Hi Jim,

you are looking at this as a quick fix where what you are really taking on is a lifetime of constant learning.

The knack with that learning is hitting the point where you know enough to be able to sell your services.

So far you have only scratched the surface of bookkeeping without really understanding the rest of the picture.

Yes, AAT students can offer limited services pre MIP but remember that you will be able to make no mention of any affiliation with AAT until you are an MAAT MIP and you would have to get MLR cover directly from HMRC (a legal requirement).

AAT level II is only an introductory level. Things start to fall into place at level III and completing that combined with knowing relevant software (Sage, Quickbooks, Xero, etc.) may open up some trainee positions (I notice that you are still quite young and that will work in your favour).

If you can get experience in a practice whilst studying level IV that would set you up with the options to either

a) go self employed when you have achieved your MIP

b) stay in practice and move up to the higher qualifications (ACA, ACCA, etc.).

If you went self employed at the moment I fear that you would struggle to even meet your costs as there is a lot of competition out there in the market place.

Your costs would be computer, accounting software licences, Payroll software licences, PI insurance, MLR cover, Marketing costs, Networking costs, etc. etc.

At AAT level II with no experience you may find PI insurance difficult to obtain and thats really an essential as any mistake you make on a clients books they can require that you put them back into the state that they would have been in had you performed your work correctly.

General requirement is that we have PII in place for at least £100k (and far more with the higher bodies).

First year MLR through HMRC is I believe now £220 (and £110 per year thereafter). That one is not optional as carries a prison sentence and unlimited fine if you don't have it in place.

For now I think that its best that you stay with your existing job, continue studying AAT whilst applying to local practices for trainee positions.

Don't expect to be earning any more than around £12k for starters, £18k at AAT level IV, rising to around £26k with experience and longevity with a practice.

Moving up to (say) ACCA you would expect your salary to climb into the mid thirties and at some stage far in the future with the right knowledge and experience you could start your own practice when you may start earning some serious money whilst giving people like yourself a chance by teaching the next generation of accountants.

The alternative of going self employed as a bookkeeper once you have (say) passed level III I would not advise as the industry is in serious flux at the moment with changes around Payroll, Pensions, frequency of reporting and even software vendors trying to force us into the cloud. Its all a nightmare of constant change which clients do not expect to pay any more for.

Better to wait out the storm before even thinking of self employment and instead concentrate on completing through to MAAT whilst trying to get a trainee job in practice.

I appreciate that you are eager to change profession but this nut is not as easy to crack as training companies and some professional bodies who are at the end of the day after your money would have you believe.

When you are further into your studies you will see that going self employed now would have been the wrong move not least as you have very little hope of getting close to your current income level (you are likely to find it one, possibly two decimal places out for your first year income).

Sorry, not trying to dishearten you, just temper your enthusiasm a little.

Good luck with your studies,

kindest regards,

Shaun.