Hi guys
What resources do you use to stay current in regards to taxation?
How can we know we have claimed every allowance for clients? Is this even possible?
It's sort of, how do I know, I know enough?
I know it's impossible to know everything. I just want to know more than enough...
My tax academia level is AAT.
Thanks
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
I alternate reading the Kaplan study text for ACCA paper P6 and the Melville book on Taxation each year. (Around £33 and £40 respectively).
This year Kaplan isn't an option as the publication date has been put back to next June due to too many interim tax changes for the publishers to keep up.
There are chunks of the higher level texts that you can skip (i.e. inheritance tax) but for general taxation there are no AAT / ACCA levels to it, just more parts to it at the higher level.
For accounting standards I use the ACCA list of current standards from the list of documents for paper P7 (advanced Audit) which covers the entirety of both audit and financial reporting standards.
Anything that has changed from the previous period I then go to the FRC website and read the new released standard in original form from end to end followed by looking through various interpretations of the updated standard over on Accountingweb.
Again, for small practice in general there would be no point going and reading up all about changes to the standards for financial instruments.
Its also a good idea to keep an eye on current developments in the profession via the daily newsfeeds of publications such as Accountancy Age, the Accounting Web daily update and the HMRC newsletter.
Its all the unseen cost of being a professional in this business that the time we are paid for is like the tip of the iceberg that pokes out above the water with all of the invisible study time that never ceases staying very much unseen by our clients... If they had any idea what it takes to put ourselves in a position to service them they certainly wouldn't complain about the rates that we charge.
HTH,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
The AAT do very good free branch events, as well as, some very very good tax mastercourses (£125 for members). I have a hardmans manual (£25-30), subscribe to Tax tips and advice (£130 with a free book on another useful subject), and often buy the ATT study books (I find these easier to understand, with my little brain, and they only cost about £40 a book). As an AAT member you should get access to CCH online free of charge, and for everything else, there's google. :)
