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Your accountant: the essentials (part 5)

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5.    Define your attitude to riskDecide what you are prepared to risk and what you are not prepared to risk. Are you prepared to borrow or not? You must know now, before the pressure is on, whether you will be prepared to sign a guarantee and sign away your house. So often people swear they won’t, but end up doing so.

If you share your life with someone, be brave and talk to them now about what commitments you might have to make that will affect them. If you go ahead and mortgage your house without a proper discussion at home, your home may not be the only thing you lose if the business goes down.

This is the fifth of six short pieces on working with your accountant, written by Christopher Jenkins, senior partner of Wingrave Yeats (yes, they’re accountants). Wingrave Yeats was voted Best Medium Sized Firm of the Year and Chris was voted Best Business Adviser of the Year by the CBI. Contact him at cjenkins@wingrave.co.uk or go to www.wingrave.co.uk

For more on choosing and using an accountant, click here for our Start-up Guide.

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