In this issue’s What’s Trending Now feature, we chat to chartered accountant Laura Whittle, who tells us more about her business and the advice she’s giving businesses who are navigating their way through the ‘Making Tax Digital’ process.
We also sit down with Laura’s husband Rob, who has joined his wife’s business to help develop a client pipeline, market the company and help boost its online presence…
EDB. Firstly, please tell us a little about you and your career in accounting.
I have worked as an accountant for over 25 years.
I started out as a trainee, fresh from my A Levels at St Anthony’s Girls RC School in Sunderland. I didn’t want to go to university, I wanted to be able to train while working to gain practical experience, and I was lucky enough to get an opportunity with a local accountancy firm.
Back then, everything was manual, which I really think helps me – I understand the processes as they were before everything was supported by technology and financial software, which gives me a real depth of knowledge and understanding to be able to offer my clients the best possible advice.
I later joined TTR Barnes Chartered Accountants in Sunderland, who put me through my chartered accountancy qualification, and I stayed there for over twelve years which broadened my skills to auditing, working with charities and managing my own portfolio of clients. I then decided to do some work in industry and worked for Arriva plc preparing their UK accounts.
In 2019 I had my first daughter, Grace, and three years later I had Sophia. It was then that I decided I wanted a break, and my plan was to be a full-time mum for a little while.
However, an opportunity came up with a firm in London who were looking for a small amount of support, around 10 hours a week, fully remote, and school hours therefore it really suited my lifestyle, so I applied and was successful.
EDB. How did that lead to you officially starting your own business?
As a chartered accountant, I am government by the strict rules and regulations of the Institute of Chartered Accountants (in England and Wales) (ICAEW) and as such, I was unable to do any work myself unless I had a practising certificate from them, allowing me to engage in public practice. I therefore applied for this and once awarded, I had my very own accountancy firm registered with the ICAEW.
That was just over a year ago, things have grown naturally since then and now I have a steady portfolio of clients. However, I am keen to grow and that’s why Rob came on board. I was struggling to keep on top of managing the other elements of running a business – networking, the website and social media, so it made sense to bring him in.
EDB. Rob, tell us a little bit about your background.
I’ve always had an interest in numbers and statistics, and I studied maths and geography at university, however my career path took me down an engineering route and I am a mechanical design engineer by trade.
I’d worked in this industry for around 15 years in various sectors of mechanical engineering and most recently I was employed by a company in Newton Aycliffe
However, I felt at a career crossroads after being made redundant last year and decided I wanted to do something different with my career. Laura and I had spoken about the possibility of us working together and it just seemed a great fit.
It made sense – maths and engineering are so closely linked, and me coming in meant I could take over the things that Laura just didn’t have time to do. I quickly became the practice manager. I’m enjoying this work so much I am now looking at doing the ATT training, which would mean I can support the business on the tax side too.
EDB. How is the business going?
LW. Very well. I am building up a steady stream of clients, including new businesses and sole traders, who need support with their accounts. But I would also like to grow, and perhaps bring in a few bigger clients who require a bit more support with their accounts.
RW. My focus is on raising the business profile online, utilising the social media platforms that can help put us in front of a larger and more diverse audience. I am also looking at marketing, developing the website and attending networking events, where there’s a chance to meet potential clients.
EDB. Where are the big trends in the accountancy world at the moment?
The big topic is Making Tax Digital, which is being rolled out to sole traders and landlords with gross qualifying income over £50,000. It is now a legal requirement that for those businesses to submit quarterly returns to HMRC throughout the year rather than the traditional annual Return. To do so, businesses captured in the current threshold should keep suitable records on Making Tax Digital compliant software and this makes everything much simpler and easy to manage. It can be a bit of a minefield for businesses though, and at times they’re not always receiving the best advice.
For example, one individual we work with was advised by their bank to sign up to a software package which was free for the first year. But when you read the small print, they would have been hit with massive costs after that initial free period and that hadn’t been explained to them. More so, the software was not the right fit for their business size, so we worked with them to find a much better alternative tailored for their business needs.
Making Tax Digital is here to stay, and I expect that in time, it is likely to affect anyone who works for themselves or runs a business. That’s because the threshold will be gradually lowered – this year it’s £50,000, next year it will be £30,000 and the year after £20,000. So there is potentially no escaping it.
The key message I would send out is that it isn’t something to be feared. When partnered with the right accountant, the benefits of improved accounting records, more regular reporting of the financial position of your business and having a solid accounting software in place, will far outweigh the concerns and stresses anyone may have at present.
EDB. What advice would you give to anyone who is thinking about accountancy support?
Please do get in touch with Rob and I. We offer a one-hour free consultation so come and have a chat with us. We can get an idea of what support you’re likely to need and will be honest with you. Accountancy is a complex area, with financial pitfalls if you don’t do things correctly, so speak to the experts.
Our core value is to offer individual tailored accountancy support to each business with a personalised, friendly approach. We aim to be your business partner on this journey and by your side when needed. We look after our clients as if they were part of our team and deal with our client’s challenges, as if they were our very own.
For more information visit laurawhittle.com