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Anyone else feel like selling up....its relentless

Small practice

Didn't find your answer?

Is it just me or has anyone else had enough? I don't know how much longer I can cope.

Normal workload, Grant advise and support, Furlough claims, VAT reverse charge, Brexit etc etc

We need to be able to get back to a normal level of workload, review all of our clients and increase fees, ask others to move on.

Our two bookeepers do all VAT processing, payroll etc, but clients just seem to be getting more and more demanding and impatient - I don't think for one minute this is specific to us, as we have good working relationships with most clients, and previously, where there are issues, they are told to move on.

We feel we cannot increase our fees under the current climate, but do charge for grant and furlough claims.

Replies (58)

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By ashmehta
19th Feb 2021 10:47

Go for it. Life's too short! Went through the same process and decided to chuck it in after the January rush. Company in voluntary liquidation now so will be free to do some charitable work abroad - covid permitting !
70 in June so time I did something different anyway. Finished my CBT, got a motorbike and will be doing Direct Access later this year. Learning Japanese in readiness for a motorcycle tour of Japan and elsewhere....
Ah! No more tax returns etc etc etc. Bliss.

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bike
By FirstTab
19th Feb 2021 11:02

If anyone intends to sell a cloud-based practice only. I am interested in buying. Please PM me.

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Replying to FirstTab:
blue sheep
By NH
19th Feb 2021 11:15

FirstTab wrote:

If anyone intends to sell a cloud-based practice only. I am interested in buying. Please PM me.


Ditto, there will be no shortage of younger, keener and less jaded buyers for these practices
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By Gone Sailing
19th Feb 2021 11:07

Samsung wrote:

HMRC/Govt does seem to want the demise of small businesses.

Maybe you mean small practices?

I would agree that HMRC appear to be reducing support for small practices, which in turn means that small practices are becoming less able to be the first line of defence for small business's tax returns.

And if the above posts are a good sample, ie. 'lose bad clients', then small business self assessment without small practices is a road going in only one direction.

Of course there are a simple solutions:
1) Reduce the expense analysis threshold to £1,000, add some analytics and ask for more details where the threshold is exceeded.
2) Reduce VAT threshold to £10,000, which would also even up competition and mitigate against tactically staying unregistered.

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By [email protected]
22nd Feb 2021 11:16

I also had enough but needed the business as have young family, so fully outsourced my business so I have little to do and have reduced staffing requirements. I just concetrate on looking after the clients and not the drudge of admin and filing.

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PW
By Ashley Leeds
10th May 2021 15:33

This is heartbreaking to read, but I totally get it. Running a business is difficult enough, but running an accounting firm means that you have all the small business owners who are also feeling like you on your back too.

You've got to take some time out and reflect on what it is you actually want out of life.

I did this a few years ago and made some life-changing decisions. If you are at this point, then taking some time out will give your mind time to think about the bigger picture.

Do you know what your WHY is?

A friend of mine was offered a deal to buy their practice, no strings, but they thought about it and realised that the 3rd party wanted to buy the practice to make money. So my friend figured out what they would do if they purchased their practice today.

Looking inwards from outside you can see different things.

As other comments have implied, life is too short. But only YOU can make the decision.

Good luck

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PW
By Ashley Leeds
10th May 2021 15:33

This is heartbreaking to read, but I totally get it. Running a business is difficult enough, but running an accounting firm means that you have all the small business owners who are also feeling like you on your back too.

You've got to take some time out and reflect on what it is you actually want out of life.

I did this a few years ago and made some life-changing decisions. If you are at this point, then taking some time out will give your mind time to think about the bigger picture.

Do you know what your WHY is?

A friend of mine was offered a deal to buy their practice, no strings, but they thought about it and realised that the 3rd party wanted to buy the practice to make money. So my friend figured out what they would do if they purchased their practice today.

Looking inwards from outside you can see different things.

As other comments have implied, life is too short. But only YOU can make the decision.

Good luck

Thanks (1)
Replying to Ashley Leeds:
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By johnjenkins
11th May 2021 09:31

I remember the banks and other financial institutions pulling the plug on many good business and ruining many livelihoods back in the recession of 1990/91. It would have happened again in 2008 if Gordon Brown hadn't stepped in (the only good thing he did in his political career (IMO)).
The point I am making is that every now and then smelly stuff happens and we have to deal with it. Because we have some sort of knowledge we are expected to have all the answers and our clients look to us for guidance. That is all we can give, guidance from our experiences.

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