I will be completing the mentioned degree this year or by first semester of 2012. I have been working as a bookkeeper since 2006. I have done first level of AAT and first year degree accounting. I am 37 now and would want to start my own bookkeeping business before turning 40. Tell me, is the degree vital for my business? The degree concentrates on Management, Marketing and Human Resources.
no a degree is not neccessary in order to set up as a bookkeeper, or an accountant for that matter. Unfortunately, you will probably find a good percentage of the studies that you have put in already irrelevant in the short term to working as a bookkeeper. Don't despair though as it will make your later AAT studies easier.
You mention that you are first year AAT therefore you will be bound by the AAT rules as to what services you can and cannot offer to the general public on a freelance basis. (the restrictions come off when you become a MAAT MIP).
You say that you have been bookkeeping since 2006 and state that you want to start your own business so implying that at the moment you are working for someone else.
To set up in business for yourself you need MLR cover (offering seervices directly without which is a criminal offence carrying a possible jail term and / or substantial fine). MLR cover can be purchased directly from HMRC or may come with your practice licence from your supervisory body (depending which body you are under).
As you are currently with the AAT they will not cover you for MLR until you are a MIP. Therefore might be a good idea to look at other bodies (in addition to AAT, not instead of)
Experience and a relevant degree will carry exemptions (probably more with IAB than ICB but don't quote me on that).
Three years is more than enough to set up your own bookkeeping business even if you were only now just starting your studies from scratch.
Good luck with the new venture,
all the best,
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.
