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Advice on self-employment and other avenues wanted

CIMA qualified and exploring ideas

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Hello all, 

I am CIMA qualified and have been considering where I want my future to go. 

Put simply, what do MiP's do? There seems to be a lot of qualified (and unqualified) persons offering bookkeeping, VAT and payroll. Where does the competitive advantage come from? Are there simply a few making a good income while the rest are getting by?

Ive looked at the ATT qualification, as CIMA doesn't provide much in the way of tax training. I have friends who run businesses and they essentially go to accountants for one thing - tax. Although this does interest me, I don't work in a field where I would get hands on exposure to tax, so my experience in this area would be limited.

Perhaps some sort of consultancy, but I note IR35 has impacted heavily on this. I have an extensive Financial Planning and Analysis background.

With the increased digitisation of the profession, I wonder if the traditional specialist knowledge of accountants will be seen as less valuable in the future. 

Best regards

PA

Replies (6)

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By Paul Crowley
03rd Jan 2021 17:55

There will always be tax, it come before death.

https://en.wikipedia.org/wiki/Death_and_taxes_(idiom)

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By AC71
03rd Jan 2021 20:43

Increased digitalisation replacing real people is a pipe dream for a long time yet.

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By SXGuy
04th Jan 2021 08:22

Digitisation doesn't mean less work for accountants. If Mr sole trader didn't want to do his own self assessment before what makes you think he'll want to do mtd every 3 months instead?

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By tom123
04th Jan 2021 08:26

Hi PA.

Yours is a common refrain, (like you I have CIMA, and latterly ATT).
Many people move into practice expecting to do other work than compliance tasks, only to find that, in reality, all that people will pay for is compliance.

Are you currently working in 'industry'? (as am I).

Is there a reason why you feel that will not offer you a good living?

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By SteveHa
04th Jan 2021 09:41

PerAnnum wrote:

With the increased digitisation of the profession, I wonder if the traditional specialist knowledge of accountants will be seen as less valuable in the future. 

For the moment I would expect the opposite. Whilst digitisation can lighten the load when it comes to day to day compliance, the UK Taxes Acts are well beyond the scope of AI at the moment, being a complicated and intertwined as they are.

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By tom123
04th Jan 2021 10:08

FP&A is a term used in quite large organisations, so I guess that is your background.

Some MiPs do work in that sector, if I recall from my time as branch president.

Depends, I suppose, if you have a network that can feed you with that type of work.

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