How can I get CGT experience?

Sarah-LouSarah-Lou Well-KnownRegistered Posts: 141
Just reapplied for my licence and had asked to also be allowed to practice CGT. AAT phoned me up and said although I have got the personal tax unit and am studying ATT that is fab for CPD but not to be licenced.

I need to get work experience doing this. I work full time (in industry). I am an MIP but on my own. Any suggestions how I could go about this. I really enjoy CGT and really want to have this as an addition to my practicing licence. AAT did say I can still do it but must make people aware I'm not licenced to do it. That is going to sound really good isn't it!

Any suggestions gratefully received.

Sarah-Lou

Comments

  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    How about offering your 'free services' to someone on this forum? You could offer to do some CGT calculations etc in draft for someone. This would be good experience and practice for you, and could help another member out!!
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,069
    CGT is a difficult one because it's not something that comes up routinely - unlike sole trader accounts, for example. That means it's difficult to get experience in it because not only do you not have it coming in the door very often, neither do many other accountants (I would guess).

    For this reason, I subcontract all my CGT work out, apart from the very simplest ones. I'm capable of doing it, but it's more cost effective and time efficient to sub it out.

    not very helpful, sorry, but my 2 penneth worth.
  • villapbvillapb Trusted Regular Registered Posts: 357
    I have good experience of gct tax, share dealing since 1993, but find doing cgt for clients its a pain, they don,t appreciate the work involved and moan all the time about the fees to reflect it, so we stay clear of it. I,d leave it to the practises who deal with hnwi, or get att qualified and some experience then think about it. Tbh gct work would be the bottom of my list but ok for a hobby.
  • villapbvillapb Trusted Regular Registered Posts: 357
    hi monsoon, i agree 110%.
  • JodieRJodieR Experienced Mentor Registered Posts: 1,002
    I agree with the others - it's not somehting that many clients require so unless it's something you want to specialise in I wouldn't worry about it missing on your licence. So long as you have a basic knowledge of how it works you can make alternative plans if/when it arises. In my previous job I did loads of CGT so was very confident with it when I first started out self employed but I would be very wary of taking on a client now who's made capital gains as the rules have all changed so much, and unless it was very simple circumstances I too would subcontract it out.
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,038
    villapb wrote: »
    they (clients) don,t appreciate the work involved and moan all the time about the fees to reflect it

    Took the words right out of my mouth!
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