Hi, I'm Maria and am a SAHM to a 6yr old boy and a 17 month old girl.
I have worked for 20+years in Banking and Accountancy acrosss all sectors, and because of this experience a friend has asked me to start doing her books for her.
What is the minimum qualification level I would need to have in order to do this?
Would I need to have a professional body registration?
Is MLR a legal requirement?
I know I would need to register as self employed with HMRC, but that is as far as my knowledge goes.
You don't need any qualifications in order to offer bookkeeping or accounting services. However, you may wish to study for a qualification in order to fill in any gaps in your knowledge or make you more attractive to potential clients in the future. You'd need to double check whether the rules of the professional body would prohibit or restrict the type of services that you could offer whilst you were studying to become a member.
As for the money laundering regulations, you would need to be monitored by a supervisory authority. If you're not a member of a professional body, then you'll need to register with HM Revenue & Customs.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
Thank you Robert. If I decide to do this, she has said that there will be more work from a couple of other people she knows who also run their own businesses so I will definitely be studying to fill the gaps in my knowledge.
