Need website to assist me starting a practice

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Hi guys,

I am thinking of starting my own practice as I feel this will help me when out of work. Is there any website or book that anyone can recommend which gives the annual requirements/deadlines and tax thresholds which I need to adhere to for my clients. I know these change every year so I am looking for some useful to assist me

Thanks

Phil

Replies (5)

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By Lucy N
06th Apr 2024 13:13

HMRC website has thresholds and rates each tax year. Deadlines don't really change every year so are standard.
Consider if you are experienced enough to start your own practice as this is quite a basic thing to know.
Will also need licence to practice, AML supervision and PI insurance before you do anything.

Thanks (4)
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By Paul Crowley
06th Apr 2024 16:07

Chat to the ACCA about this before doing anything. Do you have a practicing certificate?
Practice is not the same thing as working in industry.
The question, together with your prior question suggest that practice may not be the best option for you.

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By FactChecker
06th Apr 2024 17:25

"I am thinking of starting my own practice as I feel this will help me when out of work."
Sorry, but that is the worst reason for setting-up in practice (particularly as, based on your previous posts, it would be the first time that you had been in practice).
Leaving aside my points at the end of this response, it wouldn't be fair on your clients who would be unaware that you knew as little as them about what they were asking you to do.

".. the annual requirements/deadlines and tax thresholds which I need to adhere to for my clients"
As you haven't specified what services you'd be offering or which Taxes would be in play or the breadth of sector-specific filings you'd be prepared to take on ... that really is asking 'how long is a piece of string?'
Most of the answers you seek can be found somewhere within GOV.UK (even if they're not 100% reliable), but not in the kind of 'neat one chapter summary' for which you appear to be hoping - and that's not just because GOV.UK are less than perfect, but because there are such an enormous number of "requirements/deadlines and tax thresholds" ... not all merely annual and without mentioning other aspects like CH.

I said, at the start, that there were other points to consider.
Lucy has mentioned some (not all) of the administrative ones - which will cost you money upfront whether or not your business takes off.
Paul has asked whether you have a practicing certificate (without which the ACCA will immediately rescind your membership, and fine you heavily on the way out, if they find you practicing).
And, as I believe others mentioned on your previous posts, if you put that all together with my earlier point about 'lack of practical experience' then it seems clear to me that this would not be a wise move for you to contemplate at this point in your life.
Get some experience working in practice, but as an employee; and if you enjoy it you will then be in a better position to try giving it a go on your own.

Good luck ... I doubt that much of that is what you wanted to hear, but hope it helps.

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By CJaneH
08th Apr 2024 11:38

I think the major problem you have is you are unaware how little you know. If you want to set up an accountancy practice you need to.
A Get experience working for several years in a professional practice.
B Study and qualify in one of the several accountancy bodies.
But given your lack of perception of both the volume and complexity of tax and accountancy law perhaps you should not.

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By I'msorryIhaven'taclue
08th Apr 2024 20:53

You could start with the Grammarly website.

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