Save content
Have you found this content useful? Use the button above to save it to your profile.

My Week: Tax School

3rd Mar 2017
Save content
Have you found this content useful? Use the button above to save it to your profile.

Hello folks, after the week I have had, I have earned the right to rant in today’s edition of My Week. It is my key channel in which I can express myself freely without interruption or judgment (at the time of writing!). Time to get it all out of my fat man boobs chest.

Compared to today, hell was I naïve in my very early days of starting FT Practice Ltd. Going on my own has been and still is one big learning curve. Yes, more recently, it has been too much for me. Yes, I have felt like quitting and yes, I have had some sleepless nights over the week.

The key aspect that keeps me going and NOT go back to being that naïve, career-minded employee, is CONTROL over my destiny. Hell, I now sound like an American motivational guru without the megabucks and a fit body.

Getting to the POINT as to why I said what I said in my introduction; when I moved to a serviced office, where I am still based, I had no idea that they would be annual rental increases without any justifiable reason. Further, those rental increases would be well above the inflation rate.  

Rental Increase

Over the week, I was informed about the mega increase in our monthly rent. This increase is £70+VAT per month! There was zero room for negotiation. It is the biggest increase since I moved the base from my three bedroomed flat.

You see, they know, and they are right. In that, after you have settled it such a hassle to move out. Hey, they do not know about my ace card. I will be moving in 2/3 months! Let them have £70 per month extra for the next 2/3 months. I is moving out! I hope.

Starting Tax School

Just between you and me, I am getting my package delivered, later on, today, consisting of Tolley’s ATT Personal Tax material for exam sitting in November 2017. The cost was £280+VAT. For what I will gain (hopefully), I think it is great value for money.

Why?

My response to the why the question is I want to get back to basics of personal taxation. Since I passed my ACCA all those years ago, UK tax regime has changed drastically. I am good at Prac Management side; I need to be better on taxation side. CPD sort of works. I need to get back to basics UK personal taxation regime and restart from here.

Please understand, I do NOT need to add another qualification to my name. All I want is to do is improve on my current weakness.

Time

Finding the time will not be easy. I will have to. Also, I am aiming for November 2017 sitting completion of the exam. It is important to sit the exam, so the learning is focussed.

I never thought I would start a course of study at my age! It will help my business. 

Replies (8)

Please login or register to join the discussion.

avatar
By thegreatgrumbleduke
03rd Mar 2017 14:23

Don't ever stop blogging FirstTab

Thanks (5)
By petersaxton
05th Mar 2017 12:51

Remember: Studying tax should be ongoing so you can't stop after the exams. You also need to use it. You also need a few books. I like FL Memo and http://www.bloomsburyprofessional.com/uk/tax-planning-for-family-and-own...
If you look at some of the questions on AccountingWeb and research and try to answer them you will find you can learn a lot.

Thanks (1)
By petersaxton
03rd Mar 2017 15:34

"Big fish, small pond blogger."
Why?
Surely you are a small fish in a big pond?

Thanks (1)
Glenn Martin
By Glenn Martin
06th Mar 2017 11:56

Shelling out on a commercial property, therefore avoiding the £70 rent increase.

That will teach your greedy landlord FT.

They will have to get up earlier in the morning if they want to catch you out.

Can I just ask as you don't like face to face meetings what your policy will be when you have walk ins with your new Shop Front.

Thanks (1)
Replying to Glennzy:
Img
By MissAccounting
06th Mar 2017 14:52

Glennzy wrote:

Can I just ask as you don't like face to face meetings what your policy will be when you have walk ins with your new Shop Front.

Hide behind the sofa and ask them to key their question into the provided tablet so he can email them back!

Thanks (1)
Replying to Glennzy:
By petersaxton
07th Mar 2017 01:30

He'll keep the door locked.
The purpose of having a shop front is that people will see the signage and contact him by phone, email or post.
Phone calls will listen to a recorded message.
Emails will get an out of office message.
Post will get filed.

Thanks (2)
By mrme89
07th Mar 2017 10:09

I thought you didn't want to offer a personal service, and just wanted to be a compliance factory?
Doesn't having a shop front go against that?

Thanks (1)
Replying to mrme89:
avatar
By KD1182
13th Mar 2017 20:18

Not really. If walk ins come in, looking for a compliance based service, you take them on.

Otherwise, point them in someone else's direction.

Thanks (0)