CIMA Industry accountant considering private work

CIMA Industry accountant considering doing private work

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Hi 

I am a CIMA qualified accountant working in industry with 5 years PQE. I am now exploring the idea of doing some private work in addition to my employment. All my experience however is in industry. My main reasons for this would be self deveopment, increasing my tax knowledge and also giving myself options in years to come.

My plan is to study towards the ATT qualification, apply for my CIMA MiP. Once I do these two things, I would then start to do some basic self assessments and build up experience that way. I do think a mentor would be benificial for the first couple of years while I build my experience, however I think this would be hard to find.

Has anyone followed a similar path? Any feedback on my current plan would be much appreciated. 

Thank

Replies (15)

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By tom123
19th Feb 2020 11:23

To be fair to the OP, they are looking to add ATT to CIMA (which does not contain much/any 'real' tax info).

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paddle steamer
By DJKL
19th Feb 2020 11:36

I would check existing employment contract re what you are permitted to do outwith existing role, it is possibly silent but worth checking.

I would also consider, in the fullness of time, how you will tell your existing employers and what reaction will this engender in them re your career path in your existing role.

I did a fair few years with my current employer (and had developed a decent level of trust) before I mentioned I wanted to also run a part time business and reassured them it would not interfere with what I did for them (I did have restrictive covenants within my employment contract that needed modified to accommodate)

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Replying to DJKL:
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By jbunkers1
19th Feb 2020 12:37

Thanks, I will not under take anything until I check with current employer. At first I will only be doing minimal work and also, I don't work in practice so I don't see it being a problem. Definitely something I will keep in mind though, thanks.

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Replying to jbunkers1:
paddle steamer
By DJKL
19th Feb 2020 14:02

Neither do I work in practice- my employer's position was more, if you are doing this will it take your eye away from your day job (A web does that instead), what about calls from your clients during the working day etc- reassuring them, giving some commitments worked fine for me, not addressing at a suitable juncture might give them pause for thought re your commitment to them so as you say, touching base with them at an appropriate juncture is probably the smart approach.

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Replying to jbunkers1:
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By Accountant A
19th Feb 2020 16:10

jbunkers1 wrote:

Thanks, I will not under take anything until I check with current employer. At first I will only be doing minimal work and also, I don't work in practice so I don't see it being a problem. Definitely something I will keep in mind though, thanks.

I was once refused permission to undertake external business entirely unrelated to my employer's. Funnily enough, senior people could get as many non-exec positions as they liked!

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By lesley.barnes
19th Feb 2020 11:53

You would benefit from linking up with your local Mip group. Have a look on Cima's website. https://www.cimaglobal.com/Events/ and use the drop down menu to find your area. The people there will be able to offer advice and support. Cima also run courses for people who are considering becoming Mip's you might want to attend some of these. Whether you would find someone to be a mentor might be tricky as it would depend on the amount of time you would need and what level of support. It could cause a problem with the mentors insurance for example if you wanted them to review your work.

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Replying to lesley.barnes:
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By jbunkers1
19th Feb 2020 12:40

I would love to do that, but there is nothing in area I am based. Just need to sit tight and hopefully one comes along.

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Replying to jbunkers1:
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By lesley.barnes
20th Feb 2020 14:05

Were are you based?

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By Jess Banks
20th Feb 2020 10:04

I have done exactly what you are describing. I became CIMA qualified in 2007 and set up my own business in 2012. I'd be happy to offer you guidance based on my own experience if you'd like.

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By jbunkers1
20th Feb 2020 10:10

Appreciate all the advice guys.

I would still like some specific advice about doing the exams and gaining experience after? Do you think this is possible? I don't want to spend time and money on the exams if it not the best route to go.

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Lone Wolf
By Lone_Wolf
20th Feb 2020 10:29

Would you be advising your potential clients of your lack of tax experience, and that you're using their self assessment return to gain that?

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Replying to Lone_Wolf:
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By jbunkers1
20th Feb 2020 10:50

The little work I will be doing at the start will be for friends and family so it will be mentioned and any fees charged will reflect that. Also, I will hope to have someone with experience who can double check things. I will certainly not do anything that I am not competent in.

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By Ian Ross
20th Feb 2020 11:15

Lots of CIMA members have followed this route.
There is a thriving MiP community within CIMA.
Happy to talk this through. E-mail at [email protected]
Ian (a CIMA MiP and on the MiP Panel)

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By PChapman
20th Feb 2020 12:15

I'm a CIMA MiP and you will need to document your relevent experience in order to get your certification, you'll also need to mantain your CPD, have PII, AML, Etc in place in order to be registered
There is a lot of help on the CIMA website, just navigate to the MiP Section
Also look at CIMA events and go to some MiP events. also CIMA run specific "you want to become a MiP" events from time to time.
You'll find that your local MiP representative should be happy to advise and mentor you to a degree.
Studying ATT is a good idea - Tax was the one area that I was weak after 25+ years in industry.
Finally, you need to ask yourself if you have sufficient bandwidth to do both. Keeping a full time job and building your own practice is a tough challenge and you'll need to be discaplined about it.

Good Luck and if you want I'm happy to advise you where I can

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By David Hedley
20th Feb 2020 15:15

Hi, I’ve dropped you a message and I am more than happy to chat through my experiences of doing this, both good and bad.
Best of luck
Dave

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