This has been excellent CPD as it has brushed up my knowledge on sole traders, income tax and capital allowances as well as creating company accounts from incomplete records. Also included tax returns for individuals and companies.
It seems that working in practice can be a lot of fun. Clients seem to really appreciate the assistance they are given. Having many small clients rather than one big one spreads the risk but can mean that everyone is trying to get hold of you at the same time. Potential downsides seem to be the high overheads of running an office and overload if work flow is not carefully managed.
For thought:
- With a decent scanner and laptops, I could probably operate a similar business from home with reduced overheads, should I ever wish to.
- Is Seaford big enough to support a client base?
- Would it be possible to have a shared office space in say Eastbourne, where I would have a share of a full time receptionist and use of an office say 2 days a week?
- Need to be very aware of costs of low charge clients. Even if all the processing can be delegated, just meeting, greeting and final meetings take a lot of time.
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