Tax and UKGAAP resources

Suggested tax and UKGAAP resources for a small practice

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Hi, I'm looking into setting myself up in practice, and was wondering what tax and UKGAAP resources other small practices woudl recommend, to ensure I can offer a thorough general practice service. 

The first firm I worked for each year bought a complete set of tax legislation from Tolley's, which was useful as the legislation had been updated for all subsequant finance act changes. They also bought Tolley's books on CT, VAT, PT, CGT, inheritance tax, as well as annual books on tax cases, and a new UKGAAP book, each year. One of the partners used these extensively, the other bought a couple of Bloomsbury books, and mainly relied on these.

The second firm I worked for relied solely on what is available on the internet (HMRC manuals, taxation articles, legislation.gov.uk), which I always felt a bit uncomfortable about, given the amount of resources we had at the old firm. Not having up to date legislation always worried me as you couldn't be 100% sure when fact checking, and although the Tolley's books often copy and paste from the HMRC manuals, you do feel you get comprehensive, up to date, information from them.

Thanks

Chris

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paddle steamer
By DJKL
18th Sep 2017 09:59

All down to cost and what you are prepared to pay imho.

I joined ICPA in large part for the online access to the Bloomsbury publications, 17 publications with a "normal" cost of £400 plus vat. I must admit whilst really being a hard copy sort of person, the ability to take bits and paste into own work is very useful.

I do also pick up via my firm or via my employer odd other tax/related publications from time to time, Whillans every year, Tillys some years plus the niche property publications from Tolleys etc. I also had a really expensive book on JV planning but someone nicked it from my office.

Company law handbook I do not replace that often due to cost/restricted use, I am on my third in thirty two years.

Same applies to my old E & Y 7th edition UK GAAP, frankly I cannot get excited over accounts disclosures so it rests on the shelf, looking very sad.

Taxation magazine is another very useful resource. I got it through work for years but I had difficulty really justifying my employers paying for it when we effectively ceased operating as a development company post the 2008 downturn so last ones bought 2009- it I miss.

Thanks (1)
Replying to DJKL:
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By chrisacc1985
18th Sep 2017 19:27

Thanks for the response DJKL, I hadn't come across the ICPA before now and it looks like it is value for money.

Without the up to date company law/UKGAAP books, what do you do if there is a disclosure or a company law point that you aren't sure of?

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Replying to chrisacc1985:
paddle steamer
By DJKL
18th Sep 2017 22:24

The web is useful, Accounting web is useful. Reality is you tend to react to issues presented, the tricky bit is therefore recognising there may be an issue.

Re accounts disclosure, software tends to steer you in the right direction, I use TaxCalc Accounts (& Tax) package, it does the bulk of the work and the text of FRS 105 and 102 are available online if greater thought is needed. (Google)

Re company law, there is not really much comes up, and if significant I would likely tend to talk to a solicitor. I suspect the need for more up to date company law texts depends on the types of work undertaken, the last time I dealt with say a Special Resolution was over ten years ago, most everyday Company Law based issues are usually a matter of looking at CA2006.

Hence why three copies of Butterworths handbooks in my life, first I bought relied mainly on CA 1948, CA 1967 & Ca 1976 second on CA 1985 (which was a pain as I sat my law exams in 1985 on the earlier Acts and had to buy the replacement during my training contract-I seem to have not bothered with CA 1989 )and the third was bought for CA2006.

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