Every now and then I hear about general practice firms of accountants that want to boost their abilities to help clients with more complex tax maters. And a couple of my newer mentoring clients have also asked for my thoughts here. This has been a challenge for as long as I can
This is a very different blog post to usual. I hope it will be of interest to accountants and tax advisers generally even though it does not contain any of my usual insights, guidance and advice. Thirteen years ago, in July 2008, I authored the lead comment article in Taxation magazine: Why
Are your clients getting the tax advice you implicitly promised? This isn't just about what it says on your website - although many accountants' websites do implicitly promise more tax advice than they deliver in a regular week. Every now and then I hear about general practice focused firms of accountants, be
Which result would you rather your marketing efforts generate? A or B? A = 50 calls and emails from possible new clients who ask loads of questions but who have no intention of paying you the sort of fees you charge; and probably don't want you to do much more than their
It's nearly 20 years since I was headhunted by a 12 partner of accountants in North London, who wanted to recruit their first tax partner. I explained to the headhunter why I wasn't interested. In the event I agreed to meet with the managing partner who tried to persuade me to reconsider.
Recently I was asked to prepare a quick list of ten common tax mistakes that business owners should avoid. The length of the article in question didn't allow me to expand very much on the mistakes I listed. This is probably the closest I have come to writing about tax matters for
Every now and then someone who has known me for a long time tells me about their tax problems and asks my advice. I have to remind then that I haven't been a tax adviser for well over 12 years now. I had already stopped giving tax advice before I created the Tax
Whether you spent a lot or a little on your website I'm sure you hope that it will generate business for you and provide a return on your investment. How might that work in real life I wonder? Actually we know how it's supposed to work, don't we? Someone searches online for an accountant
If this blog was a redtop newspaper the headline might have read: “Tax Barrister blows the lid off Tax Schemes scam”. I admit I was tempted! Regular readers will know that only very occasionally do I use this blog to reference tax related topics. When I do so my observations are still focused around helping
At last week's annual Taxation Awards event I found myself chatting with someone who used to promote tax avoidance schemes. What he had to say was well worth sharing with readers of my blog. First though let me offer some background. I want to provide enough details to justify why what Mr X had to say
I don't recall ever seeing a cobbler's children running around without shoes. But I understand the old adage. Their father was typically too busy fixing his customer's shoes such that his children had to go barefoot. Perhaps it is for similar reasons that many accountants leave their own annual accounts and tax returns to the
I have heard it suggested many times that some clients think that their accountants are not working in their best interests. The clients perceive that their accountants are working on behalf of the Revenue. I suspect that this is more an issue of those accountants giving the wrong impression to their clients. But, as I
I was thrilled to be seated with Robert when he was announced as the winner of the Lifetime Achievement Award at the Taxation Awards ceremony last night. I am proud to count him as a friend and as one of my tax mentors. In the light of last night's award I think it appropriate to share
Were you as angry as I was at the headlines and media focus on a clearly misguided element of the latest report by the Public Accounts Committee (PAC)? Committee chairman Margaret Hodge said accountants seconded to government represented a "ridiculous conflict of interest" that should be ended. She had clearly made up her mind based on no real evidence
There needs to be a special reason to give over this blog to someone else's words. This is one such occasion. It's important for accountants to be able to debate the tax news stories of the moment with confidence and conviction - based on the facts. This has become increasingly difficult in recent months, as
At Accountex friends of mine conducted a straw poll of attendees to ascertain attitudes to advising on Limited Liability Partnerships (LLPs). The straw poll was related to a project to which I have leant some support. The results were not wholly surprising but do reveal continued misconceptions and fear of the unknown: LLPs are perceived to
Although Tax Avoidance is no longer headline news we continue to see the repercussions of recent media stories. Last week I referenced the comments of the CIOT President. He suggested that there may be a need to consider toughening up the financial services mis-selling rules to attack the promoters and sellers of tax schemes that have no real prospect
The CIOT has published a press release which I would encourage all accountants to read. It is titled: CIOT President suggests there may be a need to target promoters of dodgy tax schemes under mis-selling laws. I welcome this statement as I have had similar thoughts myself. Many tax schemes require clients to make some
In the light of media reports related to 'selebs' tax affairs and their use of K2, icebreaker and other 'legal' tax avoidance schemes, some accountants may find the ten facts highlighted below to be of value. As I explained in my last blogpost, ("Why weren’t all accountants promoting those tax schemes?") the media reports are
An accountant approached me last week to ask whether any of the members of my Tax Advice Network would be willing to work with his practice on a regular basis? The answer was 'yes'. The background to this accountant's question was not uncommon. What I admired however was his desire to address the issue. And
I had to read the letter in today's Telegraph twice after I first saw the headline that referenced it: "50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders" The key point I wanted to flag was the implications drawn from the following extract from the letter: "The tax which
Accountants are naturally cautious about involving third party advisers. They don’t want to be forced to bill their clients more than last year. They also don’t want to bear the cost of seeking a second opinion. This atitude means that some accountants muddle along and avoid admitting to clients that they have limited experience in
Regular readers will know that Incorporation has long been one of my pet subjects. I've written two tax digests on the subject and numerous articles. It's also one of the seminars I am frequently engaged to provide to audiences of accountants. I was chatting with a business associate ('Steve') recently who told me that he
As a long time supporter of the excellent work done by LITRG I'm pleased to note that they have recently launched www.revenuebenefits.org.uk for accountants and other advisers. This new website is designed to provide advisers with access to the latest information on various HMRC 'products', including tax credits, child benefit and guardian’s allowance, national minimum
I've commented before on the challenges that face accountancy firms that look to recruit their first full time dedicated tax partner. Recently I heard about an unexpected development - Tax specialists leaving general practice accountancy firms. It's a sign of the times. The reasons vary but include: Tax partners' reluctance to promote dubious tax schemes
