I'm a bit confused and need some help. I'm trying to set up as a self employed book keeper. As yet I don't have any clients but tomorrow I may have my first. Therefore I want to get ready insurance etc that I need to put in place if I want to do this from my house as my job.
I have been advised I need to register with Money Laundering but just spoke to HMRC and they told me they had no idea what I was talking about?! I also know that I need to get some sort of insurance - not sure what sort.
Could anyone advise me please as I am a bit confused with it all.
1. The Money Laundering from HMRC costs £ 110 and you have to wait a couple of weeks until you get it (without it you can`t start working as a bookkeeper unless you are registered with a professional body as AAT or ICB or others) I had to wait 5 weeks until I got it.
I don't mean to tread on your toes Adrian, but there other people you can get insurance from, if you are a member of a professional body they may help you get it cheaper, the AAT use Trafalgar and if i remember correctly this was about £55.
Also you dont need a business bank account, but it can make you look more professional. I only got one when someone made a cheque out to my trading name, rather than to me.
Other than that, keep asking quesitons here, you will find loads of good advice.
have a good weekend
Nick
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Nick
Nick Craggs FMAAT ACA AAT Distance Learning Manager
Do I need to get clients to sign a contract to engage me as a book keeper or do I not need to worry about that?
This is an engagement letter. Works as your get out of jail free card and can be quite a lengthy document stating yours and the clients rights. Its the one document that bookkeepers are adverse to sharing as its a legal agreement and there is always the worry that there is a loophole in it and passing it on may come back to haunt you.
The BKN site has a skeletal one that needs building on and I beleiev that all of the professional bodies have their own. Everyone always adds to this document.
What sort of insurance exactly do I need just professional Indemnity or legal expenses or business liability or all three?
Legally you don't need any insurance. Sensibly you could do with the lot. PII is the odd man out in that its quite specific to our industry (and often required in order to get a practice licence) but for the others companies such as direct line do very reasonably priced insurances that package all manner of cover at a very reasonable price.
Finally I have been asked to set up a company as an employer and also to set up their payroll - how much would you charge for initial set up?
You will get answers between nothing (taken as a loss leader for new clients) and £200 as a setup fee. Its really based on the ongoing relationship with the client.
To my mind though £150 would not be an unreasonable fee for that.
Many thanks Rachael
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.
Its slightly different but if you did payroll for someone would you charge the same hourly rate as book-keeping? Just curious.
Thanks
Also I am working for a second hand car dealer so there is the margin scheme on the cars he sells. How do I enter this into SAGE do they have a margin calculation that will do it for me?
