A. D. Pottie & CO
Frequently Asked Questions
1. What areas do you cover?
We have clients across Northern Ireland and beyond. Many of our clients are in Omagh, Enniskillen, Cookstown and Dungannon. Outside of counties Tyrone and Fermanagh we have clients throughout the province as well as in England Scotland and Wales.
Our use of cloud accounting and means that we can help clients throughout the UK.
The practice focus is on helping family run businesses, whether the business is involved in retail, manufacturing, agriculture, construction or healthcare, we are there to help and support the family business.
2. Should I incorporate my business?
As Chartered Accountants focusing on family businesses, our first priority is have your business structured in the best way to protect your family if things go wrong.
The decision whether to trade as a Sole Trader, Partnership or Limited Company has different costs and risks. We can advise which is best for your circumstances. Partnership or incorporation need the legal protection of a fully funded partnership or shareholders agreement, we can co-ordinate the legal accounting and financial advisors so that your family is kept safe.
3. Am I paying too much tax?
Whether it is Income Tax, Capital Gains Tax, VAT or Inheritance tax we can make sure that the correct figures are sent to the HMRC or Companies House well before the deadlines.
Payroll is increasingly complex with “Real Time Information” (RTI) and “Auto-enrolment” (AE), the introduction of “Making Tax Digital for VAT” (MTDfV) requires software and computer skills in addition to knowledge of the tax legislation, it is easy to pay more tax than necessary or fall foul of the penalties and interest charges.
Given the opportunity we can easily take the stress out of this and let you get on with managing the business.
4. Where did the money go?
Effective cash management can make a tremendous difference to a business.
As expert Chartered Accountants and business advisers we believe in ‘profit first’.
Simple techniques that force the business to become profitable, putting your profit to one side, put the VAT, PAYE and income tax to one side, while also putting something into a rainy day fund, only what is left is available for to run the business.
What assets are earning their keep? Should those that aren’t be sold?
Can cash be released by managing debtors or stocks?
Can discounts be negotiated with suppliers for prompt or early payment?
Regularly review you bank statements and separate the expenses that can be offloaded or even reduced, leaving you with the ESSENTIAL operating costs.
5. How can I grow my business?
We have supported entrepreneurs in Omagh, Enniskillen, Cookstown, Dungannon and London in a number of different industries including retail, manufacturing, agriculture, construction and healthcare. The vast majority of these businesses have been with us from day1. We have helped them go from start up to creating businesses with turnovers in the £millions.
Of course, they know their own industry better than us, however our support helped them make better decisions and identify tax planning opportunities, such as ‘Research and Development, Tax credits, as well as Management Reporting, funding opportunities ( e.g. grants, loans or bespoke investors).
6 Who will take over my business when I want to retire?
Some day we will all quit the business, for some it will be decided for them and for others it will be on their terms. Planning your ‘exit’ is vital, to ensure you maximise the value.
Everyone should have a plan. The options are:
- Business Closure
- Business Sale
- Management buy out
- Business take over by family member
Although these plans take time and effort. However, our associated adviser and our Accountant will support and advise you on your options.
7. What will I live on after I retire?
We can work with our team of experts to assess how much you will need to enjoy financial security in your retirement.
We will support and guide you to ensure you are prepared and taking the right actions to bridge the gap.
8. How can I keep everything within the family after I am gone?
- Unfortunately, death can be expensive. Often assets may have to be sold to pay nursing home fees during you later years, inheritance tax (IHT) (40%) is also another cost to consider mitigating,
- Legal costs of probate can be significant.
- Your assets could easily end up in the wrong hands.
- How would divorce or death of beneficiaries, remarriage of spouses or beneficiaries effect things?
- Even a Last will and testament can be challenged if someone feels left out
- An inheritance may put someone over the thresholds for benefits or increase the IHT charge on their estate.
Our Legal Intermediary can help you put a plan in place to protect your family. With the right planning we can protect the family’s assets and ensure they pass on to the next generation (Right hand/right time etc.)
9. Why choose AD Pottie & Co Ltd?
- We are a modern technology driven, professional practice trading for over 30 years
- We have expert team providing all accountancy & tax planning services
- We are a ‘one stop shop’!
- Our team of committed professionals will be here to help when you need us!
- We understand business and have a spread of clients covering all areas of business, in ALL sectors
- Our team of external associates can provide legal, financial and HR advice
- We focus on you, your family AND your business needs
- At AD Pottie & co. Ltd we believe ‘it is always the right time to do the right thing’!