I hope you know by now my dear reader, blogging (writing) helps me to clarify my thinking. It is in this regard, I decided to blog today.
I completed my ACCA in 1996. My experience on tax has been gained only through my practice. TBH, I am finding more and more, that I am not even up to date with the basics. Tax software, like TaxCalc, is my lazy way out at present. This is just not good enough.
Yesterday, I looked into ATT and CIOT as a means to gain CPD on tax. I do not think; I will be able to cope with the demands of CIOT. ATT, I felt, is bang on for small practice tax knowledge.
It is likely I will go for ATT, taking the Personal Tax November 2016 exam. Some of you already know I have all the qualifications that I need to market myself. My objective here is not to add another qualification to the list. No. That is not it.
The key reason I will sit the exam is that it will give me a clear objective to sit down and go through the learning process and complete everything by the exam date. Earlier on in the week, both Q and L expressed an interest in studying for ATT. It may be three of us studying ATT. This would be excellent for my small practice.
Tax knowledge and skill, as you know, are a vital competency for a small practice. This is what client value above all else. I have thought about CPD on tax without going through the hassle of exams. For me, it does not work. I need a clear objective of an exam.
I know many of you learn on the go. As you get client queries on a tax area, that is new to you, you do the research and learn at the same time. I feel my tax knowledge is so out of date that I need to get back to the classroom. Well, Tolleys distance learning.
I will take it step by step. Starting with personal tax, then see, if I want to go further with ATT. Who knows, I may decide purse CIOT. At present, I do not have the motivation.
Like me, you may ask, how the hell will you find the time? You know something, when you really want to do something, you make the time. For tax and to provide my current and future client a better service, I will make the time.
Age is more than just a number. Is it worth it for middle-aged people to go through all this? Thankfully, taxation exams do not require strength and stamina of a virile young person. As the saying goes, it is never too late to learn. I will impress my maker, not through prayer but my UK tax knowledge. AMEN!