Which area of tax shall I specialise my practice in?
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.
- Director's current account - fuel costs and expenses 37 1
- Coming in from the cold 319 3
- Splitting the tax year 154 2
- P11d & Medical Ins 187 2
- Should design costs be capitalised? 166 4
- Sale of assets - availability of AIA to the purchaser 147 2
- Submitting tax return 123 1
- Ex Client from over 3 years ago 216 3
- Keep receiving RTI late submission notice 258 8
- Director's tax return 333 7
- Reporting no P11d due when PAYE scheme closed by HMRC 5Apr2013 122 1
- Sage Payroll 316 11
- Payroo Employer allowance query 208 6
- Small employers paying people when sick thanks alot! 3,070 33
- vat return 262 3
- Flat rate vat 159 1
- Value pricing 732 26
- RTI Annual Scheme Query 166 4
- PAYE coding notice - deliberate misstatement 243 4
- Private residence relief with entrepreneur relief mix 295 4
- Residential Property Purchase Above £750K 805
- Using Sage with Sofa Categories 557
- Does anyone have an unwanted ICAEW wooden plaque? 426
- Goods shipped inter EU and VAT Reporting 304
- Free Tax Legislation? 274
- Director Loan account operation 255
- transferring simply accounting 2010 from xp to windows 7 252
- Non-Resident Director - UK Tax Position? 246
- Sage 200 and Access Dimensions reviews 232
- Paye procedures for CVA 169