P11d Dispensation

This link reminded me that a bit of planning now can save a whole lot of work later.  Having a dispensation now means less numbers need to go on the P11d forms at the end of this and subsequent tax years.  I've applied for mine.

Cloud computing: special report | Cloud | Features | PC Pro

Read this interesting special report about Cloud Computing by PC Pro. It has to be the way forward for accounting systems because of the increased robustness and geographical flexibility.

Cloud computing: special report | Cloud | Features | PC Pro

You Can't Multitask, So Stop Trying - BusinessWeek

A very interesting article which seems to confirm that time management is the answer - rather than trying to do everything at once.

You Can't Multitask, So Stop Trying - BusinessWeek

Revision of differences between IFRS and UK GAAP

Found this concise summary although it deals only with policy differences and seems to miss out leases.  Many of the changes are actually to do with disclosure.

For a really thorough analysis, look at this site which has a pdf of a detailed report comparing and contrasting UKGAAP to IFRS.  The executive summary is on pages 4 to 8 of 96.  The report was written in Nov 2010.

Tax treatment of training for sole traders

A concise article on a question that also came up in a meeting that I had with a client in the past couple of months.

Working in Practice

Have spent the last couple of months working in practice with fellow CIMA member in  practice (MiP) Peter Lewis, at TaxAssist.

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:

1. With a decent scanner and laptops, I could probably operate a similar business from home with reduced overheads, should I ever wish to.
2. Is Seaford big enough to support a client base?
3. 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?
4. 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.

Professional Development Cycle 2010

CIMA requires that members must work through the CIMA professional development cycle annually and record their development activities.

The CIMA development cycle ensures that CPD is planned relevant and effective.  This post records how I achieved steps 1 - 3 and 6. Steps 4 and 5 are addressed by separate posts which are cross referenced at step 5. 

The CIMA Development Cycle

Step 1: Define what is expected of you in your role, and future goals. Draw up brief descriptions of these roles and expectations.

I operate as an Interim Accountant across several sectors, am a director and Company Secretary of Smart Accounts Sussex Ltd and voluntary Governor and Chair of Resources for Chyngton Primary School.  In December 2010 I also became a voluntary director of Newhaven and Seaford Sailing Club Ltd.  My key selling points are my CIMA qualification, commercial experience, current IT knowledge, communication skills and systems implementation experience.

Expectations of these roles are that I have up to date accounting knowledge and stay abreast of IT and management developments.  

Step 2: Assess your development needs and outcomes. Compare what is expected of you in your current, or a future role, against your current capabilities.

I identified the following areas that I particularly wished to maintain and develop:

Accounting

IFRS, UK GAAP, FRSME, FRSSE,Tax, Risk Management, Compliance, CRC, Non-financial Measurement, Sustainability, Business and Employment Law, 

Management

Management, Project Management, Outsourcing, Time Management

IT

Teamworking software, Cloud Computing, Systems, Data Security

Step 3: Design your programme around activities you believe are relevant to your role. Document these activities.

Development program contains attending courses, technical updates as well as reading.  Much of the reading is web based and tools such as Google Reader and My6sense are used to sift useful content from many RSS feeds including, CIMA, FT, BBC, Accountancy Age and Engadget.

Step 4: Act. Undertake the development activities planned in Step 3 

and Step 5: Reflect on your development activities, consider what you learned, how you can apply your learning and changes you would make next time.

Following the hyperlinks below takes the reader to relevant individual posts recording development activity and reflection.  Some events are relevant to more than one subject.

Accounting

IFRS, UK GAAP, FRSME, FRSSE,Tax, Risk Management, Compliance, CRC, Non-financial Measurement, Sustainability, Business and Employment Law, 

Management

Management, Project Management, Outsourcing, Time Management

IT

Teamworking software, Cloud Computing, Systems, Data Security

Step 6: Evaluate your actual development against your development needs and outcomes. Any outstanding development can be carried over into the next cycle.

Development was considered very successful and will be continued.