I am based in Manchester and am currently studying the AAT Level 2 Bookkeeping award, home study. I'm hoping to have it done within 6 months. I am looking for advice on my next step, or even steps that i can be taking while i'm waiting to finish the course?
My aim is to set up business, from home, i'm not looking for a mass amount, just enough to act as a second career. I am an Actor as my main career but i'm sure many of you can understand, there is no stability in such a career. Over the years as a self-employed Actor I have met many Actors who have no idea when it comes to self-assessment and general running of their finances. In the first instance I want to focus my business to Actors, setting them up for and completing their self-assessment. I then would like to open up to all sole-traders and small businesses.
I would like advice on, where I can gain experience while I am waiting for my course to finish? any advice on my next business move? also what software would be best to use? (I am currently using QuickBooks, as it is free, seem's to be ok?)
Also I would be grateful if anyone could advise me on fees to charge?
The course that your doing will not really prepare you for self employment.
The ABC AAT bookkeeping is the equivalent of AAT Foundation and will give you exemption from the papers at that level if you chose to take the AAT route (Which I personally would advise if you want a second string to your bow).
The course will not give you a practicing certificate. It's only meant as an introduction to the AAT qualification. However! It will give you exemptions from ICB and IAB exams. (not sure which ones or how many off hand although if nobody else fills in the gaps I'll have a firk around later).
You will not be allowed to act as a self employed bookkeeper unless you are cleared for Money laundering. This can be gained either by gaining a practicing certificate from your supervisory body or directly from HMRC at a cost of around £120.
If you trade as a bookkeeper without MLR cover you face two years imprisonment and an unlimited fine.
although not compulsory like MLR you will also need Professional Indemnity Insurance for which you need to prove a level of competence by exam or two years plus experience.
Note however that although not compulsory per se, no supervisory body will cover you for MLR without PII.
It sounds as though you have a ready made market to service so that's an excellent start.
Be aware that this is quite a crowded market place and the rates are unlikely to be anything like what the training providers have told you that they will be.
But, again. As you already seem to have clients lined up for self assessment you may be able to get away with charging higher prices than you would otherwise get away with in a competitive situation.
Good luck with the course and hope that it all pans out for you,
kind regards,
Shaun.
-- Edited by Shamus on Tuesday 6th of April 2010 06:57:23 PM
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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.
I would think that self assessment for actors could be a minefield. They may have several part-time employed or agency jobs, they may have periods of JSA, they may have some self-employment - not straightforward in anyone's book.
