Should I study for tax exams?

Posted by FirstTab on Sun, 04/09/2011 - 22:54 in Blogs 1581 1 comment | report

I have been thinking about tax over the weekend. I have been working in industry for so many years as a result my tax knowledge really needs a boost.

I have raised questions on Any Answers on this area. From the helpful response, I concluded that it would be best to learn as I go along. On reflection, this may not the best way.

Perhaps formal study would be better. I think accounting bodies should insist that their accountants' undertake formal study of tax prior to awarding them a practicing certificate. This should only apply to people like me, going into practice after many years of passing their exams.

I am thinking about studying for ATT or CIOT exams. At the same time I am thinking I have spent so much of my life studying, should I start again? I should start living now! My own argument against this is that for the rest of my working life in practice I really do not have an alternative. The other point that also springs to mind is that am I using this as way not to address some key areas that I am not happy with - weight, old age etc? Perhaps this is a way not to think about difficult areas? I am not sure.

Tax advice is one area that clients really value. Studying will also improve my confidence. Further I will be provide a far better service to my clients.

I have noticed I am relying too much on tax software. It is supposed to be an aid!

You know with determination and planning my time well I think I can live, work and study. I will have to cut down on telly watching and eating for instance!

Other question is should I study for ATT or CIOT? I am thinking CIOT. ATT looks like a great qualification but it does not appear to go on tax planning in any great detail.

As a small general practice without tax staff, I think good knowledge of tax is so important.

I have not come to any firm conclusions yet. I need look into this further..

Comments

Do you have the commitment required? 1 thanks

mn2taxhbj | Mon, 05/09/2011 - 10:57 | Permalink

Based on some of your previous posts I would question whether you have the commitment to study for the tax exams - it is a no-brainer that a tax qualification would help your business. The CIOT exams are recognised as demanding - the usual pass rate is around 35% of candidates which when you consider that most candidates already ahve some relvant professional qualifications shows how hard the exams are. Financially it can be a big commitment especially if you go on study/revision courses - I managed without them but had a lot of relevant experience. The CIOT itself used to recommend at least fifteen hours a week study over a period of a year - do you have the time commitment or mental determination for this level of study

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