Step one, if its a company you want to set up you had better purchase it, you'll get off the shelf companies for a couple of hundred pounds (just google) or are you setting up an LLP or sole trade / partnership. Google will be your friend in all these cases.
You'll need to comply with money laundering and insurance regs. There are numerous posts on here over the past few months / weeks which detail the ML and insurance regs and other info need for a start up. I would recommend just reviewing the last few pages of posts and this should be helpful.
you'll need to register as an agent with HMRC with your client. Google form 64-8 or look on HMRC website.
Others will no doubt add valuable info to this post.
Good luck going fwd.
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Forgive the typo's I generally do not proof read. Just lazy I guess!
Company formations are really cheap these days. Don't pay a penny more than you have to. Don't go for an off-the-shelf company (ie. a preformed one). Think about marketing and how your name will be perceived. I have always advised using your own name. It encourages trust and rapport. Eg. Jenny Jones Accountancy is SO much better than ACME Accountants :) If you are on your own, then I cannot see much point in registering with companies house (ie. for an LLP or LTD), you may as well keep it simple and stay self-employed until you really need to form a company. Because you are a service, you are unlikely to run up huge debts that need the protection of limited liability. Hope that helps you.
just curious why you dont like off the shelf companies, i find them inexpensive and very simple to change the relivant detail in one phone call. Think scotts company formations do the whole thing for about 150(?) and takes no time atall. There may be a downside i'm not thinking of at the moment.
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Forgive the typo's I generally do not proof read. Just lazy I guess!
I've gone for a self employed status using my surname "ironbar". I want to find out about all the licenses and insurance i need to provide private accounting services to clients. I need to find out more about the money laundering regs.
Money Laundering is mandatory can be obtained either by registering direct with HMRC or if you are a member of a supervisory body with a practice certificate then you will be covered by them. Indemnity insurance is optional but recommended, particularly if you are doing SA for clients.
I would say you will need Professional Indemnity Insurance - especially as you are trading as a sole trader. Money Laundering has already been mentioned and you will also need to register with the ico for data protection as you will be dealing with clients personal details.
Adi2402 - I don't recommend off the self companies. I think it is far better to create your company from scratch using your director, shareholder and registered office details rather than have to go through what can sometimes be a costly process to change these.
Also, the figure you quoted seems high (we charge £75+ VAT for bespoke company formations or £60 + VAT for members). The process is normally same or next day (unless Companies House are having difficulties!)
as a newly qualified accountant don't forget the basics in that you cannot set up as an accountant on your own until you have done two years post qualification under the supervision of a qualified accountant.
You can set up as a bookkeeper but what you are allowed to do is severly restricted. You need to confirm with your governing body but to my undersatnding you are allowed to offer bookkeeping to trial balance, VAT and Payroll services.
You are not allowed to offer advice including tax advice so this may cause problems for the work that you are required to perform unless you can get supervision to perform it.
As mentioned above you would need cover for money laundering which you could gain by using you accountancy qualification to gain exemptions from membership up to fellow level with the IAB.
The ICB do not give exemptions for accountancy qualifications (something that came as a complete shock to me as well to be told that accountants don't know bookkeeping... I'm ACCA by the way).
If you take the IAB route you are going to also need PII insurance for them to give a practicing certificate. Alternatively, even if you take the HMRC route I would strongly advise you to take PII insurance.
Good luck with your career and your business,
kind regards,
shaun.
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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.
adi242, I think the business name is the number 1 rule of marketing, so picking an off-the-shelf company will mean going through the process of changing the name etc. Eg. Red Fishes Ltd wont have the same level of 'I know what I am doing' as 'Cambridge Bookkeeping Services'.
BTW, that last example is even better. We not only have a name directly related to what we do, we have also localised it. If you can get the domain cambridge-bookkeeping-services.co.uk it will be pretty easy to get to page 1 on Google for the keyword phrase "cambridge bookkeeping services" and not too hard to get what people will search for, eg "bookkeeping service in cambridge".
I am going to add a bunch of marketing guides to my accountingforeveryone site shortly as I have learnt so much in the last 18 months on the subject and I hope many can benefit from it :)
