Setting Up Your Tax Practice
Setting up your tax practice
If you are considering setting up your own tax practice as a Chartered Tax Adviser, here is what you need to know.
Why set up your own tax practice?
While many Chartered Tax Advisers work for one company or through partnerships, this isn’t necessarily for everyone. Some people prefer the freedom and flexibility of self-employment, especially when they need to reduce their hours, for example, to raise a family.
In fact, a significant proportion of the Institute’s 18,000+ members are self-employed.
Key benefits of setting up your own tax practice:
- Be your own boss.
You are in charge. How you grow your business and what you specialise in is up to you.
Focus on your areas of expertise
You’ll have the freedom to focus on areas of taxation with which you have the strongest working knowledge and skills. This will help you to determine your ideal clients so you can adapt your market, training and technical support to this target group.
- Choose the hours and schedule that suit you
As a self-employed Chartered Tax Adviser, you can work as many (or as few) hours as you wish. You will be in control of your schedule, so you may find it easier to maintain a work/life balance.
- You may be able to work from home
Imagine not having to brave the daily commute. No more crowded trains, no more long journeys, no more expensive seasonal passes.
Working from home may be possible if you are setting up a smaller practice, although you’ll need to have enough space to securely store your clients’ confidential files and other office items.
If you would like more guidance on working from home as a Chartered Tax Adviser, please click here.
What you need to do before setting up your tax practice:
To become a Chartered Tax Adviser, you must pass the CTA exams and become a member of the Chartered Institute of Taxation. You must also do the following:
- Register with a supervisory body for Anti-Money Laundering
- Take out appropriate Professional Indemnity insurance cover
- Appoint an alternate
For more details on these requirements, please visit our Obligations and Guidance Areas section.
Can I use the CIOT logo at my tax practice?
Yes, self-employed members are welcome to use the Institute’s badge on their stationery and website.