“Why I gave up giving tax advice”

Posts to this blog normally contain tips and advice to assist accountants, especially those in practice and /or building up their careers. Today I make an exception.

Last week Taxation magazine published a 4 page lead comment article written by me. I had entitled it, ‘Why I gave up giving tax advice”. The editor cleverly revised that so that the headline became:

“A far, far better thing… that I do than I have ever done. MARK LEE explains why he gave up giving tax advice”

In effect the article explains the reasons for my transition from being a tax adviser in practice (after over 25 years).

The main thrust of the article deals with my frustrations, which have been described as ‘a sad indictment of the tax system’. You can read a copy of the article in pdf format: Why I gave up giving tax advice or on the Taxation website here.

Taxation magazine editor Mike Truman, who commissioned the article, has said “Mark is probably one of the few people who can write about this from the inside, because he is no longer giving advice, yet is still closely involved with the tax scene.”

I have to admit that I found writing the article quite cathartic. It enabled me to get a number of things off my chest.

In the context of THIS blog however, perhaps this quote is the most relevant:

Then two years ago, approaching the age of 50, I had cause to consider what I wanted to do for the rest of my career. Entrepreneurship beckoned. But I wasn’t interested in running my own accountancy or tax practice – for the reasons explained below. Instead I initially created the BookMarkLee ‘brand’, acted as a mentor and business coach for ambitious accountants and continued with my professional speaking engagements.

Despite my ongoing commitment to this blog and to my writing and speaking engagements I also noted that:

this was all moving me away from the world of tax and that didn’t feel right. Then the idea for the Tax Advice Network started to take shape and I eventually decided to focus all of my efforts and activities on this endeavour. Launched at the end of last year, it enables me to play to my strengths, continue with my professional speaking activities and stay in tax. Crucially however it doesn’t involve ME in providing tax advice so I’m not competing with the tax adviser members whose services we promote more widely than they would be able to do themselves.

In my conclusion I added that:

Despite my evident frustrations, the continued ‘doublespeak’ and the prospect of increased unbalanced powers for HMRC, I remain committed to my chosen profession. I remain involved in Tax Faculty (and to a lesser degree CIOT) activities although I prefer to focus more on those that involve the provision of guidance and support to members as compared with the representational work. I can choose which non-exec and related activities to pursue in addition to running my Tax Advice Network and my public speaking roles. I consider myself very lucky. Not everyone is in a position to choose to review their career and take a new path.

So what about the ambitious accountants who read this blog? Are my fears and frustrations shared by others? Are you also looking for a way out of the profession (or would be but for financial concerns)?