FAQs – Frequently Asked Questions…
Business and taxes
I want to set up my own business. What should I do?Wow! There is so much to talk about. We feel strongly that you should seek advice from a qualified, Chartered Accountant as early as possible in the process. You may do this by taking advantage of Lotuswise’s free initial consultation (worth £250+VAT) at which you will learn how to keep books and records, use software, market your business, which taxes you may need to pay, whether to incorporate or to operate as a sole trader. You will also pick up a number of tips on how to succeed in business.
Do I have to set up a limited company to start selling?No. There are a number of different options available including being a sole trader (self-employed), working through a limited company or forming a partnership. We will be able to explain the pros and cons of each allowing you to decide which would be most suitable for you.
What are the benefits of having a limited company?A Limited Company benefits from being regarded totally separately from those who own it, called its shareholders. The liability of the shareholders is limited to the initial capital they introduce so their personal assets can be protected in most cases (although not all). Shareholders can work as employees in their Limited Companies or choose not to. Employees will need to be paid a salary and normally the Company will need to run a payroll and be registered for PAYE. Shareholders can be paid a dividend, although a number of rules apply as to how this can be done.
Do I need to become VAT registered?A business needs to register if it has or is likely to exceed the annual VAT threshold set by the Government. In some cases, it may be advisable to register a business for VAT on a voluntary basis. We would be pleased to advise on this and also the various schemes available and their benefits.
Location and hours
Where in Eastcote are you situated?We are at Lotuswise Suite, 258 Field End Road, Eastcote, Middx HA4 9UU. Our office is opposite and slightly left from the Station with visitor parking available. We are 2 minutes from the platform at Eastcote which is served by Metropolitan and Piccadilly Lines. These connect us with Central London and the City of London including Baker Street, Kings Cross, Liverpool Street, Moorgate and Aldgate as well as Ruislip, Ickenham, Hillingdon, Uxbridge, Pinner, Northwood, Rickmansworth, Watford and Wembley in North-West London, Amersham and Chesham in Buckinghamshire and Ealing, Sudbury and Acton in West London. Harrow-on-the Hill is two stops away and connects us with the Chiltern Line going to Marylebone.
Which buses are you served by?We are served by bus routes 282 (Ealing Hospital, Hanwell, Greenford, Northolt, Northwood, Mount Vernon Hospital) and 398 (Ruislip, Rayners Lane, Wood End).
I’m waiting outside Eastcote station what do I do now?Join us for a coffee! Directions from the Station: Cross at the Lights, turn left and walk 20 yards. We are in Ferrari House on your right.
Is there parking available at your site?Yes, we normally have visitors’ parking available behind our building.
If I am not in the country and would like to contact you, how am I able to do so?Phone, Skype, WhatsApp, Text, Social Media Messaging, in short anything other than pigeon!
Are Lotuswise available at weekends or evenings?We are normally available for evening meetings in weekdays and weekends by prior appointment.
When were you established?Lotuswise Financial Management Limited was established in 2007.
What kind of clients do you have?In short, over 35 years. Rajeev Sharma, Managing Director, graduated in 1983 and after training as an Auditor with Deloitte, pursued a career in Commerce in Finance Director and Controller roles. His experience encompassed domestic and international groups and professional services, technology, telecoms, IT and consumer electronics sectors. He brings sound financial judgement, knowledge of good practice and productive technology to Lotuswise’s small business clients. We are also proud to have a complement of experienced Qualified and part-qualified Accountants and Apprentices. An authorised ICAEW training firm, our staff are trained to the highest standards and are members of distinguished professional bodies like the ICAEW, ACCA, AAT.
Why should I choose Lotuswise over other companies?It is not our policy to comment on the work of other professionally regulated Chartered firms. We aim to provide an excellent service and also endeavour to provide great value. As Chartered Accountants and Business Consultants, we use our extensive commercial experience to add value in business areas other than compliance alone. We love to work with people who love their businesses!
I currently have another accountant. Will it be easy for me to transition to you?It is fairly easy to change Accountants. There are some professional protocols which we adhere to as ICAEW Chartered Accountants which seek to protect all parties. We always aim to make the transition as seamless as possible.
How quickly can we change accountants?This depends on how quickly the professional protocols can be completed – we have often completed this exercise within a week.
What type of facilities could you offer for a small business?We have a really comprehensive set of facilities available. See our services page for details.
What is the difference between your website and your mobile phone app?Our app provides a convenient interface specifically designed for mobile devices (IOS and Android) and a different experience to browsing our website. It features the following services:
- Push notifications allowing convenient, up-to-date communications from Lotuswise
- Information about Lotuswise and using our services
- Tax calculators (14 types)
- Mileage Tracker
- Tax tables
- Tax key dates and Tax tips
- News and Blog
- Easy login to QuickBooks, Receipt Bank
Free initial consultation
How long do meetings generally last?Our initial consultation meetings normally last approximately one hour.
If I have a meeting, what do I need to bring?Not very much. Something to take notes with as you will learn a lot! Bringing any Companies House and HMRC correspondence is useful if you have questions.
Do I need to bring all my documents with me for the free initial consultation meeting?No. We give you a list of documents we need if you engage with us. Bringing relevant documents with you to the initial meeting can however save valuable time and often helps with the answers to questions you may have.
How long after the initial consultation meeting do I get a quotation?We aim to get this done within 2-3 days of the meeting.
What exact information do you need from me to prepare a quotation?
- Nature of the business
- Number of Directors, Shareholders, employees etc.
- Average number of sales, purchase and bank transactions
- Any areas of accounting or tax complexity
- Services required (VAT, payroll, book-keeping, software apps, reporting, advice, registered office, company maintenance)
- Current state of accounting records and how much information is available electronically