Side hustle idea- thoughts

[SCWN149]

Just a bit of background. I am an HMRC officer (don’t boo me), working in insolvency with extensive debt management experience.

This is just an idea at this stage, but I’m wondering if there would be a market for someone with my experience to offer tax/insolvency advice- even though I don’t have any formal qualifications.

I have a good knowledge and understanding of tax/insolvency legislation such as the insolvency and finance acts, and areas that may be a risk to HMRC.

One area I specialise in currently is building Director Loan Accounts. Mainly building these through bank account analysis. It’s surprising how many companies enter liquidation and don’t know they have a outstanding directors loan that’s payable.

Obviously I have inside knowledge but won’t be able to use any HMRC material, software or hardware if I was to do this.

Is there a gap in the market? Obviously I’d have to check that is actually legal and doesn’t go against my contract.

 

[Mark T Jones]

You can undoubtedly add some value. As is often the case, the real question is how will you fit in/market yourself?

There are many people offering a similar service, from formally qualified Ips to more generic 'business consultants'.

You background will undoubtedly add some value, but you still need to find customers!

 

[JEREMY HAWKE]

Welcome to the forum
I think you would get some good business as a consultant with your experience
Your lack of commercial experience my be a shock to the system its a jungle out here!

 

[Mark T Jones]

its a jungle out here!

It makes me wonder how I keep from going under..

 

[JEREMY HAWKE]

It makes me wonder how I keep from going under..

Yeh but eye aint as cool as you dawgs

 

[japancool]

its a jungle out here!

Sadly, it's also full of chimps.

 

[Socio South West]

Using an archaic expression, this sounds a bit like running with the hare and hunting with the hounds. I would be surprised if your Contract of Employment permitted you to do this while still in employ of HMRC - Suggest you read that before you go any further.

 

[Veee]

The first thing to discover is if there is a call for your services and are they prepared to pay for it… and have they got funds to? Especially if they are preparing for insolvency!

 

[PatrickStephen]

Just a bit of background. I am an HMRC officer (don’t boo me), working in insolvency with extensive debt management experience.

This is just an idea at this stage, but I’m wondering if there would be a market for someone with my experience to offer tax/insolvency advice- even though I don’t have any formal qualifications.

I have a good knowledge and understanding of tax/insolvency legislation such as the insolvency and finance acts, and areas that may be a risk to HMRC.

One area I specialise in currently is building Director Loan Accounts. Mainly building these through bank account analysis. It’s surprising how many companies enter liquidation and don’t know they have a outstanding directors loan that’s payable.

Obviously I have inside knowledge but won’t be able to use any HMRC material, software or hardware if I was to do this.

Is there a gap in the market? Obviously I’d have to check that is actually legal and doesn’t go against my contract.

If you need any help with your start-up digital image, give us a shout. We specialise in this area.

 

[phil192]

When we registered for VAT, we hired a consultancy to advise us, as our earnings are from multiple countries. I think there is a big need for your skills, and your background at HMRC would be more than sufficient for most people.

 

[Porky]

Yes but as ever its the route to market that's the killer. Unless he could perhaps market his services via accountants and agree a commission on any referrals they gave him?

As pointed out by @Veee no money in it at insolvency stage, too late then but there would be in Tax advisory services ensuring best practice / most efficient way of working and avoiding these issues from the start.

On seeking specific tax advice recently i was surprised that my own accountant firm didn't have anyone that specialised and i had to try and find one elsewhere.

Is there a market for a freelance expert?, without doubt yes, there are a few about BUT i cant imagine working for himself would earn anything like the benefits he gets at HMRC although i do appreciate why he might prefer to work for himself.

Morally has to be the better option helping others to prevent issues? It cant be fun inflicting pain on individuals already in a position of hardship via insolvency, nobody ever sets out to fail in business and his job is using sophisticated technology to then catch them out to enforce director loan collection most likely because the director has missed something whilst distracted trying to keep the business afloat prior to it going under. Not sure i could do that job myself but then you do get people wanting to be traffic wardens, so takes all sorts.

I hope the OP can make the switch, has to be better to help others prevent issues.