This blog is about all matters business and personal of a sole practitioner. I have a practice with one member of staff.
Should I study for tax exams?
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..