Starting up on my own

Starting up on my own doing personal tax returns

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Hi All

I am looking to start up on my own doing self assessment tax returns.  I have 15 years experience and exempt from doing the ATT so never did it.  I know I need Professional Indemnity Insurance.  Is there anything else I need to start? Also what should I be charging to do self-assesment tax returns? Also what is the cheapest and best software to use.

Thanks

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Scooby
By gainsborough
07th Sep 2020 21:53

As well as PII, you also need Money Laundering supervision from HMRC or your professional body if you have one (plus see previous thread also on Govt proposals for tax advisers in the future (https://www.accountingweb.co.uk/tax/hmrc-policy/ciot-all-tax-advisers-sh...)

The amount you charge for tax returns will depend on the work involved and the area you will be based in. Presumably, your 15 years experience would have given you some exposure to providing fee quotes, so use that as a starting point.

It is quite hard to make a decent living purely from doing personal tax returns - even more so in this current climate. Have you thought about how you will get clients? Having done this myself 10 years ago, make sure that you have sufficient savings to support yourself whilst your business is growing (or some part-time employment).

Finally, I would recommend that you look through some of the previous threads/comments posted on AWeb. There are challenges ahead with MTD potentially coming in in a couple of years for income tax and ever changing legislation. This could be a good opportunity but it is also prompting a lot of sole practitioners to think about throwing the towel in. This is not meant to discourage you, but you should go in with open eyes.

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Slim
By Slim
08th Sep 2020 00:14

I'd make sure you don't low ball otherwise you'll be a busy fool and you'd be way better off employed.

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Replying to Slim:
Red Leader
By Red Leader
08th Sep 2020 08:30

A common mistake by accountants (surprisingly!) and small businesses.

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RLI
By lionofludesch
08th Sep 2020 07:07

As a sole practitioner who's throwing the towel in, I have to say that I wouldn't necessarily be doing that if I were in my thirties. There could be a lot of work around in three years' time. It'll be basic bookkeeping work and not particularly the stuff I set out to do at the beginning of my career but work nonetheless.

The question will be can the client generate enough profits to afford to pay for having his books done ? Or will he muddle through - as thousands do now?

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avatar
By Michael Davies
08th Sep 2020 14:49

AML fees are now a huge disincentive from doing this.A few weeks back it was muted that fairly shortly and right or wrong everyone in the industry would be a member of a regularity body.

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