Case Studies
Sarah
Sarah is an Interim Management consultant and has worked as a freelancer for the last 10 years. Her previous Accountants had prepared all of the standard Vat returns, payroll and Accounts etc, but nobody had taken the time to find out how being a contractor affected her daily life. Her first contact with Forbes Young was a 30 minute phone call where both Sarah and the Forbes Young Partner discussed how they could work together. Emails were exchanged over the next couple of weeks and a meeting was arranged after work so they could sit down together and have a chat about her past experiences with Accountants and why that had left her feeling a bit like a number on a client database.
At first, it was a case of the Partner clearing up some of the inconsistent advice she had previously received and bringing to a conclusion the issues inherited from her previous advisers. Sarah now has regular contact with her Partner at Forbes Young via telephone, email and when they meet up. She can even call her Partner’s mobile phone during evenings and weekends, if she finds this more convenient.
A year on and Sarah views being a freelancer in a totally different light. Previously she had seen her Accountants as a necessary evil, just to get the paperwork completed. But now all of the bookkeeping is completed by Forbes Young and she feels more relaxed about running her own company – no longer being left in the dark – but benefiting from a relationship and tax planning advice that fit in with her lifestyle. Sarah pays Forbes Young £150 + vat per month for the relationship.
Ranjit
Ranjit is an IT Contractor and had been with one of the large market-leading specialist accountancy firms since the inception of his company some 3 years ago.
Unfortunately in recent times Ranjit had seen the service level from these accountants drastically diminish due mainly to complacency from his accountant. Errors were creeping in and it was almost impossible to speak or meet his accountant anymore, with one excuse after another being given.
Ranjit contacted Forbes Young with a view to finding an accountancy firm who could help him not only with the statutory requirements for his company but more importantly to form a relationship with his accountant who he could contact whenever the need arose and also meet with his accountant to discuss things face-to-face locally. His first phone call was directly with a Partner of the firm which to him was a pleasant surprise as he hadn’t spoken to his current accountant for some months.
During the conversation with the Partner it was established that Ranjit was very familiar with the day-today running of his company and understood the statutory requirements and records he needed to keep. Ranjit’s requirements were more in terms of effective communication (including meeting up regularly with his Partner) and guidance: being regularly informed of any changes in legislation which impacted on him and regularly reviewing his tax position to take to minimise the tax payable. Ranjit pays Forbes Young £110 + vat per month for the relationship.
David
David is an experienced freelance contractor who was operating well before IR35 was brought in and was paying a national specialist accountancy firm £160 + vat per month in fees.
He contacted Forbes Young to seek an alternative. As he is very familiar with what is needed to operate through his own company, he doesn’t feel the need to meet up for face to face meetings with his accountant. With Forbes Young, David finds out that he can communicate with his Partner by email/telephone as often as he likes to discuss things such as claimable expenses, his accounts and tax position etc.
He knows that his Partner will remind him of deadlines and when he should send details to his Partner to meet his personal and company obligations. David pays Forbes Young £85 + vat per month for the relationship.
Lesley
Lesley is a very experienced Engineer and decides to go freelancing and to operate her own Limited company to maximise her take-home remuneration as well as be a lot more independent.
She phones round a few of the specialist accountancy providers but is impressed with Forbes Young, as she gets to speak straightaway to one of the Partners, who gives her a lot of free useful advice and guidance, including IR35 considerations and business insurance advice. A free initial meeting is then set up at her local Forbes Young office to go through things in a bit more detail and so that Lesley can meet up with the Partner who would be looking after her.
Lesley feels confident to ask Forbes Young to set up her limited company and deal with the bank, VAT and PAYE set-ups, as well as signing up for the mainstream services. As she was very pleased with the guidance received by telephone and email, Lesley does not feel it necessary for regular meetings with her Partner at this stage, so signs up for £85 + vat per month for the relationship.
