I've been practicing on my own now since May 2011. I have about 40 clients. I work part time.
Since then I have had no compliance visits from my institute and no tax investigations. Is this normal?
Can I ask the same questions of you?
How long have you been in practice?
How many clients do you have?
When did you have your first compliance visit from your professional body? (and how frequent are the visits?)
How many HMRC investigations are you involved with each year? (CCH reckons 1 per year.)
Replies (4)
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If you don't have a practicing licence
Then you will not have to go through a compliance visit.
But on the other hand, after 12 years still not had one. A compliance visit that is.
Just finished an HMRC VAT inspection, last one was 7 years ago.
Rare & better things to worry about
I've been a sole practitioner for about 8 years starting with about 160 clients and now down to about 50.
I've had one ACCA monitoring visit in 2009 and, assuming I haven't retired or dropped the ACCA tag, can expect another in 2 years time. I can't remember having a full, in your face, tax enquiry, and have had perhaps 3-4 aspect enquiries and one IR35 review.
I assume you have a practising certificate. If yes you should get a visit every 3 years. If no-get one quick
14 years
I have been practising for 14 years and have had one visit from ICAEW 2 years ago. I am not expecting another one for 3+ years so I think it depends on which institute you are a member of.