I'm currently studying my AAT Level 2, with a view to either move on and complete levels 3 and 4, or do CIMA certificate level, before completing the full CIMA course.
I am working in Finance at the moment, but want to try and get as much experience as possible and, ultimately, my goal would be to become self employed and run my own practice.
I'm wondering how soon I could start a practice, offering solely bookkeeping services? With the material that I've covered so far in my AAT Level 2, I honestly feel that I'd have enough knowledge to be able to provide bookkeeping services for small number of smallsole traiders.
I know that I need to register with HMRC before I can offer professional services, however do you guys think that it would be realistic to start out with just a Level 2 AAT, or is it best to gain more qualifiactions first?
Just a quick reply. When you say you are working in finance, can you add a little detail?
The AAT level 2 is just an introductory level and really wouldn't provide you with the skills to be let loose on the general public, I'm afraid. Unfortunately some of training companies do give out a lot of hype about how you can after 5 minutes worth of learning but this is far from reality. I would suggest keep going down the route you are on and where you have time, bolster that learning by additional learning, eg a big one you will get hit with straight away is on the VAT front, so go and scour HMRCs website and read from cover to cover the VAT guides.
Most sole traders are looking for a one stop shop and not just the bookkeeping being done, so level 2 has not prepared you for this, plus you need to watch out for the AATs own regulations whilst you are a student in this regard.
Sorry if this puts a dampened on your ideas, it's only for a little while longer! I would suggest getting practice in by offering to help Lola charities keep their books, it's all good experience.
Also, if you are thinking of becoming self employed you may wish to give very careful consideration to what exams you take after the AAT. CIMA is usually geared to those working in business, but is often seen as an option for those who want to practice as self employed past TB who therefore can't do ACCA, due to their regulations preventing working past TB without supervision until FCCA statutes is achieved.
Depends if you are looking to be a bookkeeper, stopping at TB, or an Acountant (chartered?). There are loads of posts on here already and some very recent ones, about such options, have a scout around. I'm sure a couple of others will be back to give their views at some point.
Good luck with your studies.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
excellent reply that I don' think that I can add much to. But, could I just correct one very minor point there about the ACCA qualification.
FCCA status is achieved five years post qualification. You could achieve that in industry without ever doing any practice certificate training so its quite possible to be FCCA and still not be allowed to practice past trial balance... I know, go figure.
To get to FCCA you must have passed 14 exams (15 including the seperate ethics module required before moving up to ACCA status) and an FCCA will have at least eight years experience (3 to get to ACCA status then a further five to FCCA (The FCCA counter does not start until ACCA letters are achieved)) and still they may only be allowed to work through to trial balance.
Hi Christopher,
welcome to the forum.
As Jo says, level II is just an introduction. I do not think that you should even contemplate setting up a restricted services bookkeeping business until the end of level III with a view to getting increased experience exposure en route to MIP status when you move up to MAAT.
Good luck in your studies,
kindest 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.
excellent reply that I don' think that I can add much to. But, could I just correct one very minor point there about the ACCA qualification.
FCCA status is achieved five years post qualification. You could achieve that in industry without ever doing any practice certificate training so its quite possible to be FCCA and still not be allowed to practice past trial balance... I know, go figure.
To get to FCCA you must have passed 14 exams (15 including the seperate ethics module required before moving up to ACCA status) and an FCCA will have at least eight years experience (3 to get to ACCA status then a further five to FCCA (The FCCA counter does not start until ACCA letters are achieved)) and still they may only be allowed to work through to trial balance.
Shaun.
Sorry Shaun - in my defence I was still half asleep from the day before - surprised anything I typed made any sense, lol
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
