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Post Info TOPIC: Need help on starting a book-keeping business
tos


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Need help on starting a book-keeping business
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Hi,

I am a new to the forum and plan to be an active member.  I need help on starting a book-keeping business.  I have a CA qualification from an African country and I am presently preparing for my last two ACCA papers.  I have worked in a Big4 Accountancy practice in Africa for five years prior to relocating to the UK.  I work full-time as an accountant in the UK but intend to start my own book-keeping business.   I have friends that are also accountants who are interested in joining me but none have any professional qualification.

Please help to answer the following questions:

- Is there any restriction on my ability to provide book-keeping services in the UK (Albeit ACCA or regulatory bodies)?
- Do I need to obtain any practicing licence to provide book-keeping services?
- If so, do I stand a good chance of getting the licence?
- How do I register the business?
- What are the avenues for attracting clients?
- What other things do I need to consider before starting the business e.g. finance, regulators, etc

Please note that I only want to do this on part-time basis as I do not have any intention of leaving my current job for now. 

Thanks and best regards

tos

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Mary


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You do not need a practising certificate in order to offer bookkeeping services to the public. However as you are a student of the ACCA you need to be careful that any bookkeeping work undertaken by you does not fall into their definition of public practice work. Public practice work includes accountancy and taxation work and requires a practising certificate from the ACCA. If you focus on preparing the books up to trial balance you should be ok.


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Mary

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tos


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Thanks Mary. How much does it cost to get a PII? I'm considering getting one. Or do you think paying the HMRC for MLR is a better option?

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Mary


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The cost for Professional Indemnity Insurance varies. See recents posts on this forum for a idea of the likely cost. For a practising certificate issued by the ACCA, once you a full member and have the relevant post membership work experience, the cost is few hundred pounds. Go to www.accaglobal.com for further info. Until you are eligible for the ACCA PC, you will need to register with HMRC for money laundering purposes.


___________
Mary



-- Edited by Mary on Tuesday 17th of March 2009 03:40:46 PM

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