After pondering for sometime how best to earn money with 2 young children at school, I have decided to become a full time freelance bookkeeper, but just feel so out of touch with things that I am hoping that someone can help me with what to do next..
In 1995(ish) whilst working at an Accounting Practice I completed my AAT qualifications.... stupidly not paying any subscription over the years ... does this mean I still hold my qualification?
Until 2007 I worked as an accounts assistant in various private companies, and have an all round knowledge of bookkeeping/accounting.
In August 2007 I became a 'part time' self employed bookkeeper, and have been working for a ltd company 8 hours a week, and doing bookkeeping from home for a couple of other small companies which includes submitting vat returns.
I have been bumbling along on my own, and feel out of touch with the accounting world at the moment, and really need to get on top of things. Am thinking of taking a course in bringing me up to date with everything ( inc payroll) - can anyone recommend a good one?
From reading the forum, to do things properly, I understand I need a practise certificate, - does anyone know if I can just apply to AAT? or will I have to do more exams? Or should I join IAB or ICB etc?
Also, I am not registered with HMRC for money laundering or have PII so I guess thats something I have to sort as well... Is there anything else?
You should already have MLR cover if you already have a few clients?
I don't think AAT will give you a practice certificate but it might be worth phoning them for advice. The ICB and IAB will probably provide exemptions based on your experience. I believe you will have to pay for each exam exemption for the ICB plus licence costs and a few other admin costs (Approx £400). IAB is £78 for membership and a similar amount for the licence. Both will cover you for MLR within the price too. I think it's approx £110 directly with HMRC.
you don't actually need a practice certificate with anyone. Generally we don't tell people that as they attempt to get to practice on a shoestriong and end up not realising what they don't know. However, in your case it would seem that you have the experience built up over many years.
As Matt says, if you are offering services to the general public then you have to have MLR in place or face quite severe penalties including possible jail time so you have to get that sorted out ASAP.
PII is optional but strongly advised espechially in this particularly litigous society. Many here use Arlington (see above special offeres for a link) with the actual insurance being through Zurich so not a fly by night insurance company. Trafalgar is another common one but that is tied to holding certain qualiifcations such as ICB, IAB or AAT (I know that you have this but I fear that the lapsed membership will mean such would be disregarded by Trafalgar).
The way to look at ICB and IAB is not so much the qualifications but rather networking opportunities. Personal view is that IAB win on that as ICB tends to be bookkeepers networking with bookkeepers where the IAB meetings are joint IAB / IFA networking so the added benefit of networking with accountants.
I'm not saying that there is anything wrong with either body and that is just my personal view as to which of those would be more benefit to someone who is already lapsed qualified AAT and has considerable existing relevant experience
Your AAT qualification may now be too old to be resurected but I'm no expert on that and you will be better getting an answer on that from someone like Nick at Premier training.
As a refresher I would buy Business Accounting by David Cox and work your way through it. You will rebuild your confidence as to how much you know in no time.
(To anyone else reading this, reading that book is no replacement for a quality qualification if you are coming at this from scratch. The poster is qualified (lapsed) and experienced so a refresher may be all that is needed).
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.
I started AAT in 2002 then after the first year stopped due to other commitments and lime you did not carry on with my annual subs -i returned to college in 2011 and wax able to pick up where i left off and re start my subs without any problem
-- Edited by Sharon Eyre on Monday 2nd of December 2013 03:29:30 AM
In the meantime I have been in touch with IAB, and they are happy for me to apply for FIAB for about £125 i think (not including MLR - am waiting to hear on this)
So, am really chuffed, and very much appreciate the input I have received.
Just want to point out that the ICB meetings that have been mentioned are probably branch meetings.
These meetings are for bookkeepers, contain information regarding bookkeeping/payroll, and give you a good chance to meet other like minded people in your area for a good chat, encouragement or business opportunities.
There are accountants who attend for networking, also banks and small business owners, however some branches do not have accountants etc. present as they decide they don't need them.
There are also specialised events the ICB host, such as the recent very successful speed networking event which had start up small businesses talk to ICB members. I went to the London one and was amazed at the positive feedback from the members and the business owners. More info http://www.bookkeepers.org.uk/resources/news/general/speed-networking-for-gew/a/961
The header image on that page is a photo from the recent bookkeepers summit which gets bookkeepers, government, banks, software providers, colleges and small business start up initiatives together. Again I went to that one and is was a great success.
