I've done book-keeping for the family business for years, using manual ledgers, excel sheets and cloudbased accounting systems.
I'm now looking at doing this for other people and getting paid, and know I need to register for Money Laundering with HMRC but is there any LEGAL requirement for a formal book-keeping qualification?
For that matter currently anyone who is not a member of a supervisory body could set up as an accountant (only Audit an Insolvency work are protected in statute).
As soon as you join a supervisory body there are restrictions a to what you can do which is down to the bodies ensuring that their members do not overstretch themselves and go beyond the bounds of their PII insurance.
Normally I would advise people to do some additional training to get a broader understanding of bookkeeping in general but as far as legal requirements go, there is nothing at all to stop you.
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.
Hi Lizzie, Exactly as Shaun said above although I would add to join a bookkeepers association (like the ICB) where you can obtain a practice license, be governed under AML and they also have discounts with Trafalgar for PII.
Also, don't forget to register with HMRC that you're self employed. If you are going to be doing tax returns etc., you will also need to register with HMRC for an Agent code otherwise you won't be able to talk to them about your clients.
