I am very good at figures but I have no experiance in bookkeeping but my wife has had a couple of small businesses that I have allways done the books for and also done her self assesment tax returns. My tax returns are done by an accountant every year as I earn a lot more than my wife and I just think it looks good for the taxman.
Ok here are my questions,
1, I am thinking about training to level 2 manual and comp bookkeeping and then going on to do the diploma in self assesment. If I do this will I be able to charge for this service or does th SA have to be done by an accountant if It is being paid for.
2, I do not have much interest in bookkeeping as a living but if I do pass the exams is there work out there if I wanted to do some part time.
3, Am I too old to start at 55. I already have some other taxi drivers lined up who say they will use me when I pass all the exams. (I also know some people say that but never change.) I do know the taxi business inside out as I have been self employed in it for nearly 12 years.
I am aware that I could just register with the HMRC as an agent but I would like to do some studdying for my own benefit.
1. Yes you would be able to charge to complete peoples self assessments. However you should bear in mind that if you are going to do this you will need to register with HMRC or another professional body for Money Laundering Regulations, you will need to register with Data Protection, and it would be strongly advisable to have Indemnity Insurance.
2. People always need bookkeeping or tax returns completing. Since I've been in practice (12ish years) I have noticed an absolute flood of bookkeepers to the market so there's probably less work to go round now than there was, maybe more so for new people to the market as you have to establish your name and reputation.
3. You're never to old to do anything!! Knowledge of the taxi business could help you if you maybe wanted to specialise and only deal with SA for taxi drivers. There's a lot to learn; there are several companies out there already doing that and a search engine would bring up a selection for you to look at.
Re your closing comment - yes you can just register as an agent, and technically anyone can complete self assessments, but you must register for Money Laundering first.
I'm sure someone else will be along shortly to cover anything I've forgotten!!
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
