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Hello

I am looking to buy my first house very soon and need an additional source of income for the deposit. I am CTA and work in a mid tier firm. I have never put a set of accounts together. I work in tax - mainly corporate and private (excluding trusts).

I am looking for some additional income from work that I can do in the evenings and weekends. I know its going to be tough with a full time job, but needs must.

Has anyone else done this - eg contracting or getting your own clients? I am leaning towards contracting because I can do some tax returns on the weekend and it will be quicker than getting my own clients.

Any advice would be apprecaited.

Thanks

 

 

Replies (17)

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By Lucy N
06th Apr 2024 13:11

So you've got a licence to practice, AML supervision and PI insurance?

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By David Ex
06th Apr 2024 14:14

In addition to Lucy’s valid points, what does your employment contract say on the subject?

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By Applications
06th Apr 2024 16:24

Thanks for the comments. These are all things that I have looked into. AML from CIOT. PI I have already looked into. CIOT doesn't require a licence to practice. My employment contract has no issues with me accepting work else where. I offer them my services, not my life - what you may be thinking of is that I can not go after their clients and I have no intention to do.

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Replying to Applications:
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By David Ex
06th Apr 2024 16:48

Applications wrote:

I offer them my services, not my life - what you may be thinking of is that I can not go after their clients and I have no intention to do.

No, I’m thinking of an employment contract that I had once. No idea if such a provision is enforceable but thought it better to err on the side of caution.

Anyway, if you’re going to resort to sarcasm having sought advice, I’ll avoid troubling you with any further comments.

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Replying to Applications:
Stepurhan
By stepurhan
06th Apr 2024 18:43

Applications wrote:
My employment contract has no issues with me accepting work else where.
Are you sure about that?

Because if you are offering the same sort of services that your employer provides, then you are in direct competition. Employment contracts will normally include a restriction to stop you doing that. I know mine does. It is not about going after existing clients. It is about taking on clients that, absent your personal business, your employer could have taken on.

But even if it doesn't, will your outside work really have zero impact on your employed work? If your performance in your employment drops because your other work is leaving you no time to relax, then that is an employer issue. Just saying that they don't control your life outside work is incredibly naive. If you stayed up drinking until dawn and turned up tired and hungover every day, the fact your partying was outside office hours won't save your job.

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Replying to stepurhan:
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By Applications
06th Apr 2024 18:58

Appreciate your comments. I know my employment contract well enough - I read it before I signed it. And I am sure I signed the same one that the three other people on my level had when they openly talk about their own clients at the firm on their days off (they are part time so that they can run their own practice).

I think if I can't handle a bit of work outside of work then I will be weak willed. It's no different to taking exams and turning up to work - work outside of work.

I don't plan to stop playing football and tennis outside of work just so I don't come into work a bit tired. It's no different.

I work in a firm that I am sure if my performance drops they know how to speak to me.

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Replying to Applications:
Stepurhan
By stepurhan
06th Apr 2024 20:50

Applications wrote:

Appreciate your comments. I know my employment contract well enough - I read it before I signed it. And I am sure I signed the same one that the three other people on my level had when they openly talk about their own clients at the firm on their days off (they are part time so that they can run their own practice).

I think if I can't handle a bit of work outside of work then I will be weak willed. It's no different to taking exams and turning up to work - work outside of work.

I don't plan to stop playing football and tennis outside of work just so I don't come into work a bit tired. It's no different.

I work in a firm that I am sure if my performance drops they know how to speak to me.

If you are both confident your employment contract doesn't prohibit it and you are confident you can do it without affecting any other aspect of your life, why are you even asking this question?

The original question implies you don't know if doing this is even possible. This response, especially your "weak-willed" comment, implies you don't see how anyone could struggle to do this. So just go ahead and do it if you're that confident.

If your employment contract doesn't include a restrictive clause, then your employer is probably not mid-tier. Even the generalist high street accountants I have worked for have included such a clause. That being the case I fear you may be over-confident about how much knowledge your "mid-tier" experience has given you. That being the case, I think you need to be very careful about not doing work that you don't know really well. Getting sued because you were overconfident about what you know could end up costing you a lot in the long run.

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Replying to stepurhan:
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By Applications
06th Apr 2024 22:06

Here we go, another Aweb bully who doesn't like it when someone doesn't like it when someone disagrees with him. Why can't this forum have more Paul's, people are helpful and actually give responses that give value.

So to clarify - read my post again. You will understand why you are coming across as a bully. Much like in work and in exams - answer the question being asked not the one you want to be asked. I am asking for help in how to do it not telling you I am super confident and have lots of will power, read the question.

Weak willed doesn't mean something is hard. Google the definition when you get a chance.

Confidence and weak willed can be separate and distinct. Someone that gives up smoking through will power, doesn't mean that they have oodles of confidence. Yes, the two can overlap but not always, that is your assumption - nothing in my post suggested that.

Thank you for telling me the definition of mid tier is having a restrictive contract for employees. When I go into the office on Monday morning, I will be sure to tell the marketing department department and the 40+ partners this. They will be dispointed to hear this but they will understand this as you have read every employees contract in a mid tier firm (several thousands of them including mine).

I did not discuss my knowledge, again as an Aweb forum bully who doesn't like hearing something you have gone on a tangent and picked on something irrelevant. Ps. 5 years in a small local practice also but you wouldn't know that because as bully you like picking up on what you want to hear.

If I plan to charge £15/£20 an hour, on what basis have you concluded that I will give top level advisory? Can you clarify? Maybe this is what your firm charges for this type of work - its certainly not what I would!

We need less Aweb bully's like you on this forum and helpful people like Paul.

Ps. If we are going to get personal, you should not be client facing - you struggle to find ways on how to do something and can't come up with any thing helpful.

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Replying to Applications:
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By FactChecker
06th Apr 2024 22:44

Take a deep breath ... and read back your comment ("doesn't like it when someone .. disagrees with him") to yourself.

You posted a scenario - without posing a question, but concluding with "Any advice would be apprecaited" (sic) ... which is what has been posted in response.

You may not like the 'advice' - but it's hardly surprising that it's generic given your post didn't specify any of the factors that Stepurhan hazarded guesses about; and they are patently related to personal experience (which is what you asked for).
FWIW you earlier thanked the same member with: "Appreciate your comments".

So it's not clear, to me anyway, from where you are sourcing your anger or why you are responding with insults - but it won't win friends on here.

If you really do want any pointers, then (as Paul hinted at) the relevance of any replies might be greater if you clearly set out your stall - particularly in terms of the areas in which you feel you have specialist skills/experience or conversely how prepared you are to do the grunt work on basic computations/returns (again for which taxes), and so on.
There's a wealth of experience on here, so if you provided a bit of focus you might get what you want.

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Replying to FactChecker:
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By Applications
06th Apr 2024 23:09

And within a few hours it all descends into bickering.

Much like most posts on Aweb when someone asks for help. I now remember why I never posted or replied on here, I think I will go back to sticking to that rule.

Bye.

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Replying to Applications:
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By FactChecker
06th Apr 2024 23:58

Bickering?
It takes two or more to bicker, but you're on your own there (as in 'could start an argument in an empty room') ... which is fine by me.

My only regret is bothering to give some useful advice to someone determined to be ungrateful - but since you are obviously intent on ignoring it, I no longer care.

Not au revoir, but adieu ... pour toujours.

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Replying to Applications:
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By Paul Crowley
06th Apr 2024 22:46

They were valid points. How was it bullying?

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By Paul Crowley
06th Apr 2024 16:38

If you are looking at being a subcontractor then you really need to be looking at the bigger local firms of accountants, the type that has sizeable clients. I say that because I assume you would want a rate that you would consider commensurate with your qualification.
You would still need PII
Getting your own clients takes time to build but would be better money.

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By Applications
06th Apr 2024 16:47

Thanks Paul. A very helpful response. Do you think they would accept that I can only do work on the weekends/evenings? And when you say larger do you mean the bigger local practices with say 1-3 partners? Or do you mean the regional offices of top 20? Sorry, I know basic, but this is all new to me and I don't know anyone who has done this.

I don't expect to get inline with what I am on at the moment. I would expect I would be treated no more than extra capacity to get returns done or reviewed so would be happy with something no different to outsourcing. Say £15/£20 an hour - or is that too cheap or should I charge a % of the fee.

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Replying to Applications:
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By Paul Crowley
06th Apr 2024 18:28

Nobody cares when the work is done, but there would probably be the need to speak on the phone in the normal working hours of the accounts firm.
Small forms up to say 4 partners probably less likely to be able to have the budget for their routine work, but may have budget for a consultant on more difficult tax issues.
A lot of basic compliance work can be done for a cost not much over minimum wage.
Small firms like mine get offers of free work from people just looking to get experience to add to their CV
Larger firms are more able to use you as a consultant at the rate you would be aspiring to.
In your position I would be contacting all local firms, offering consultancy rather than looking to do routine compliance work.

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Replying to Paul Crowley:
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By Applications
06th Apr 2024 18:46

Thanks Paul. Super helpful.

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By tom123
07th Apr 2024 21:05

Now, I'm not in practice, so have no skin in this game - but you really should bear in mind how clients are going to communicate with you - as in email and phone expectations.

Your external clients will expect to contact you at any time - and that could be disruptive to your employer.

Your PT colleagues can offer a couple of days during the week when they are available during working hours - but you can't do this.

Checking the odd personal email during work is fine, we've all done that - but I would worry that you could end up falling out with your existing employer over this type of thing.

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