Time to get your finances sorted out?
Ever wanted someone to talk to about your finances, or wondered if you need to sort out your taxes?
I caught up with accountant and tax adviser John Sadler – who has recently started his own business, Sadler Advisory – for some guidance on how to get my life back in the black.
Why did you decide to make the move out of corporate life and start your own business?
Working for corporates is great because they offer fantastic opportunities – such as mobility, training, and career progression. You can experience a broad depth of understanding, and create a fun professional and social network. However, the bigger the company, the further you are from the end-customer.
I wanted a job where I could work directly with clients, sharing knowledge and best practice that could make a positive change to their work lives.
What are some of the main challenges or hurdles you have to navigate when starting your own business in a field such as accounting and tax services?
Admitting that I would probably be an accountant for the rest of my life – that’s tough!
Once I’d stopped crying into my Cosmo, I looked into what’s required to advise in this area in the UK. If you contact your professional body, they’ll help you with the requirements you need in order to work in your field – this can delay when you can start working with clients.
More generally, working on your own is difficult for that reason – you’re on your own. There can go a day where I pretty much don’t talk with anyone – that’s difficult for a social person like me.
Do people in the LGBTQ community have accounting and tax needs that are unique to them?
The international financial reporting standards are exactly that, standardised internationally. To my knowledge, the standards don’t address specific industries such as drag performance, although I’d love to consult the institute in this area!
While it’s not essential that your accountant is queer, we all like to work with people with whom we can relate. You might find that you feel more comfortable working with a queer accountant.
Isn’t it only people on big salaries or with lots of investments who need accounting and tax advice?
If you’re employed and don’t have any investments, it’s true – you probably don’t need any advice. As soon as you start to make money outside employment, or invest your savings into something more long-term – such as a house or shares – you will need advice.
It might just be that a simple chat about your plans is all your need – most advisers will be open to doing this with you.
If I’m trying to save for something major – a big vacation, a wedding, a deposit on a house – what are some simple steps I can take to try and boost my savings?
A good way to boost savings is to spend less – which is kind of obvious – or dial down those plans. Maybe have your wedding in Malta instead of Mykonos!
As with all goals, be they financial or otherwise, you’re more likely to achieve them if you write them down. When it comes to money, everyone should manage their own personal budget – your guaranteed salary or income each month, less your committed costs such as rent, utilities, phone, gym, and food. From this point, you’ll understand how much free cash you have to save each month.