Top accountant goes Holistic (free tips on taxation)

April 16, 2012 - PRLog -- Many new business owners have started up by themselves, perhaps with a hobby that they could sell, or some start after redundancy. But would you leave the safe comfort of a high well paid position working for a large multi-national corporation employing thousands to start of on your own?

Clare Maass of Maass & Co Chartered accountants did just that, leaving the glamour of the corporate world behind her, and she has never regretted it. We caught up with her when she visited NWTV  this week to tell us all about her journey, and give us some awesome tips for our businesses.

"I have never met anyone who says to me 'it was my dream to become an Accountant' I was studying Physics at Manchester University when they asked if anyone wanted to have a look at accountancy, I looked and I liked it, that, and the fact I could live in London sold it! I went on to have 20 years with two of the biggest firms in the world, KPMG and Ernst & Young, I took care of a team and managed the complex tax planning for companies like Princes Foods and Tetra pack.

I set up on my own six months ago, and it's been good decision for me, I am enjoying working with smaller firms and start ups, because in the larger Multi-nationals that I was familiar working with, it's mostly about the numbers, but working with small firms and SME's it is more about the balance between the characters of the principals and their businesses. I have always been a people person and thrive when relating to people and their business as one entity. The tax planning has to fit in with the business owners lives. It is very much more a holistic approach, and it is thrilling to see my new clients start to make money."

I asked her in our nwtv.biz interview what makes a good accountant?

"Your accountant should be deemed by you as a trusted advisor and to some degree a mentor, you should be meeting with them regularly so that they can understand your business, especially in newer businesses, where the mix of family financesand business must harmonise."

Her top tips for us were:

"If you are thinking of starting your business soon, you may think 'Oh I will get an accountant later' but that's not always the best thing, as we can advise on important things, like what structure your business should have, sole trader, partnership, Limited company, etc, grants and funding, and having an experienced advisor will help you save time,improve cash flow, and make good decisions early on.

Another tip is to look into flat rate VAT it can actually be a profitable exercise for your business.  Different categories of business are given rates at which VAT is paid to HMRC, but you always charge 20% so it can mean you can keep on average 10% of the VAT on everything you sell!"

One interesting point Clare made, was that people do not leave their Accountants because of cost, they leave because of service, the value of good advice could save a lot of money in the beginning, and throughout the life of the business. This may be the reason why her business is really starting to grow.

To see the Interview with Clare Maass http://nwtv.biz/nwtv-interviews-maass-and-co-chartered-ac...

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