When my children were very young and I was establishing my own practice, I had lofty ideas that this would be the easiest option. Truth was it really wasn't. There was always a sense that I was compromising on everything; giving my clients the time and focus they needed and giving my children the time and focus they needed. Everyone was a loser.
For me the biggest strain was finding the time to focus on CPD and staying on top of all of the tax and legislation changes, which left me feeling I wasn't doing a good enough job for my clients. I wonder if the better approach for working mums in this situation is to focus on a niche tax specialism or specific service offering to provide to other practice accountants? The potential there is to take away all of the practice management guff and focus on the core work.
If you are a working mum reading this, I promise you it gets so much easier once they are settled at school. Honestly, if I hadn't realised that practice accounting wasn't for me (for completely different reasons/it's a long story) life would be pretty great right now!!
Ignore the press and the research and do what is best for you and your children. Don't lose sight of the fact a major factor in your children's happiness is your happiness. If you are constantly stressed or unhappy this will impact on your daughters no matter how well you try to hide it.
Parenting isn't an exact science,so I try keep it simple; gives lots of love and good quality attention (ie put the phone down).
My answers
It's not an easy option
When my children were very young and I was establishing my own practice, I had lofty ideas that this would be the easiest option. Truth was it really wasn't. There was always a sense that I was compromising on everything; giving my clients the time and focus they needed and giving my children the time and focus they needed. Everyone was a loser.
For me the biggest strain was finding the time to focus on CPD and staying on top of all of the tax and legislation changes, which left me feeling I wasn't doing a good enough job for my clients. I wonder if the better approach for working mums in this situation is to focus on a niche tax specialism or specific service offering to provide to other practice accountants? The potential there is to take away all of the practice management guff and focus on the core work.
If you are a working mum reading this, I promise you it gets so much easier once they are settled at school. Honestly, if I hadn't realised that practice accounting wasn't for me (for completely different reasons/it's a long story) life would be pretty great right now!!
It's all nonsense
Ignore the press and the research and do what is best for you and your children. Don't lose sight of the fact a major factor in your children's happiness is your happiness. If you are constantly stressed or unhappy this will impact on your daughters no matter how well you try to hide it.
Parenting isn't an exact science,so I try keep it simple; gives lots of love and good quality attention (ie put the phone down).
And don't forget...
Im confused
The chancellor is saying that "85% of those who receive dividends will see no change or will be better off".
Current system (2015-16 rates):
Salary £8k, dividends £27k (net), PCTCT £40k
No tax or NIC on salary, no tax to pay in real terms on dividends, CTax £8,000
Assuming new dividend system comes in 1st April 2016 (2016-17 rates):
Salary £8k, dividends £27k (net), PCTCT
Salary - still no tax or nics
Dividends Tax = (£27000-£5000) x 7.5% = £1,650
Corporation Tax (still 20%) = £8,000
Have I got something wrong here?!?!?!?
Presume the Xero Dater
is an April Fools joke?