Member Since: 6th Dec 2013
14th Nov 2019
I suppose you could ask your employer - and if they refuse, look for a part time job elsewhere which would free up a day or two per week whilst still enabling you to secure something of a guaranteed income?
14th Nov 2019
There's not that much between them, any more. I've seen terrible examples from both, albeit slightly more so from ACCA, but for a long time it was cheaper and arguably easier, so I think more people took that route for a while. That might explain why. I've also seen very good examples of both of course.
Personally #if I knew then what I know now# I would have done ACCA and then done the top-up paper. In fact at one point I think they abolished or greatly reduced the equivalence requirements for ACCA members to become chartered* and I don't know if this is still possible.
* yes, yes I know - but before I get attacked by ACCA members I will always refer to ACA and ACCA as 'chartered' and 'certified'. At the end of the day they are different qualifications and this is the easiest way of referring to them.
14th Nov 2019
We are a service so why should we charge any differently to any other service they use. Plus we are on hand during the year to answer any questions they have. Again your fixed fee should include provision for this.
Certainly wouldnt do the work without having been paid before starting. Just leaves you exposed to a bad debt or the hassle of having to chase them for payment.
This niggles me a little bit. I know it's something the self styled practice gurus like to spout, but professional services are, in my mind, entirely different to a mobile phone contract.
Presumably if you move house you'll have no problem with paying the estate agent up front, or a monthly retainer to market your property? Or will you expect them to supply a service at their own risk and get paid when you have the sale proceeds, like everyone else does and as is 'the norm' for their industry?
Aside from that, we are in business, and have to accept the risks of that as well as the rewards. If a car dealer wanted me to pay up front so he could source, service, improve and sell a car to me then I'd tell him to jog on - or expect to receive a hefty reduction in price. I don't begrudge him making a £2k or so profit when he's taken a chance on speculatively buying stock for resale but I do if he's simply acting as agent.
14th Nov 2019
Bill for complete job is sent with the accounts/TRs (sometimes draft accounts sent, but as they are always 90% complete by then I will bill in full - but not for TRs if not prepared.
Some pay Standing Order (POA, not subscription) some pay on presentation. Some drag their heels but in the last ten years I've probably had bad debts of less than £5k so it normally comes in eventually.
Easy for us with a cash balance and I can see why smaller firms try and get as much up front as possible but I really don't think it's right to invoice before the work is done. Pau's response about stage payments sounds like a nightmare to me - I'd probably spend more time invoicing clients and tracking payments each year than I lose in bad debts by doing it my way.
13th Nov 2019
One point to add - of the clients I would flag as higher risk of suppressing income, almost all of them are in trades or industries where 'cash jobs' are possible (or perhaps even common). I'm not convinced I would gain any reassurance of their status as fine upstanding citizens by reviewing their personal bank statements.
12th Nov 2019
If someone is self employed I encourage them to have a separate business account - mainly because they should anyway but also because it means I don't have to trawl through all the personal stuff to reconcile it, and because it allows them to keep their private life, um, private.
I wouldn't dream of telling my clients to bring their personal statements in just in case they are banking illicit income in there on the sly.
I think you're overstepping the mark, personally.
8th Nov 2019
Wilson Philips wrote:
I don't see why emails should be treated any differently to telephone calls. If my receptionist were to tell a client caller that I couldn't speak to them right now but would return the call in 10 days I'm pretty confident as to the client's reaction.
All emails in this office get a personal same-day reply, even if simply to say thanks and give a suggested timescale for fuller response.
I do sometimes check emails outside of normal working hours (whatever those are these days) and 'pen' a reply there and then - but almost always setting it to send first thing next morning.
You could argue that it depends on the content/context of the email, but I actually think they should be treated more like letters than phone calls. The problem is that many clients expect them to be dealt with immediately.
If a client submitted a written enquiry by post, it would be put into my in-tray and I would deal with it either in the order the post came in, or having prioritised the really important stuff, or perhaps in some other order that suited my workload/availability. Why should an email be any different?
8th Nov 2019
Practice/Industry moves tend to be one-way, so think about what you want to do carefully. I'm not saying you can never come back - just that the longer you stay in industry the less likely it will be that someone will take you into practice - especially on any kind of half decent salary.
At your stage of experience you probably will find the earning potential in industry higher. Whether that will always be the case may be a different matter though.
I also have no idea what they do with the remaining three days a week. Play with spreadsheets mainly, I think.
7th Nov 2019
What are your qualifications, and what jobs are you going for?
I'd suggest contacting an accountancy recruiter who should place a decent candidate fairly quickly in the current market (certainly down this way in any case).
5th Nov 2019
Insolvency Practitioner wrote:
HMRC will object to the striking off if the final tax returns are not filed.
At the risk of being pedantic, this isn't strictly true. If you can convince HMRC that there isn't a cat in hell's chance of any tax being due, and particularly if there is no cash in the kitty to pay for a final Tax Return, then they will sometimes oblige in an agreement not to object.
Granted the last time I got them to agree to this the available losses b/fwd exceeded the turnover for the period the CT600s would have covered, so it was a very simple case.