I started a practice a couple of years ago and got some great advice from this forum. Growing the practice has been challenging and I've realised that being a general practitioner in London means that every other practice is my direct competition. I regularly advise my clients to specialise in a niche so as to trade on expertise and service rather than price alone and figured it was time for me to follow my own advice.
My clients are currently micro-businesses and small businesses. The largest has a turnover of around £2 million but most are closer to £250k. Winning clients is really tough as our approach is quite similar to a couple of much larger firms in the area, which means that price becomes the number one negotiating tool. I could build up a practice of price-sensitive clients but with the practice still small (less than 50 companies), I want to explore other avenues.
I was thinking that, if I specialised in an area of tax, I could take on larger clients for short consultancy work or on a retainer. The only problem is that there are so many options. I have looked into corporation tax, capital allowances in the real estate sector and international VAT as options but have no feel for what the competition levels are like or the earnings potential.
Does anyone have any experience of specialising in an area of taxation? Which sector would you target and why? Which area of taxation do you think is best to target? Which area of tax is most financially lucrative?
I will of course be looking for training next so any advice on that would be very handy too. I don't mind having to train for a couple of years as I am certain that being a general practitioner with hundreds of small clients, each pushing me for every penny, is not the way I want to go.