My brother-in-law was working at an accountancy firm in Hull and this brought accountancy to my attention. I did some work experience in a small practice in Cleethorpes and the effect on me was profound. I really enjoyed the variety of the work, which you don’t get in industry, and I realised that it was my calling.
I wanted to learn on the job. So I got a position at a practice and worked for several years before doing my ACCA qualification. Doing self-study in the evenings while working full time is really challenging, and the relief when I finally qualified was unbelievable – probably the same as when my first child was born!
One of my clients was a residential builder, who surreptitiously interviewed me and asked me to be their financial controller. I agreed to work four days a week for Keigars and spend one day a week on my own practice. As my practice grew and my time became more constrained, Keigars became a client. I now spend a day a week working as their financial controller and the rest of the time at my practice.
Niching has helped us to grow quite quickly
I was looking for larger premises and a former colleague had premises larger than he needed. Instead of renting some of his space, we merged our practices together. As we expanded, we needed more workspace and bought our current offices in the centre of Grimsby. I bought my partner out a few years ago.
My firm specialises in residential building and the property sector. This is because of my background with Keigars and referrals that have come from them and other clients in those sectors; this niching has helped us to grow quite quickly.
Building and property clients are different from those in other sectors because the numbers are usually much bigger. The treatment of land stock is very different to, say, where somebody has a manufacturing business. Although ultimately the treatment is the same – you’re still recognising income and expenses – how you value that land stock can be different compared to a manufacturing company, as its value usually only goes up, particularly when you acquire planning permission.
I encourage clients to be proactive and make sure they’re paying the right amount of tax and no more
We spend a lot of time catching up on the ever-changing legislation that is being put on accountancy practices and filters down to businesses. Accounting practices sit between the government and business, so it falls to us to explain those changes to clients, such as changes in tax legislation or Companies House ID verification. Misinformation on social media has become prevalent, and accountants have a responsibility to cut out the incorrect information for clients and explain the facts and why it is happening.
Clients can see us as the collector of taxes and bearer of bad news. I try to flip that on its head and be optimistic, encouraging clients to be proactive and make sure they’re paying the right amount of tax and no more. This involves looking at pension contributions and other ways to minimise the tax liability.
You don’t have a great deal of downtime when you’re running your own practice, but I make sure to spend time with my wife and young son. We love walking in the Lake District. I took a break from cricketing when my son was born but now that he is a little older, I’m getting back into it and recently played my first match. I was shocked when the Facebook page announced my return as a veteran – I’m only 46!
