Im wondering if anyone can offer some advice on setting up my own book keeping business. Im AAT qualified and I have a book keeping qualification. I have not been a member of a professional body for some years. I have contacted the Institute of certified book keepers and have found I need to re sit my exam in order to register and obtain my practising certificate. I am also interested in buying Bookcert Business Kit in order to help me set up. If anyone has also bought this I would be very gratefu if you could let me know how useful it is. Is it true that even if I do buy this product I will also need to register with a professional body in order to practise?
It it not true that you need to register with a professional body in order to practice as a book-keeper or offer book-keeping services. Like the accountancy profession, book-keeping is not a regulated industry in the UK (other than for money laundering purposes).
As you are already a member of the AAT it is a regulation of the association that you must hold a practising certificate if you want to offer any accounting services to the public.
If you are not a current member of any professional bodies then the only registration that is required is for money laundering purposes. You can register with HMRC paying an annual fee of £95 per annum. The registration date for registering has been delayed. Therir advice is:
If you are in business as an ASP (Accountancy Service Provider) you must be registered with HMRC before the 1 January 2009. In order for us to be able to process your application on time you will need to complete and send your application form with the appropriate registration fees to us by the 30 September 2008. If you are setting up in business as a new ASP you must be registered with HMRC before the 1 January 2009.
Andrea, you can download the latest HMRC money laundering information by viewing http://www.hmrc.gov.uk/mlr/mlr9.pdf. This explains the requirements for registering as an accountancy service provider.
The AAT is an equivalent qualification to the ICB so you may not feel you need to sit for another qualification. Have you contacted the AAT to ask if they would issue you with a practising certificate?
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"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
What do you feel in need of to start the bookkeeping business? Support from others? Tools to help you provide services?
What do you want or hope to get out of the kit?
I've not seen the kit, but getting an idea of your situation, where you are in starting the business and providing services could help. I have spoken to a couple of people that have bought it, not in depth but they did seem happy enough.
Hope it helps and best of luck in your new venture!
I think I would like help with a bit of everything from finding clients to choosing the software etc. I just thought that this kit seemed to help you along on a step by step basis with regard to setting up your business and offered a support network for you so you werent completely on your own.
Its not the actual work itself its all the things that go with setting up a business. However I did not want to spend money unnecessarily.
I purchased the bookcert kit and personally found it to be very informative and extremely useful. Although I have experience in accounts, I had no idea as to how to set myself up.
Briefly, the kit is in two parts, part one assumes that you have no bookkeeping experience and leads you from the basics through to preparing a clients books. I found this really good, as I was able to brush up on a few aspects of bookkeeping. You also get lots of useful tips.
The second part of the kit is all about setting up your bookkeeping business, and this is what I really bought the kit for. It covers everything you need to know from registering with HMRC to marketing, with again, lots of tips and advice.
For me, the kit has given me the confidence to forge ahead, so on that basis I feel it has been money well spent.
Thanks very much Julie for your reply. I think I have similar circumstances to you before you set up. I do have accounts experience and qualifications but need some advice/help on setting up. Also brushing up on book keeping would help aswell.
If you dont mind me asking, do you have a book keeping qualification and if so are you registered with a professional body? Its just Im not sure if I need to be registered and have a practising certificate before I practise. The ICB said I would need to.
Yes, I have a few qualifications; ICB level 1 & II manual, Level II computerised. I have also completed Sage Certificate 1 to 3 and Im currently working on ICB Level III.
Once you have completed your Level II stage with ICB you can then apply for a practicing certificate / professional indemnity insurance. Although, from reading many posts on this forum, you do not need to be registered with a professional body such as ICB, you can just register with HMRC and pay £95 fee.
Initially, I started `collecting` bookkeeping qualifications because I wanted to update my CV with the intention of moving jobs. I had been mainly self taught and felt there were a few missing links, the ICB offered what I needed particularly in terms of being able to do manual bookkeeping, which I had never done before. The Sage certificates where just a natural progression, as I used Sage in work.
However, you do not need to have bookkeeping qualification to set up your business, as long as you feel confident in the experience you have to date and can provide a good solid service to clients, then you will do well.
The clients I have acquired so far have been via friends of friends, but I am anxious to venture out more, hence buying the bookcert kit.
