Hi All I'm a newbie to this forum and would like some advice please. I am a qualified accountant but after the birth of my son have decided to re-evaluate things. I want to go down the book-keeping route so that I can be a stay at home mum but just have maybe 3 or 4 book-keeping clients to bring me in some extra spending money. I havent worked in practice for 3 years but have been doing some book-keeping for a small limited company for about 6 years now. (only on a quarterly basis).
I just need to know how to go about things really. Do I need a professional book-keeping qualification to be able to go down this route? I was worried that there might be some type of law that means I couldnt do book-keeping and charge for it unless I had some qualification or something. (ICB offer practising certificate so thought it might be illegal without or something?) What else would I need to think about? I was going to look into prof.indemnity insurance as well as the money laudering regulations.
I was looking on the ICB website and got a bit confused. Could I just sit the computerised papers to become a member or do you have to do the manual book-keeping papers as well? Some of the exams look like they can be sat on-line. How does that work? Surely you couldnt do them at home?
Sorry for all the questions, just want to make sure I do the right things and don't do anything illegal!
There are no laws which state you need to be a qualified bookkeeper to run a book keeping business. If you're already a qualified accountant you'll be more than qualified to offer a book-keeping service. It's definitely a good idea to get some professional indemnity insurance. Regarding money laundering it will depend on which body you qualified with as an accountant. If for example you qualified with the ACCA they will regulate you for MI purposes. Therefore you will not need to register with the HMRC. You may also be restricted to what type of book-keeping service you can offer your clients. If for example you are a member of the ACCA you will only be able to offer book-keeping up to trial balance stage i.e. you will not be able to produce end of year accounts or tax returns etc as you would need a practicing certificate from them to do this.
Many thanks for your reply, put my mind at rest! I don't really want to lose my accountancy qualification so will give them a phone and find out how the change in job affects things.
I was also very confused about what qualifications were needed to work as a book-keeper. Recently I went on a course run by HMRC and the trainer there said there is actually no legal qualifications required to work as a book-keeper. However, I am trying to achieve at least level 2 qualifications because I personally feel you need to know all that is involved in the syllabus to this level.
You can actually sit the computerised exam without doing a course. All you have to do is register with ICB.
You sound like you have more than enough qualifications to start straight away. Just ensure you get sorted re. money laundering and insurance.
I am thinking about starting out as a bookkeeper. I have just left my company as they wouldn't let me return to work part time after the birth of my son.
I seem to be in a similar position as you were back in April and wanted to know if you have had any luck in starting up a bookkeeping business?
I am also a qualified accountant (ACCA) Did you get any information as to the bookkeeping restrictions without a practising certificate? I have emailed them but not heard back yet.
Anyway, if you are still on this forum then it would be good to hear from you.
I am too looking to start up my own book keeping business and not sure what qualifications I need. I am AAT qualified (not in book keeping) and I also did a Book keeping course and passed with ICB some years ago. However because I didnt continue with my membership the ICB told me I need to resit the basic exam first and then do either the next manual exam or computerised exam before I can apply for a practising certificate.
I thought I would resit my exam any way to brush up. I thought any potential clients may prefer if I am a member of a professional organisation. However I have been told that it is not essential as long as you are registered with HMRC for money laundering purposes.
Have you also looked at the Bookcert Business kit. This looks as if it would be helpful for starting up a business but does not offer qualifications. I am thinking about purchasing this, but I thought i would take may exam first, even though I am desperate to start my business.
I have also signed up to a free 10 week course offered by business link with regard to settting up your own business, I thought this might be helpful. You dont have to attend every session, just the ones that are applicable to you.
