LET'S SOLVE IT!
Feeling stuck with your technical question?
Technical knowledge is one of the most important building blocks of your practice!
Once you get qualified, you have made the first step to start up your practice. Is it enough? People often experience doubt setting in once they get to deal with a real client. What seemed like a straight forward answer, does not seem to be so straight anymore!
Have you ever got in a mind loop where you couldn’t decide what the actual answer is?
Applying technical knowledge is a skill. Of course there are some set pieces, where you literally have to follow the formulae you learnt, however when it comes to financial standards, tax rules and interaction of taxes, one have to tread carefully to give a definitive answer.
To ease your mind I have to spell it out… NOBODY KNOWS EVERYTHING 🙂 but one MUST know and appreciate what they don’t know!
Are you experiencing imposter syndrome? Most of the time this can be counteracted with positive reinforcement that you ARE capable using your knowledge and confirm your solution.
Having someone in your corner when it comes Down to the Technical Knowledge can save time, save your sanity, save giving incorrect advice, save future liability.
I am happy to be your person
- to check your answers with
- to teach you to understand
- to support your business
- to perfect your skills
- to show you how to do it
- to support you to combat imposter syndrome
- or to just answer your question
I need Help!
FOR ESTABLISHED PRACTICES
General How to?
When you want to know the answer to a general question
Client specific advice
When you want us to prepare a client specific answer (subject to AML checks)
Employee/Team training
When you don’t have time to mentor/train your apprentice or employee or want us to shadow your employee real time
Continuous technical support
When you want to have someone ready to answer your technical questions on the go
FOR NEW PRACTICES
Basic understanding
When you want to know the answer to a general question
Putting Knowledge in
practice
When you have strong academic knowledge but you struggle to put it in practice and have imposter syndrome
Subject overview
When you want to know more in-depth information about a subject, for example CIS
Continuous technical support
When you want to have someone ready to answer your technical questions on the go
How to ask a good question?
As strange as it seems, asking a question requires knowledge! For an accounting or tax related question you need to give context to your question otherwise the answer is going to be just as poor as the question was or it will take several back-to-back questions to get a final answer.
POOR QUESTION
Q: What is better fuel or mileage?
A: Is this a company, sole trader or partnership? Is this vehicle owned by a company or an employee/director or a sole trader? Is this a car or a van? Is this vehicle new or already used in this trade? What is the nature of trade. Is there a private use for this vehicle?
I could go on and on asking a lot more questions, so as you can see without context it would be negligent to give any type of answer.
GOOD QUESTION
Q: I have a delivery driver, sole trader client, below the VAT threshold and he bought a brand new van, would you claim for the fuel or would you calculate mileage?
A: Since this is a new vehicle you can still decide which method is better for the client, it is generally recommended using a parallel system in the first year to see, which provides greater tax relief. Besides fuel, the direct method would enable you to deduct all van related costs including repairs, MOT, cleaning, insurance etc.
However due to the fact that it is used extensively, the increasing repair costs later in the van’s life should be factored in, as well as the drop in the mileage rate beyond 10,000 mi, therefore it is more likely that the direct method would be beneficial. A van would also enjoy 100% AIA if the direct method is used.
Don’t forget that you cannot change the method once you have claimed in the fist year.
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