Very new to this site and the idea of being self-employed so just seeking a little guidance to make sure Im on the right track.
Basically I noticed an ad in the local paper asking for a self-employed bookkeeper for about 4 hours a week to deal with input into SAGE, I applied and have been offered the position.
This however will be my first client ever as a self-employed bookkeeper (Im a fully qualified member of the ACCA, with 15 years experience in the accounting industry, but have never thought about doing some additional self-employed work before). As well as this client Im now thinking of offering my services on weekends and evenings (Im employed during the day)
So I just thought I would check with the forum on basically things I will need to put in place:
1.Register as Self-employed with HMRC have done this online
2.Obtain liability insurance - done
3.Comply with money laundering regulations/obligations I think my ACCA membership covers this
4.Register with data protection commissioner
5.Apply to act as agent for tax returns (VAT/Self-assessment) not sure I can do this due to article 8 so this may be unnecessary
6.Business cards & Stationery
7.Advertising (local flyers/papers/internet etc)
8.Engagement form pro forma (for clients)
Is there anything I have missed or need to think about
(3) ACCA membership does not cover you for money laundering, only an ACCA practice certificate would do that. You need to register for MLR with HMRC.
(5) Unless you have an ACCA practice certificate you can only offer bookkeeping services to trial balance, VAT and Payroll. (see ACCA regulation 8). This causes a lot of trouble as for the most part micro clients want cheaper accountants able to provide a full service. Not bookkeepers.
What makes this particularly unfair is that a bookkeeper with very little training can act as an accountant and offer a full accounting and tax service but an accountant with many years training and at least three years experience to get their letters can only offer bookkeeping services.
The bits that you missed :
(9) Website
(10) Networking
(11) Software
Good luck with the new venture Peter (and especially getting past regulation 8),
kindest regards,
Shaun.
__________________
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.
Many thanks for your swift response and your helpful comments
I was aware of the section 8 restrictions, but only after searching this forum did I see how restrictive they are.
Personally Im happy to just provide the bookkeeping services on a self-employed basis but it will likely be as you say, that the clients will demand more services (which I will be unable to provide sadly). Thankfully though I have a job also so am not absolutely reliant on going fully self-employed
To provide the services clients want I may have to try to obtain a practice certificate through ACCA (although due to a lack of practice experience this may near impossible!!), I have written to ACCA to see if my post qualification industry experience can count todays my certificate so we will see.
Otherwise I may try to do accountancy work undertaken on a sub-contract basis for employers who are appropriately accredited by ACCA as this experience may count, but whether I can get any sub-contracts remains to be seen
If I fully want to go self-employed or continue to provide bookkeeping services I will have to consider whether I may need to drop my ACCA membership (which after the years of study Im loathed to do!!) and possibly transfer to CIMA or ICAEW providing the restrictions are more lenient. Perhaps another possibility is to move towards an ICB or IFA qualification but it seems a shame to lose my ACCA
Only time will tell but in the end it may be a choie between ACCA or bookkeeping which seems really unfair
