I'm new here so hope I'm not asking a question that's been asked a million times before!
I became AAT qualified in 2003 and worked in an Accounting practice for many years before having my two little boys. I gave up employed work in 2009 and have been involved in various self employed ventures since then, the latest (and hopefully last!) being my return to Accountancy by starting my own bookkeeping & accounting business 2 years ago (I've been doing bookkeeping, tax returns, payroll, end of year accounts, etc.). I'm now expanding slowly as my youngest is getting a little older, but I'm not sure if I should do another bookkeeping qualification to make sure my skills are up to date? Is it worth it?! My AAT membership lapsed as I didn't think I'd be returning to accounting again, but I have been told by the AAT that I can re-join by proving what CPD I've done over the last two years (none!). So essentially it looks like I have no official qualifications, although I have to say this hasn't been a concern of any of my clients that I've taken on over the last 2 years! My main worry is that I've forgotten silly things like what's VATable and what's not, I'm not up to date with tax issues....I mean I haven't forgotten everything my any means, but I'd hate to think I'm missing obvious things!
So do I do a bookkeeping qualification covering everything from VAT to payroll to tax, or simply wing it and hope I've retained enough knowledge?! Or just buy a Tolley's tax guide and read it cover to cover?!!
From your history doing another set of exams seems a little excessive as you already have the knowledge even if its a bit rusty.
Tolleys might be a little OTT. Try Taxation by Melville. I get it every year for the latest tax act and its very impressive.
For the bookkeeping and accounts try Business accounts by David Cox. Its a simple book but its one that I still reference far more than some of my weightier tomes.
You have to be registered for MLR with HMRC is you don't have it through a practicing certificate with anyone else. As you already have clients I assume that you already have that in place (as it carries a jail sentence if you don't).
If you think of doing something like ATT to gain a tax qualification you could then tell the AAT that you have done ATT as CPD which would get you those letters back as well (We have an awful lot of TLA's in this business don't we!).
You may be able to gain some exemptions from IAB qualifications and that would make you part of a professional body and access to the networking opportunities that such offers.
Good luck with the business and good to have you on board here.
Looking forwards to chatting over the coming months as you build your business.
kind regards,
Shaun.
p.s. the question has been asked a million times but every one is slightly different rather than a one answer fits all.
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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 have looked at doing ATT but it's just the cost that's putting me off at the moment. I'll purchase the books that you've recommended as I'm hoping that will be enough to top up anything I've forgotten! I'm finding that I'm remembering various things as I go along anyway, but I don't want any of my clients to miss out on anything, i.e. tax savings, because of me!
