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My Week: Tax Legislation

13th Jan 2018
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Hello folks. It is a late edition of My Week. It was a hectic and an exhausting week. Trump news kept me entertained.

The orange nightmare gave credibility to Micheal Wolff's damning book - Fire and Fury, by trying to ban it. His tweet staying he is "like, really smart", is a good reflection of how smart he is. 

You do not need to have superior thinking skills to realise that any attempt to stop the publication of a book by the POTUS will give it a global exposure. Making it an instant bestseller without any efforts by the publishers. Michael Wolff has thanked the 71-year-old instant gratification child. I will get the audiobook. 

Tax is taxing

Work and studies dominated my week. I did not have much time left for anything else. I tried to draft a blog yesterday but failed. I was tired. 

Studying when you are a practice owner, combined with tax returns seasons is challenging! 

I am learning aspects of personal tax that, as I have said before, has direct relevance to my work. Already it is making my work easier.

Please do not think, I look forward to firing up my iPad and start reading the material and answering questions. I rather watch Trump news. That would not achieve my objective and make me far less effective practice owner. 

I received my order of six Tolley's Yellow Tax Handbooks. I misunderstood and thought, they would only be one handbook needed for the exam hall. Thankfully, Tolley has helpful material on how to use tax legislation

Outdated Practice

We are living in a digital age, yet in the exam hall, it is paper, pen and six Tolley's Yellow Handbooks. No doubt, the desks in the exam hall will not big enough to put six handbooks. It is likely to be under the desk/chair job.

Come on CIOT, bring examinations that involve typing and looking at reference material on the screen. Not six heavy handbooks that will require a small suitcase to take to the exam hall. It does not make sense. 

Work Status

We are doing well with tax returns. We will not have to put in the extra hours to make sure we finish everything by 31 January. As usual, we have clients, who are not responding to our request for information.  This year, we will not keep chasing them. It is their responsibility to send us the information. 

Q has reached a stage now, where she has completely taken over the production and submissions of tax returns and accounts. My role is client relationships, client communication and overall smooth running of the practice. My role is difficult to define. At the same time, I am very busy. 

If Q decides to move on (hopefully not), I will be back to square one. Find someone, train them in my way. That will take time and effort. 

And Finally 

We are in the first month of 2018. I was, once again, thinking FT store really was a good move. It is one area of my achievement I am proud about. 

For the moment all the essential taking the practice forward work is on hold. I hope to address marketing and SEO next month. I need to. Staying stagnate means a slow death. 

Replies (4)

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By Chipette
14th Jan 2018 10:19

Maybe I am old school but I much prefer the format of the written exam than computer based assessments.
Yes you need to bring a suitcase for the Tolley material and the desks are so small and so close together that you end up with books and draft papers all other the place- mainly under your chair.
To be honest time is so tight that if you don't know straight away where to find a specific piece of legislation there is no point wasting time on it!

Thanks (1)
By TheLambtonWorm
15th Jan 2018 10:41

I never bothered looking in the legislation in the exam hall- although I did take them just in case.

I would have just ended up flapping around looking for stuff, rather than concentrating on answering the question.

Thanks (2)
Steve Edwards
By stevo5678
20th Jan 2018 19:43

How experienced is Q? I always thought she was fairly junior but maybe I'm not reading properly!

Feels so good being able to delegate to the right people.

Thanks (1)
Replying to stevo5678:
By FirstTab
20th Jan 2018 21:45

Q is ACCA. She joined with 2 years practice experience. She has made significant progress in the 3 years (part time and full time) she has been working in FT Practice Ltd.

Agree on the delegation point. If Q finds a better opportunity (it will happen one day), I will go through a tough time to replace her.

At the same time, my systems are such, anyone else with practice experience will be able to pick up from where Q left.

Thanks (0)