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Setting Up as CIMA MIP - Advice

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Hi All

I am CIMA qualified and currently working part time (3 days) in a large global company which i have done for the past 10 years. 4 years ago myself and my husband set up a Development company which is doing very well and i do all the Payroll/VAT/Bookeeping/CIS /PAYE etc that i need to.

Its coming to a point where i need to be available more days to fulfil this role however worried about giving up my independence. With  children i am now considereing setting up my own bookeeping/accountancy company run from home so that i can run our own comany and take on additional clients. 

I have knowledge gaps in tax and so intend to go on a personal tax course and a business one, obtain my members in practice certificate (hopefully :) and attend a local Mip group.

My question is can anyone recommend a decent tax course i have looked at ATT is this the best one? Any other training you think i should undertake? I am going to make sure i am fully prepared and done additional training before i take the leap of faith!

Replies (8)

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By andy.partridge
01st Feb 2018 12:10

I appreciate, as a CIMA Mip myself, that you might feel under-prepared for tax work. If you want to do some tax qualifications, fine, but don't think clients expect you to or will be impressed if you do

In my view it is good to bring yourself up to speed with text books for theory, but I would also focus on 'real life' accountancy and tax lectures/seminars that private companies offer eg. Mercia Training

http://www.mercia-group.co.uk/.

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Replying to andy.partridge:
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By learose
01st Feb 2018 12:40

Thank you for your advice, very much appreciated. I don't really want to do a tax qualification however my aim is to give myself a little refresh in certain areas.

I will definitely have a look at the Mercia group training and reach for my text books :)

I am excited for the change and know that running our own business for the past 4 years has been 'on the job' training however just want to bridge those knowledge gaps and tax is one of those areas.

I am going to sign up for a CIMA mip workshop is there anything else like this support wise you would recommend?

Thanks

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Replying to learose:
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By andy.partridge
01st Feb 2018 14:32

The CIMA courses and workshops, while of a high standard, tend to be pricey. Keep in touch with your local CIMA group that will often (OK, occasionally!) do interesting things that are for a nominal fee - sometimes free.

Every town has a small business group for mutual support and networking (I don't mean the Breakfast Club type scenario, the style of which leaves me cold). Get involved if you can because although the technical side of the job is important it's useless if you have no clients.

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By accountsdragon
02nd Feb 2018 10:38

I bought a Tolleys Taxwise at first, as the worked examples really help. These days the HMRC website also helps to refresh my memory.

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Replying to accountsdragon:
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By learose
02nd Feb 2018 14:26

accountsdragon wrote:

I bought a Tolleys Taxwise at first, as the worked examples really help. These days the HMRC website also helps to refresh my memory.

Thank you will have a look :)

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Glenn Martin
By Glenn Martin
02nd Feb 2018 13:17

The ATT is a good course and as I had been working in industry for 12 years, so I did it to get my knowledge back up to speed and was worthwhile.

I did think about doing CTA, but to be honest my clients tax needs are fairly basic so was not worth the pain.

What is also worthwhile is offering something Taxwise to your clients as you can use their helplines if you get stuck with anything.

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Replying to Glennzy:
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By learose
02nd Feb 2018 14:30

Thank you I will have a look at Taxwise, I am going to book myself on some of the courses that was recommended above. They are not too expensive and should give me the kick start I need. I am digging all my old CIMA study texts also just in case :)

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Replying to learose:
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By andy.partridge
02nd Feb 2018 14:46

Beware old CIMA study texts! They might give you a false sense of security as they are almost out of date as soon as they are published.

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