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.
- Seeking advice: Paying Funeral Costs 507 6
- Sole Director Limited Company and Childcare..hat is most tax efficient way to do it? 278 4
- Late registration for MOSS 201 4
- Professional Clearance 1,012 24
- Self employed care worker 411 9
- Self Assessment statement credit balances unallocated and getting repayment 240 5
- Client right to working papers 165 2
- Employee leaving mid month and Payroll Manager 326 7
- Illegal share transfer 424 5
- Audacity 853 16
- Uk vat on supply of training services to South African Airline? 148 2
- Company Strike off 1,800 30
- Soca or not to soca 2,077 34
- How to deal with an employee's at work car parking cost, paid for by the company 372 3
- Estate admin practicalities 209 1
- Cloud Accounting Software for Practitioners 1,478 23
- Duplicate employments caused by works numbers on Sage 311 5
- Cheapest PI insurance for accountant available? 1,774 31
- Joint owners of rental properties 343 6
- Capital stated on incorporation too low by several orders of magnitude. 330 2
- NHS finance professionals 526
- VAL231 406
- Mother and son property ownership 365
- Auto Enrolment and Foreign employers 353
- Foreign Pension Contribution 328
- Fines for late submission of the RDR 302
- Employee's statement of sickness (SC2) form - no longer available as downloadable pdf 279
- vat gross profit percentage margins 267
- Incorporated LLP partners, CIS and IR35 262
- Pre Season Invoice dated September how do you treat the VAT as not due until May 16 251