Setting up as a tax consultant

Setting up as a tax consultant

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I am ACA and CTA qualified and I am now considering setting up on my own after many years of employment with various accounting practices.

I expect my client base to be a mixture of smaller firms who need assistance with specific tax issues (for example assistance with enquiries) and maybe also assistance for small businesses in completing tax returns etc.

I believe I will need a practicing certificate (which I don't yet have) and professional indemnity insurance. Are there any other issues to consider before I go ahead?
Anon

Replies (5)

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By Taxi
09th Mar 2006 17:27

Sorry to be harsh! It is just that this is the sort of
question posed by students, and being "anon" didn't help.

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By User deleted
09th Mar 2006 17:29

Not a student!
I'm only Anon in case my current employer is reading!

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By User deleted
09th Mar 2006 14:40

A bit harsh
That is a bit harsh Nichola. At the moment this is just a vague idea which I haven't researched in detail. I am just looking for some guidance as to what are the key issues other people have come across when setting up, so I know where to concentrate as I develop the idea further.

I am not looking to set up a large practice, just to do a few hours a week of freelance work from home so that I can give up commuting and spend more time with my kids, but have a bit of income coming in.

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By Taxi
08th Mar 2006 23:39

PII is a nightmare, as you never know what on earth is
under the tip of the iceberg when you deal with accountancy firms'tax problems.

I'm a member of the ICAEW and had one of their quality control visits recently, which was brilliant. It allowed me to discuss all sorts of issues, money laundering, data protection act, letters of engagement etc.
You need a practicing certificate obviously, but you need to be good at lateral thinking and have a great deal of common sense (as well as the tax knowhow) if you really want to do the consultancy route. It is odd that with your years of experience that you do not know how to proceed.

This may sound a bit brutal, but if you think that you are capable of performing a consultancy service of any sort then why on earth do you need to pose this question to this forum?

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By Joy Eziefula
07th Mar 2006 14:28
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