My Week: Open All Hours

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Hello folks. We do not have long to go before depressing January is over. It seems January and clients being difficult will never end. 

I continue to walk to the office. I get a good eight mile walk a day. It is good for my physical and mental health. More recently, I walk six to eight miles on weekend days as well. Talking of health, POTUS got a clean bill of health over the week. There is so much I could say about him. Time does not allow me to go further. 

My week was a typical January week. Stressful, annoying and miserable due to shorter days. It is called life. 

Meeting Clients

In January the number of client meetings shoots up. It is good to meet them and catch up. Like any other general practice, we have a variety of clients. It is the high net worth clients that make me think outside the world of tax. 

They have inherited wealth in the form of properties, or to be American about it - real estate,  in premium sites in London. It is a combination of commercial and residential properties. They live on the rental income from these properties. 

I do not believe in passing on wealth to your offspring.  I think most of it should be passed on to charities and a modest amount left to relations. 

Leaving substantial wealth to your children means that they are unlikely to have the hunger to work hard and achieve their own success. What is even worse is that the cycle will continue in the family for the future generations. 

Can you imagine the Royal family without the inherited wealth? They would start contributing to society, 

Studies

I am behind with studies. Tax returns demanded my attention. 

I was considering going on Tolley Guaranteed Pass Scheme course. I decided against it due to lack of time and I was too late to join the London group. Travelling to Birmingham does not work for me. 

I  booked myself for the revision course. I want to see how my first exam goes, after so many years. I will then decide, for the next one, on the steps to take. 

Office Hours

Hard experience as a small business owner has taught me,  to be totally committed to my practice, it needs to be my vision. NOT practice gurus and certainly not others who are or are claiming to be "successful". 

For example, over the last year and more importantly in the January period, I will only have meetings and address client queries during clearly outlined office hours. Even if I respond to emails in the evenings they are sent during the office hours. 

It is important to have boundaries on client contact. I am not being paid enough to be available around clock at clients' beck and call. Further, my employees certainly do not fit the mold of out of office hours client communication.

We do not deal with medical emergencies. They can wait. If not, fine, let them go elsewhere. I do want to join the madness of instant communication. I tried it and I was not happy. 

I have seen accountants website giving their mobile number and being available from 7 am to 10 pm. Think about the impact on their well being. 

Marketing

Practice's marketing does need my urgent attention. It now at the top of my list. It will be task 1 on February 1. 

We are getting walk-ins and they are asking for a brochure and a business card. Both of these need updating. 

Clients who came for meetings this month, all complimented on the location and the set up of the FT Store. Maybe it is time for branch two. 

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Blogs about my week in a boutique practice. My independent channel: https://accountantblog.co.uk/

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19th Jan 2018 12:26

"I do not believe in passing on wealth to your offspring. I think most of it should be passed on to charities and a modest amount left to relations."

WTF!!!!

Why! You might as well [***] the lot on hot chicks, drugs and booze!

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19th Jan 2018 12:35

"I do not believe in passing on wealth to your offspring. I think most of it should be passed on to charities and a modest amount left to relations."

That's what someone who doesn't have kids would say. If you had them, you would want them to have the best life possible.

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By mrme89
19th Jan 2018 14:52

I'd rather fund having my children driving around in a nice car, instead of a charity boss driving around in a nice car.

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19th Jan 2018 16:41

I know what you mean about wanting your children to have aspirations and to work hard to achieve them. I've encountered a number of entitled individuals who have absolutely no drive or ambition because of inherited wealth. But it's not the wealth that makes them this way, there are plenty of poor people with a similar attitude.

I do think it's natural to want more for your children. I want mine to be better off than I was. Whether that's simply more money or the opportunity to explore and try things or have more quality family time.

But I might surprise myself and pull a Kent Accountant and blow it all on booze (not into drugs and my wife would object to hot chicks!)

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19th Jan 2018 17:55

Fast cars and slow horses. My lawyer has advised me not to comment at present on relations between persons.

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19th Jan 2018 17:53

FT: if you find the short January days depressing, just think of it this way: every day, the days are getting longer.

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19th Jan 2018 23:09

I can see your point in not passing too much wealth to your children, however as a parent I’m committed to giving my children a better start in life than I had, in the hope that they can then build on that wealth and then do the same for their children and so on.

Being honest, I would love to see my family appearing on the rich list in years to come and for them to be building that wealth for future generations but also and most importantly, doing good with it too.

Charities are amazing and they do need support, but having specialised in charity audit for a number of years, and seeing the money wasted by them on staff that only work at about 50% of the productivity of private sector workers, and also spending money “because it’s there” I would prefer to set up my own family trust to dictate how and where those funds are deployed.

As others have said, the passing of wealth from parent to child isn’t the problem, it’s the way the child is raised that causes the issues.

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20th Jan 2018 21:27

Hello

Thanks for the response.

Fair point, I am not a parent and as a result, I do not fully appreciate the strong feelings to make sure that my gene pool lives on with the best possible advantages.

I do have siblings. I am very likely to leave my estate to a charity. It is not easy since my natural feelings are to past on to blood relations. Keep it in the family.

My siblings can look after themselves. Leaving them what is left of my wealth, after high care costs, will not make the world a better place. Leaving to a trusted charity that educates children and mothers (educate mothers and you educate the family) who otherwise would not have an opportunity to progress will in a small way make the world a little fairer.

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21st Jan 2018 21:47

FT controversial as ever.
The main driver behind most people will be their family so most people will not agree with your comment on passing wealth on.

As you have no kids will donate the FT wealth onto a local animal charity.

When I was 30 I was FD of what is now one of Newcastle's largest leisure operators. I could easily have gone down the route Kent suggests (without the drugs) but decided it was not for me changed jobs, settled down and had a family which was the right move.

I think as part of your goal setting for 2018, you should get yourself a good woman so you can be in the same boat as the rest of us.

Night Clubs and Table dancing bars are good place to start your search for a home maker.

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to Glennzy
22nd Jan 2018 10:45

"Night Clubs and Table dancing bars are good place to start your search for a home maker."

...or Tinder if you don't want to meet them first...

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24th Jan 2018 12:43

This thread is starting to go down a well-worn and rather unsavoury route. I am therefore closing this thread.
P.S. Where are all the druggie AWEBbers?

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to Red Leader
24th Jan 2018 16:14

"This thread is starting to go down a well-worn and rather unsavoury route..."

Speak for yourself!

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to Kent accountant
25th Jan 2018 09:28

I suspect Red Leader maybe has a dark side his keeps well hidden from us Kent.

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to Glennzy
25th Jan 2018 11:16

Just don't go down any dark alleys.

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to Kent accountant
25th Jan 2018 11:15

Well you started it by advocating drug taking! I cannot in any way condone or be associated with such nefarious activity. My parole officer was very clear on that point.

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