That's standard practice on this side of the pond.
Just remember the following points:
1. There are different kinds of joint compounds:
A) Regular or "Taping" has had the most glue added to it, so it sticks best, dries the hardest, but is also hardest to sand smooth.
B) Finish or "Topping" has had the least glue added to it, so it dries soft and very easy to sand smooth.
C) "All Purpose" which is half way in between the above two, and is suitable for contractors who don't want to be hauling two different kinds of mud in the truck everywhere they go.
My limited experience using premixed muds is that they mix them super thick because no one wants to pay for shipping water from the factory to your town. Also, the factory knows you can always mix some water into the stuff to make it thinner and easier to spread smooth, so don't be afraid to do that.
2. You can't always have a contoured edge on both sides of every joint. For repairs, often you don't have a tapered edge on any side of any joint.
For those repairs, they make something called a "curved trowel". A curved trowel look like an ordinary trowel until you set it down on a flat surface or sight along it's edge and notice that it arches upward about 1/8 of an inch in the middle of it's 11 inch length. Since you hold the trowel at a comfortable angle to the wall when using it, this shape allows you to spread a perfectly symmetrical mound of joint compound 11 inches wide by about 1/16 to 3/32 of an inch deep at it's thickest over the joint. This is plenty thick enough to bury some fiberglass mesh joint tape in, but not nearly thick enough to show as a "bump" even under the most critical lighting angle.
3. Speaking of lighting, ALWAYS ALWAYS ALWAYS have a bright light close to the wall you're working on (and some distance away) to shine light at a shallow angle onto the area you're working on. The angle of the lighting will exagerate the roughness of your work, and when it looks "OK" under such critical lighting, it'll look absolutely perfect under normal lighting conditions.
After mudding and sanding smooth all your joints and drywall nail or screw heads, just prime the wall with a general purpose emulsion or alkyd primer and top coat with the paint of your choice.