accountants) 
ATT (Association of Taxation Technicians)
FTA (Federation of Tax Administrators)
ICAEW (Institute of Chartered Accountants in England & Wales)
ICAS (Institute of Chartered Accountants in Scotland)
ACA (Association of Chartered Certified Accountants)

PLUS: a whole bunch of different financial planning qualifications from Institutes such as the Personal Finance Society.

The US has:
CPA (Certified Public Accountants) - licensed at State level by State Boards
EA (Enrolled Agents to the IRS) - licensed at Federal level
PLUS: a whole bunch of different and competing financial planning qualifications

So what I'd advise anyone to do is contact a few people, probably dual qualified in the US and UK so neither set of rules is overlooked by accident, and then choose someone based on what sounds best in terms of personality and price.

Its going to be a bit like buying a house; you may like the first one you see or you may have to see a few to decide...

Don't forget that just because some consultants at your chosen firm may have qualifications you may find you are passed down the chain to save costs, in which case you could end up paying for training of junior staff so ask about the team working on your affairs too...

I know that Lizzit and I do all the stuff you guys are discussing but there are other and larger firms able to help as well so I think its got to come to a personality fit.