Who say’s Accountants are Boring?!
There are times in the life of an accountant when things can get a little surreal! April 25th. 2018, was one of those times for Matthew Johnson of Wallwork, Nelson & Johnson Chartered Accountants.
Matthew’s mission was to dispel some of the myths surrounding tax and accountancy.
The team at Wallwork Nelson & Johnson have a mythical creature of their own- “the pub accountant”. This is the local ‘expert’, often a friend of a friend, who appears very knowledgeable and best of all gives free advice; but beware as ‘free’ advice can be very costly.
Many of you will have encountered this beast, especially if you are a business owner discussing such weighty affairs as your tax returns, VAT liability or even just lamenting the hours you spend matching invoices with receipts!
What the pub accountant may not be aware of are such cost saving tips as ensuring that your mobile ‘phone bill is invoiced to your business and not to you personally, to take advantage of a tax free benefit’, or that you may be able to re-claim four years VAT on goods if moving from Sole Trader to Limited Company status. In both instances the advice of a qualified accountant must be sought (as there are many variations to this) and NOT the advice of the erstwhile pub accountant!
One tax saving tip that Matthew shared on the evening was that of splitting dividends over 2 personal tax years and gifting shares to spouses.
The clinic followed the usual format of providing practical information in an entertaining and interactive way while giving those in attendance ‘takeaway’s’ which could be used in their own business.
One delegate, Jo Naylor of Jo Naylor Design Consultancy, had this to say-
“As I am considering becoming a limited company, it was great to discover some of the truths and myths to help me on my decision making journey. Matt was great, and made you realise how much you rely on a good accountant to help you plan, conform and make more profit.
Thank you to the Business Clinic for allowing my 18 year old daughter to attend, who is a student of Business and Accountancy it was a great experience for her, although a bit of a shock that she knew far more than me!”
Another , Paul Clucas of Walmsley’s Commercial Insurance Brokers, commented “very enjoyable and informative and fun at the same time in a relaxed environment”.
Speaking of fun, those of us old enough to remember ‘the monkey in the tree’ sketch performed by Eddie Izzard may not remember that Eddie trained to be an accountant, as did Mick Jagger of Rolling Stone fame! Who said accountants are boring?
To contact Matthew at WNJ for professional tax advice please click here