I recently set up my own accountancy practice. However coming off the back of nearly 18 months in industry, my tax knowledge needs updating and improving over the next few months.
Obviously HMRC can be used as a useful guide, and I have a subscription with a training provider which includes quarterly tax seminars, but what would other AWeb members recommend to help me improve my tax knowledge, good forums to bounce ideas off of others, and specialist advice I may need from time to time for my clients.
I'm looking for the best websites, newsletters, subscriptions, forums, books/manuals and phone/online support so all recommendations would be appreciated.
Obviously I am a small practice on a small budget so the better database I can pull together that costs very little (or if any are free!)!
A couple I have looked at are Nicola Ross Martin and the Tax Club for a start as both are reasonably priced (The Tax Club is very competitively priced, whilst the option to pay for NRM by standing order is appealing) - would anybody recommend either of these as worth the outlay? And please all other suggestions welcome!
Replies (7)
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CCH is brilliant for their tax and VAT helplines.
Like having your own tax dept for approx £400 pa which can in some cases be recharged to clients for specialist advice.
TaxTV (Inexplicably written as TAXtv) is very good at £99pa. I get free access to Abbey Tax through my PI insurance from Bluefin and they seem good. Cathy Grimmer of Raven Taxation seems good too.
For reference, I use FL Memo on-line (also downloadable). I tried the Bloomsbury Professional on-line reference but found it too hard to find what I was looking for.
Happy with NRM
We use a variety of services but the favourite would be Nicola's. The issues are explained very well and in practical terms. It is the practical application that is so useful. It is very comprehensive for our needs (general SME tax). The content does reflects NRM's interests and background and if you're after some specialist areas then you may find it isn't covered. We've not had any problem though.
Keeping upto date
HMRC has a daily-updated webpage that is recommended to be set as one of your home pages in your web browser.
This is where you'll discover important practical things that oddly sometimes don't get mentioned on this forum like the VAT online filing closedown for several days of next week...
Tax Advice Network
Produces a weekly newsletter that always contains three practical, timely and commercial tax tips aimed directly at general practice accountants.
You can subscribe for free. Click here>>>
Again there is no discussion forum here but the popular newsletter is a standalone facility albeit paying subscribers can get a number of other benefits too.
Recommendation - dont pay unless you need to...
mickeyban suggests CCH. As good as they are £400 is a lot of money for someone who is just setting up in business. And how many times will you need their direct advice do you think? Yes.. they are good but there are other equally good but free sites.
Remember.. accountingweb editors post up to date articles on a variety of subjects relevant to accountants every week as I am no doubt you are aware. Post a question on 'Any Answers' and invariably you will get a correct, practical answer for free.
Tax Advice is also very good and as bookmarklee states - its free.
Also look at Tax Insider - it has Mark McLaughlin as its editor. You can read a selection of free articles online or you can buy monthly newsletters for £95 for 12 issues. Tax Insider; Property Tax Insider and Business Tax Insider. Plus you get free guides periodically.
Where do you live? Current and excellent lecturers can be found at CIOT/ATT meetings.
Members of the SOSCA meet fellow accountants in the peaceful surroundings of Athelhampton House near Tolpuddle once a month and for a fee of £40 get to hear such excellent lecturers as Robert Jamieson and Tim Good - plus a good local networking event - important when you are working on your own.