However successful barristers are and however good their income and expenditure accounts, there are inevitably so many calls on income that finance really can get stretched. Debtors have to be financed, for example. Add to that overdrafts, mortgages, school fees, cars, and the like, and things can be spread pretty thinly.
Helping to arrange suitable finance for all this is an essential part of an accountant’s job. There’s a whole range of alternatives, from overdraft finance on practice accounts to short term loans for tax, to mortgage possibilities, and to unsecured loans for school fees, and so on. We find that this is becoming more and more part of our strategic advice for members of the Bar and that it’s a frequently called upon aspect. Getting the overall financial position right and all the borrowing properly structured is so important for peace of mind, not to mention tax effectiveness, that it’s possibly one of the most important areas that we deal with. We take the future into account, too, with a long term view of both the personal and professional side, right into retirement if need be.
This is an extremely personal area and no two cases are ever the same. Over the years we have developed a careful and sympathetic service which clients find very supportive and, in some cases, a total relief from financial pressure. Well, possibly not total, but we can make a big difference.
Mark Herbert, ACA, specialises in this. Contact him by e-mail – mark@malthouse.com, or direct line – 0151 224 0688, or mobile – 07976 254693.
Date:11 July 2006
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