Thinking aloud; can I do it? - The Book-keepers Forum (UK)

snowgoose · Member

Thinking aloud; can I do it?

Rhianrach · Expert

People a lot less qualified and experienced have embarked successfully, and the AAT is an awesome route to go for giving you a good grounding. So go forth and ............. bookkeep. biggrin

Steve

Shamus · Forum Moderator & Expert

Go Kirsty, go Kirsty, Go Kirsty...

I'm all for the encouragement approach, especially with the excellent route that you've chosen to take.

I believe that even as an AAT student you are allowed to offer bookkeeping services but you are not allowed to mention the AAT at all and I do not believe that (happy to be corrected on this) you will not be covered by the AAT for MLR so you would need to purchase that directly from HMRC for £170. (When you reach MAAT MIP you are covered for MLR).

If you only have one or two small clients you may find that the costs involved outweigh the income. I would certainly not give up the day job to pursue this yet and I think that you need to be aware that for at least the first year you may be running at a loss.

If you can afford to I would continue through to MAAT as you are at the moment and only then think about self employment. But, ultimately it's up to you.

Whatever path you take I wish you the very best, and well done for choosing AAT. Even though things may be difficult at the moment you won't regret that choice in the long run.

Kind regards and welcome to the forum,

Shaun.

RobH · Expert

Hi Kisrty,

I would echo much of what has said. Your practice experience will be of huge benefit. You know how the clients accountant wants to receive the bookkeeping so you are absolutely going to be a hit straight off with accountants. You should definitely speak to local accountants, letting them know you worked for a top four firm.

I also agree you should continue your AAT, especially being so close to finishing it. There is a general consensus amongst many here that AAT ois the course to follow given time.

Oh and welcome to the forum Kirsty.
Rob

R2s · Veteran Member

To register with HMRC for MLR is only £120, the extra one off £50 is for the 'fit and proper test' and that is only required if your business is * Money Service Businesses or Trust or Company Service Providers

As Bookkeeping comes under *Accountancy Service Providers the fit and proper test is not required. (see MLR9 part 7.2.4)

Shamus · Forum Moderator & Expert

Hi Rachel,

it must be that I misunderstand the term Company Service Provider.

I read that as if you provide a service to companies (i.e. accountancy or bookkeeping) then you must pass the fit and proper test unless you are registered with an appropriate supervisory body.

It's probably me misreading the revenue documentation. Certainly wouldn't be the first time that I read something on there the wrong way.

Shaun.

R2s · Veteran Member

Hi Shaun,

This is what I found on HMRC:-

Who do the Money Laundering Regulations apply to?

The Money Laundering Regulations apply to a number of different types of business, including financial and credit businesses, accountants and estate agents.

Every business that's covered by the regulations must be supervised by a supervisory authority. Your business may already be supervised, for example because you belong to a professional body like the Law Society. But if it's not, and your business falls into one of four designated business types, you're likely to have to register with HMRC.

HMRC supervises the following four business types:

* Money Service Businesses
* High Value Dealers
* Trust or Company Service Providers
* Accountancy Service Providers

****************************************************************

What is an Accountancy Service Provider?

For the purposes of the Money Laundering Regulations, HMRC uses the term Accountancy Service Provider to describe:

* auditors who carry out statutory audit work
* accountants who are in business to provide accountancy services to clients
* tax advisers who are in business to provide advice to clients about their tax affairs

What are accountancy services?

Accountancy services cover recording, reviewing, analysing, calculating and reporting on financial information for other people. They include:

* professional bookkeeping services
* accounts preparation and signing
* tax advice

What is tax advice?

Tax advice includes:

* helping with filling in and submitting tax returns or duty claims
* advising on whether something is liable to a tax or duty
* advising on the amount of tax or duty that is due

Hope this helps any newbies out there.

Suffolker · Senior Member

It is then £95 annually for the MLR

snowgoose · Member

Thanks for all the responses - I certainly didn't expect so many nice people to respond so quickly! The AAT is something I definately want to get complete, and was really the reason I first wanted to become self employed because I saw some potential in it. (and because, no matter which firm I've worked for and the way they do things, there's always a small bit of me wants to do it *my* way, and can see something to do differently. I'm stubborn like that)
I assume I get my full AAT I'm allowed to use their name?
Hopefully I'll get there soon and can use their cover for MLR.
Thanks again! Good to know i'm on the right track. smile

RobH · Expert

Good luck Kirsty, I'm sure you will make a go of it.

Rob

Rhianrach · Expert

snowgoose wrote:

Thanks for all the responses - I certainly didn't expect so many nice people to respond so quickly! The AAT is something I definately want to get complete, and was really the reason I first wanted to become self employed because I saw some potential in it. (and because, no matter which firm I've worked for and the way they do things, there's always a small bit of me wants to do it *my* way, and can see something to do differently. I'm stubborn like that)
I assume I get my full AAT I'm allowed to use their name?
Hopefully I'll get there soon and can use their cover for MLR.
Thanks again! Good to know i'm on the right track.

I think to have MAAT after your name you have to have a years worth of work signed off, however I'm certain you can use AAT just not the M. smile

Steve

jimcarey · Newbie

Hi,

Thanks for all the information. I think that it is not a very difficult task. All you need is some inspiration and some driving force or motivation that can get you started. It is always the initiation that is very difficult and once you get started with it you gradually make ways.

:)