My Week: Tax School

ATTHello 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 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 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 much 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.

5 thoughts on “My Week: Tax School

  1. Good luck with the studying. I found ATT exams very useful when I did them. Maybe I should do something like that again soon just to build my confidence, although I might wait til MTD is in full force and on the syllabus.

    1. Hello Nisha,

      Thanks. I think you are more suited for CIOT exams. You have a strong interest in tax.

    1. Hello Rose

      Thanks. The cost is for Paper 1 – Personal Taxation. With ATT, there are two compulsory core papers and you choose the third non-core paper. The papers are:

      Compulsory core papers:

      Paper 1 – Personal Taxation; and

      Paper 2 – Business Taxation & Accounting Principles.

      Your choice of one non-core paper from:

      Paper 3 – Business Compliance;

      Paper 4 – Corporate Taxation;

      Paper 5 – IHT, Trusts & Estates; and

      Paper 6 – VAT.

  2. Thank you. I hope that you succeed but even if you do not do the exams I am sure that it will be an excellent refresher. I find that unless you are using technical knowledge everyday (which is not the case in general practice) you forget and overlook things which is why I am interested in this course. No intention of taking anymore exams.!!!

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