Derek – Managing Multiple Income Streams
Many business owners do their own accounts and this can work well up to a point. However, when income is gained from multiple sources it can make interpreting information more complicated and creates a greater need for an accountant.
Involving an Accountant
Derek had managed his own accounts for many years though had reached the point of wanting professional support with ensuring compliance, making financial decisions and taking advantage of tax breaks with multiple sources of income.
‘I’m over 60 so my need for an accountant is based on my needs at this stage of my life. I worked from the age of 18 in sensible regular jobs with big organisations. In the last 8-10 years, I’ve shifted to the self-employed world. I just needed someone to help me make sure I’m making the right decisions.
One of my strands of income is my business coaching limited company. I also rent out a couple of houses so have income from that and I’ve also got some pension income.
I hadn’t had an accountant before but as my accounts got more complicated I thought it was time to be more systematic and structured, making sure I was taking advantage of any appropriate tax breaks. I also wanted to make sure my business was in a sound footing with HMRC and compliant with the law.
I asked a client of mine if he knew of a good accountant who could help me sort it out, he recommended Craig so I thought I’d give him a go. We had a quick chat so I could explain what I needed and he said he could help.
Craig has really helped me to make sense of it all.’
Maintaining a Flexible Approach
At NSBA we’re happy to tailor-make our services to your needs. We appreciate a lot of businesses already have systems and processes in place so we’re happy to work around them to avoid charging for basic procedures.
‘A good aspect of working with Craig was deciding the level of service I needed. This depends on preference or skill level and wouldn’t be right for everyone. Some people might not want to put together a detailed spreadsheet but I know how to do it.
At the end of the tax year I submit a spreadsheet including my rental income, pension income and my expenses. I already was managing this myself so it made sense to continue.
To start with, we agreed how far I would go in terms of basic data collection and Craig would go from there.’
Sharing the Right Information When It’s Needed
It’s important to us that our clients are armed with the right information so they can make the best decisions for their financial security and future.
‘I have two houses and I’ve been thinking about selling one so I needed to consider capital gains tax and it’s not straight forward. Craig created a spreadsheet showing me what would be due if I sold on particular dates. That was really good information because it crystallised my existing liabilities, my losses with the revenue and what that means in terms of capital gains tax. It was a really good piece of analysis, has really added value and helped me think about when I need to sell the house. I don’t mind investing in those kinds of services.’
Being Approachable and Informative
We value our clients and like to make ourselves as available as we can to answer questions, no matter how obvious they might seem.
‘Craig is very relaxed and informal. He doesn’t mind answering questions to help you understand more. Experts can be difficult to approach and Craig puts you at ease, making you feel you can ask silly questions even though for him it might be really straight forward. I think he strikes a good balance between being informal yet helping you understand the problem and issues.’
Ensuring Accountability and Compliance
Compliance is something we can guarantee as part of our services. With many years’ experience, we can make sure your business is operating within tax laws so you can relax and maintain more focus on your work.
‘Using Craig has given me piece of mind and reassurance that I’m on the right side of the law. I know what HMRC does when someone gets on their radar: they check files, monitor and do samples. I didn’t want the stress of being one of the companies they’re looking at. I’m totally confident what I do is legal and compliant meaning I’m not going to get a surprise in two or three years’ time. I just don’t have to worry about it. Craig gives me reminders when I need to do something which is helpful and it’s as easy as that.
It’s great making things safe and secure so I can focus on my work without worrying about records or issues. It takes away a potential source of concern which is really helpful for me.’
Some final thoughts from Derek…
‘For someone needing an accountant, it’s worth having an initial conversation with Craig and going from there. He’s knowledgeable, approachable, honest and has helped me get a professional opinion so I can make tough decisions on issues like selling the house.
I feel able to give NSBA a strong endorsement as I’m really happy with value for money and the level of service you get.’