Frequently asked questions
So, what do we get from you that we don't get from xyz accountants?
Different people want slightly different things from their accountant but one thing that people always appreciate is honest, straight-talking advice from an accountant who really knows and understands their business.
The main thing that our clients seem to appreciate is the personal approach. Please see the "What our clients say" page to see the reasons our clients choose us, and more importantly, choose to stay with us.
The main thing that our clients seem to appreciate is the personal approach. Please see the "What our clients say" page to see the reasons our clients choose us, and more importantly, choose to stay with us.
Are you qualified accountants?
Yes, our principal, Colette Farrand-Laine is a Fellow of the Institute of Chartered Accountants in England & Wales (ICAEW).
Farrand-Laine Limited is a registered firm of Chartered Accountants and complies with the stringent requirements of the Institute of Chartered Accountants in England & Wales. This includes the initial rigorous training to qualify as a Chartered Accountant followed by required post-qualification experience, continuing professional education, professional indemnity insurance, data protection registration and registration with the Institute’s Practice Assurance programme where the Institute can come and check our work.
There is no regulation of the term ‘accountant’ so anyone in the street can call themselves one, perhaps with no qualifications or experience. Even if you decide not to work with us, please please ensure you use a properly qualified Chartered Accountant for your own protection.
Farrand-Laine Limited is a registered firm of Chartered Accountants and complies with the stringent requirements of the Institute of Chartered Accountants in England & Wales. This includes the initial rigorous training to qualify as a Chartered Accountant followed by required post-qualification experience, continuing professional education, professional indemnity insurance, data protection registration and registration with the Institute’s Practice Assurance programme where the Institute can come and check our work.
There is no regulation of the term ‘accountant’ so anyone in the street can call themselves one, perhaps with no qualifications or experience. Even if you decide not to work with us, please please ensure you use a properly qualified Chartered Accountant for your own protection.
How much do you charge?
Well, it depends what you want us to do. We try to work on a fixed fee basis wherever possible, which would be agreed before work commences.
It is very difficult to give a price list as without meeting you and getting a general understanding of your business it is very difficult to ascertain what level of support you are likely to require.
It stands to reason that well organised records which have been recorded correctly with accurate bank reconciliations will take us less time to work on, and therefore cost you less, than records where we have a lot of sorting out or corrections to make. This is why it is important for us to get a feel for how you keep your records and how your business works before we can give a price.
In some cases a fixed fee is not appropriate and if that is the case, we will quote you an hourly rate.
It is very difficult to give a price list as without meeting you and getting a general understanding of your business it is very difficult to ascertain what level of support you are likely to require.
It stands to reason that well organised records which have been recorded correctly with accurate bank reconciliations will take us less time to work on, and therefore cost you less, than records where we have a lot of sorting out or corrections to make. This is why it is important for us to get a feel for how you keep your records and how your business works before we can give a price.
In some cases a fixed fee is not appropriate and if that is the case, we will quote you an hourly rate.
Will you charge me each time I pick up the phone or email you?
Of course not! It’s important to us that you feel able to contact us with queries.
The last thing we want is for you to be scared to pick up the phone for a simple query, and then us all have to spend lots of time later correcting a simple preventable error.
Or, as in a case recently a client who was planning to incorporate mentioned in passing that they were thinking of adding a string to their bow and qualifying in another complementary trade. We were able to say STOP! and advise waiting a couple of months until they were trading as a limited company. Why did it make a difference? In this case, the training would be tax deductible via a limited company but not as a sole trader. As the training cost nearly £5,000, they were almost £1,000 better off by waiting a couple of months and being able to deduct the cost against profits. Thank goodness they had thought to mention it!
This is why what we term ‘ten minute queries’ within reason are always free. If the query would result in significant extra work or research then we’ll tell you that and agree a fee before we proceed.
The last thing we want is for you to be scared to pick up the phone for a simple query, and then us all have to spend lots of time later correcting a simple preventable error.
Or, as in a case recently a client who was planning to incorporate mentioned in passing that they were thinking of adding a string to their bow and qualifying in another complementary trade. We were able to say STOP! and advise waiting a couple of months until they were trading as a limited company. Why did it make a difference? In this case, the training would be tax deductible via a limited company but not as a sole trader. As the training cost nearly £5,000, they were almost £1,000 better off by waiting a couple of months and being able to deduct the cost against profits. Thank goodness they had thought to mention it!
This is why what we term ‘ten minute queries’ within reason are always free. If the query would result in significant extra work or research then we’ll tell you that and agree a fee before we proceed.
Do you just deal with businesses, or do you deal with individuals too?
We deal both with individuals and businesses. As long as you have an accounting or tax need, we’ll be able to help.
What about business start-ups?
Whether you are just starting out in business or you are well established, or perhaps even thinking of selling up or retiring, we can help.
We have particular experience of helping business start-ups, in all aspects from deciding upon business structure, incorporating if appropriate, setting up accounting systems and helping clients monitor results. Of course, we also deal with the year-end accounts and tax return requirements.
We have particular experience of helping business start-ups, in all aspects from deciding upon business structure, incorporating if appropriate, setting up accounting systems and helping clients monitor results. Of course, we also deal with the year-end accounts and tax return requirements.
Are you Registered Auditors?
No. Most companies with annual turnover of less than £10.2m do not require an audit and despite years of experience in audit, to be honest it is not worth our time and cost to maintain Registered Auditor status when none of our clients need it! If the situation arises where a client does require an audit we can arrange this through a firm of Registered Auditors.
Do you have Professional indemnity insurance?
Yes of course. In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our current professional indemnity insurance is held with the following provider:
QBE Insurance Group
The territorial coverage is worldwide, excluding United States of America or Canada.
QBE Insurance Group
The territorial coverage is worldwide, excluding United States of America or Canada.
