Can anyone help - I have just passed ICB level1. The reason I took this exam is that I did some temp work through an employment agency for a guy who has a small business. The work involved a years worth of daybooks that need to be set up on excel. I did this job and most of it came naturally and I really enjoyed it, so I thought I would look into studying to become a bookkeeper. Having now passed level1 I thought that I might try offering my services to set up peoples day books and even doing books to trial balance on excel for smaller companies. I believe this would be good experiance whilst studying further. The guy I temped for has asked me and I have told him I would have to go through the agency until I have passed Level2 as I have now been told that I cannot work for my self until I have passed ICB level2. I would think this is due to the money laundering rules & do know that you can resister with the tax office for this. What I am trying to find out is this - Would the tax office let me register with just ICB level1, If I register would I then be able to offer the service that I am thinking about and does anybody think that there would be a call for this type of service. Will eagerly await your thoughts & input - thanks & sorry if this question is a bit long winded. Yogi
If you're not a member of the ICB, IAB, AAT etc, you would need to register with HMRC for Money Laundering purposes if you intend to offer a book-keeping service.
There is always a demand for good book-keepers offering the services you mentioned. I'm still taking clients on despite the credit crunch, although I am finding that new clients are more cost conscious, meaning I've had to keep my rates competitive.
You do not need to have bookkeeping qualifications to become a self employed bookkeeper, but it does help to fill in the missing gaps if you are self taught.
You can apply to HMRC and pay the annual fee of £95.00 to cover you for ML regardless of experience and qualifications.
But if you wish to practice under the ICB banner, you would need to complete either manual, computerised or both at level 2. Then you can apply for a Practicing Certificate. With the Certificate, you will automatically be covered for ML, the Certificate is about £45.
The type of service you are aiming at providing is good, the majority of small business/sole traders are happy with books taken to trial balance. As you become more experienced and you can offer more services such as payroll, self assessment and even training.
It all depends on what you want to offer in terms of service, if you feel you have a natural flair for bookkeeping, go with your instinct !
Fay is correct in saying that good bookkeepers are always in demand and the credit crunch has not affected bookkeeping as a business much, so good luck.
Thanks to Fay & Julie for the positive feedback, I did not want to run before I could walk and would like to start off in my comfort zone & build up with experiance.
I also wonder, another question. I was told by the data protection people that I did not need to register as the accounts I will be doing I do not own. Apparantly acconutants need to register, but bookkeepers do not. But today I have seen a message on this site saying you do need to register for data protection. CAN ANYONE CLARIFY FOR ME, PLEASE.
IMO book-keepers in practice can't claim exemption from registering. I was advised by a solicitor friend that in my role as a book-keeper I was providing an accounting service and therefore was a data controller. Below is the link to the ICO guidance booklet which you may find useful:
From my point of view you should outsource your bookkeeping as I did and I'm very happy with the result. I outsource my bookkeeping to following link << LINK REMOVED BY MODERATOR >>
From my point of view you should outsource your bookkeeping as I did and I'm very happy with the result. I outsource my bookkeeping to following link << LINK REMOVED BY MODERATOR >>
Well, you would say that as you are actually in Pakistan (Lahore, Punjab).
The name and location on your signup (Hillingdon, UK) was a lie. As such you are banned from posting on the site.
There are more than enough UK based highly trained and experienced financial professionals who provide a flexible client facing solution for businesses of all sizes from one man operations to multinationals. The only reason I can see to offshore work is where companies are doing business in the country in question so it makes sense to have representation in (say) the US if you do business there.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
