My Week: Knowledge and Skills

inner-peaceHello folks. What a start to 2018! On the one end, we have the orange nightmare, who shockingly is the leader of the free world and the other we have a dictator of North Korea having twitter fights about the size of their nuclear buttons. Mine is bigger than yours!

With the two mentally deranged people with their deadly buttons, I do not think we are safe. We badly need  1960s counterculture – make love, not war. Better still, the 71-year-old baby in the White House to be declared unfit for the office of the President. 

Building Skills

Over the Christmas and the New Year period, I did put in the hours studying CTA  Taxation of Individuals. I am learning a great deal. Already it is benefiting the practice. I have no doubt, it will continue.

It is challenging and the syllabus is in-depth. You cannot leave it until the last minute.  Regular studying is needed. Even after putting in the hours, I do not think, I will be confident and feel prepared for the exam hall. I will not give up. I will try again and again until I get through.

I do not need another qualification, I need the tax knowledge and skills. Prior to FT Practice Ltd, my only exposure to tax was ACCA exams many many years ago. Studying tax with an examination target is exactly what is needed for me to update and build my knowledge of tax. Any other way, will not be as effective.

Practice Work

We were open for business from 2 Jan. Thankfully, most of the clients are off until next week. It meant we were not bombarded with client emails. We continued to do the work associated with tax returns season.

I just want January to go. It is the time when clients are at their worst. We are okay with the tax returns. I prefer if we did not have any do. A gentle introduction to the new year would be good. No chance. It goes with the territory.

Developing Practice

I am engrossed in the challenging  Taxation of Individuals advisory paper. I have not had a chance to do practice development work. Though, it can be argued that aiming for a  qualification that has a bang on relevance to the practice is developing the practice. It is my positive spin on the matter.

And Finally  

As I was going through the manuals over the holiday period, a nagging thought kept asking me – you are too old for this? What will be the value of putting in the hours and not gaining from it?  Enjoy your life.

I am thinking of my retiring when I am 75. Maybe even later if I am fit. It means I have many years before I reach that age. I will gain value from putting in the hours. Besides, I do not think, with my current tax knowledge I can expand the practice. More importantly, I would fail with our clients and my employees.

As you know, as small practice owners, tax knowledge and skills are the key ingredients to run a practice. Practice Guru talk is just fluff.









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