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Starting a practice, training/resources?

I am starting a practice as a sole practitioner, what are the best tax guidance resources?

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Hello, 

I am an ICAEW chartered accountant who qualified 10 years ago and since worked in commercial roles in large organisations mainly performing financial analysis for corporate transactions. 

For personal and family reasons I will be starting my own small accountancy practice (max. 20 clients) to work on part-time and plan to specialise in limited company accounting and tax needs. I am not planning on taking on anything in overly complex sectors or particularly niche specialisms. 

Whilst I am qualified, I only really dealt with tax and preparing stat accounts for my exams. I have already signed up to do BPP refresher courses on CT, VAT, Payroll and Income Tax and a range of ICAEW CPD Essentials courses to get up to speed. 

However on an ongoing basis once I take on clients, as I build my confidence, I would like some user-friendly, digestible, and practical guidance where I can look up certain tax matters if I am not sure as well as access to a helpline. 

I have looked at Tolleys Guidance + Library offering and it seems to do the job but is £1500 so it is pricey and wondered if there was anything better and/or more economical?

Thanks so much!

 

 

 

 

 

 

Replies (22)

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By pjd17mini
24th Sep 2021 10:17

Rossmartin.co.uk is an excellent resource for CPD and an array of reference material. I find the search a bit odd, so sometimes it can be a little hard to find what you are looking for, but worth it when you find what you are looking for!
P

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By lesley.barnes
24th Sep 2021 10:56

Do you have a practising certificate? I'm only asking before you spend a fortune on training.

www.icaew.com/technical/practice-resources/regulations-standards-guidanc...

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Replying to lesley.barnes:
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By accountinggeek1
24th Sep 2021 11:27

Not yet but I looked into it and didn't see any reason why I wouldn't get it. However, you're right, I am not planning to sign up for the guidance and resources subscriptions until I get the certificate.

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By Paul Crowley
24th Sep 2021 11:09

You will also need an alternate
Someone who is ICAEW and who acts for you if you become incapacitated

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Replying to Paul Crowley:
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By accountinggeek1
24th Sep 2021 11:29

My husband will be a director, he is an ICAEW chartered accountant.

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Replying to accountinggeek1:
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By Paul Crowley
24th Sep 2021 11:51

With a practicing certificate?

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Replying to Paul Crowley:
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By accountinggeek1
24th Sep 2021 12:05

yes

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Replying to Paul Crowley:
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By Matrix
24th Sep 2021 13:29

I don’t think this is mandatory.

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Replying to Matrix:
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By bettybobbymeggie
24th Sep 2021 16:55

Me neither. I don't have one.

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Replying to Matrix:
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By Paul Crowley
24th Sep 2021 19:28

It is if trader has a client account.
Recommended as best practice for all.

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By David Ex
24th Sep 2021 11:23

accountinggeek1 wrote:

…. plan to specialise in limited company accounting and tax needs.

Trouble is, I suspect business owners want a “full” service including their personal tax.

You’ll need software as well - and there are plenty of Q&As on that if you search the site.

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Replying to David Ex:
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By accountinggeek1
24th Sep 2021 11:28

Thanks I would include director's self assessments in the offering. I just meant I didn't only want to do individuals' self-assessments.

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Red Leader
By Red Leader
24th Sep 2021 11:38

Some suggestions:
Tolley's Tax Guide. About £100-120.
Bloomsbury tax material available for free via ICAEW online.
https://www.bloomsburyprofessionalonline.com/ and click on "ICAEW users please register or login here"

Thanks (1)
Replying to Red Leader:
Pile of Stones
By Beach Accountancy
28th Sep 2021 17:52

That's what I primarily use.

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By Matrix
24th Sep 2021 13:27

If you get your PI insurance with Marsh Commercial then you get the free tax helplines which are pretty good.

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By 1 2
24th Sep 2021 13:35

There are situations where the theory and the practical don't line up too well...especially at the small end of things where what's technically correct might be entirely impractical, and judgment is required. I imagine these are the kind of things that you'll unlikely learn from a course/book. You either learn them the hard way from experience, or from shadowing others with more experience.

See if you can find yourself some other friendly accountants. Perhaps people with different specialist areas/strengths to you (so the guidance can be two way). The kind of people you can have off the record chats with.

Thanks (3)
Replying to Maslins:
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By Paul Crowley
24th Sep 2021 19:33

Agree
Working on your own can be challenging
Having someone to bounce off ideas and ask "what would you do?" invaluable

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By tltodman
24th Sep 2021 20:17

I use the ICAEW (free) technical helpline for accounting related queries and subscribe to the ICAEW Markel tax helpline for any tax related queries (£210pa inc vat for 20 queries a year) . Seems to work ok for what I need.

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By petersaxton
24th Sep 2021 20:28

I find the Indicator tax books (Tax, VAT and Corporation Tax) and online versions are very thorough and good value.
https://www.indicator-flm.co.uk/en/memos-books-reports?indi_product_type...

Thanks (3)
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By sammerchant
28th Sep 2021 11:32

ICAEW offers full access to Bloomsbury library online. If you have a practising certificate, it's an added benefit. Or you have to visit the ICAEW library in Moorgate.

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paddle steamer
By DJKL
29th Sep 2021 01:13

ICPA also gives you online access to a small library (below) as part of their benefits offering plus some PII and other benefits,

https://www.icpa.org.uk/page/HighlightedBenefits

This includes access to each of the following books and publications:
Budget Service
Finance Act Handbook
Finance Bill Tracking Service
General Case Digest
HMRC Clearance and Approvals
HMRC Manuals & HMRC Manuals Archive
Inland Revenue Tax Bulletins Archive
Orange Tax Handbook 2019/2020 & Archive 1999 through to 2018/2019
Revenue Scotland Manuals
Smart Forms Tax
Specialist Case Digests
Specialist News Analysis
Specialist Regulatory Materials
Specialist Tax Regulatory Materials
Specialist Tax Statutory Instruments
Tolley's Tax Computations, Capital Allowances, Capital Gains Tax, Corporation Tax, Income Tax and Value Added Tax & Full Archives for each
Tolley's Company Law Handbook
Tolley's Practical Tax Newsletter
Tolley's Tax Guide
Tolley's Taxwise I
Whillans Tax Tables
Yellow Tax Handbook & Archive 1999 to 2018/19
Accounting for Tax Professionals
Practical Guide to Tax Investigations

Thanks (1)
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By Barry Adams
25th Oct 2021 13:52

Join ICPA and get tax support and tax reference manuals online along with lots of other bells and whistles.

Organisation is a lot more focused towards small practice than ACCA or ICAEW.

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