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Tom Crompton
👋 Accountant for design businesses | Founder at The3Key
Tom Crompton is the founder of The3Key, a company in the accounting and financial services industry.12 Born in December 1998, Tom is a young entrepreneur who started his own business and has been steadily growing it.4
Professional Background
Tom is known for his expertise in accountancy, demonstrating both professionalism and tenacity in his work.1 He has a reputation for being highly knowledgeable and skilled, particularly when it comes to addressing complex accounting issues with clarity.1
The3Key
The3Key, founded by Tom Crompton, is a growing company:
- Initially started as a solo venture by Tom2
- As of January 5, 2024, the company expanded to include a second team member2
- There were plans to further expand to a team of three in the near future2
- Currently, The3Key employs 3 people3
Business Approach
Tom has been described as cautious in his approach to business growth.2 This careful strategy seems to have paid off, as the company has shown steady expansion since its inception.
Location and Reach
Based in the UK, Tom operates The3Key from Bolton.45 The company appears to serve clients in the accounting and financial services sector, leveraging Tom's expertise in these areas.
Tom Crompton's journey with The3Key showcases a young entrepreneur's success in building a growing business in the competitive field of accounting and financial services.
Highlights
I really wish I had a post for today, but I don't.
I want to use it to get to know people more 💡
Whats a brand that resonates with you?
I mean in a way that you are REALLY drawn to it.
Why is it? 💭
I'll start: Vivienne Westwood.
Rebellious. Went against the norms of the fashion industry. Didn't really give a sh*t about about people thought.
The Brand icon focuses on the past with the use of the Crown Jewels, whilst building in the orbs, symbolising the future.
That's mine; big fan.
Whats yours? 🧐
We’re the accountants for designers 🎨
But it nearly didn’t happen 👀
You see, I love VAT. It’s almost a hobby 😭
Because I was so intrigued, I got REALLY invested in digital products. Digital products can be pretty tricky for tax purposes because there’s multiple moving parts.
I was either going to specialise in designers or digital products.
👉 Designers. These are the businesses I enjoy working with most. 👉 Digital Products. I enjoy the challenge they create. Each is different.
The market felt too small for digital products. Even if it weren’t, it’d have been tough to establish ourselves as the experts because each individual client takes longer to reach compliance. The business would have failed 📉
It did make me realise how little people know about VAT.
VAT is tricky and people don’t get the fundamentals correctly, which causes constant invoicing errors 💸
In this order, here are the four things you need to start with 👇
1️⃣ Tax Rate Is it a VATable sale that you’re supplying?
2️⃣ Who Who are you supplying to? Is it B2B or B2C? 🤔
3️⃣ What What are you supplying?
The tiny details in your services are essential here because they can effectively flip the outcome. For VAT purposes, you have types of supplies.
You follow the general rule if it doesn’t fall under a special rule. This is why knowing exactly what you do as a business is critical.
4️⃣ Where Based on who and what you supply, the sale will be treated as taking place where you are based or where your customer is.
This will determine whether you need to charge UK VAT. Even more so, in some situations, whether you need to register for VAT elsewhere in the world.
