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Post Info TOPIC: Hello everyone. A bit about me (and of course a question!)


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Hello everyone. A bit about me (and of course a question!)
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Hi everyone.

 

I was doing a bit of a "Google" and came across this forum. Lots of interesting, funny and helpful stuff here. I hope to be a regular visitor in the future.

To introduce myself - About 35 years ago, once I'd finished partying and dossing around, I decided it was time to get a "proper job" and as maths was always my top subject, I wound up in the accounts office of a regional newspaper. I worked in similar roles for a few different companies over the years and was introduced to Sage about 25 years ago. About 20 years ago I joined my current company where I'm now managing director and majority shareholder and still doing all of our Sage accounts and payroll. Throughout all of this time I never got the opportunity to gain any recognised qualifications though.

That's the background history - my future plans involve a phased retirement within the next few years. My husband is already retired and I'm very jealous! I can get my hands on my private pension in four years but have to wait a further seven before I get my state pension. The commercial mortgage on our factory will be cleared in six years but sadly the mortgage on my own house will have a fair few years to run after that (the inevitable consequence of a mid-life divorce and remarriage). When the commercial mortgage is clear the plan is to transfer the property out, providing a steady income stream from the trading company yet allowing us to sell the trading company and giving me the opportunity to retire from the 9-5.

Well there's the plan, I just need to work out how to fund my retirement to a more comfortable level, which brings me here. I'm toying with the idea of doing bookkeeping from home (I've done a couple of voluntary treasurer jobs for local clubs etc) and when I mentioned this to my accountant in a discussion about my exit strategy, he said that if I did go down that route he had customers using Sage that had no idea what they were doing. He said he often wished they'd just throw the carrier bag of invoices at him rather than try to do it themselves and promised that he would pass a lot of clients in my direction. He said "Nobody keeps Sage accounts like you do" (I hope that was meant as a compliment biggrin). My concern is that I can't be sure that he would be able to get me enough work, so I might have to go out and find other clients. Although he isn't interested in my qualifications (or lack of) because he's seen the end product, other people would expect them. I realise I'd have to get insurance, registered etc anyway so it's back to school for me. All of this blether leads (eventually) to my question - which (pref online or self study) qualification should I go for bearing in mind my intended use?

Sorry this is such a long post, I'll try to be briefer in future and congratulations if you're still reading, I admire your stamina smile

Jane



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Master Book-keeper

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Hi Jane
Long post? Thats nothing! Wait until you have had to wade through a 200 page business plan bored rigid with the supposedly brilliant idea that is dead in the water at page 3!

I thought from the name that we had seen you on here before, so you must have a namesake.

If you are looking to retire from the 9-5, you will find that you will be doing many more hours than that doing bookkeeping (or Accountancy) to make decent money out of it and thats excluding the dead hours for CPD, Money Laundering, GDPR, MTD etc. But Im sure you dont want to give up 9-5 as Im sure you are doing more already.

Depends on if you are thinking of doing pure bookkeeping up to TB and passing back to an Accountant for accounts and tax, or if you really want to delve into the realms of Accountancy (without maybe even yet realising it, or maybe you will get hooked like many on here). Its not just about knowing sage perse but understanding what is allowable/disallowable for general tax as well as VAT (different for Ltds than Sole traders, directors v other employees etc).

Start with the AAT (NOT the bookkeeping course. Go forthe Accountancy course, but you can stop at the bookkeeping bit after level 3 - confusing, I know!) More recognised qual.

Then if you want to go further maybe ATT for tax, for chartereds CIPP for payroll, ACCA for Accountancy, CTA for tax.

Q done to death on here - have a search for AAT.





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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



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Hi Jane, welcome to the forum

Nice introduction and it seems that you have a good plan in place for the next few years and into retirement

I don't use Sage myself but there are always people posting questions on here about the software so I am sure that your experience would really be a great help.

As far as qualifications go I would always recommend having a look at AAT as that's the path I went down, I went with a provider for my Level 2 but then self studied for 3 & 4 which I preferred not only for the cost saving but for the flexibility of when and how to study, none of my clients have ever asked me for my qualifications and there are quite a few people on here who are QBE and by the sounds of it I am sure you would fall into this category depending on what sort of services that you are intending to offer, have a look at some previous posts as there are loads which offer very sound advice

Good luck with it all 

 



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



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Many thanks for your replies.

Yes, you're right Joanne, for 9-5 read 8-6 x 5 days, 9-5 on a Saturday and then maybe an hour or two tweaking the website, checking emails or something on a Sunday. It's days like today that make me long for the change. A beautiful sunny day that I could fill with so many other things, walking the dog on the beach or the fells, a bit of gardening (that would save me £1k a year if I had the time to do my own instead of employing a gardener!), I could start playing tennis again, go to the gym, or just sit out on the patio with a good book and a jug of Pimms. The flexibility to bunk off occasionally would be great!

I don't really have ambition to progress into becoming a fully qualified accountant, my thoughts were to just stick to bookkeeping (Management reports, TB, VAT returns etc) but handing over to an accountant for the annual reports, filing etc. After all, if a lot of my clients are coming through our own accountant, he would presumably already be providing that level of service and I wouldn't want to step on his toes. It's not like I'm looking to make a huge business of this either, it's more of a top-up income. Initially I'm planning on gradually reducing my hours while gradually increasing my bookkeeping business. I hope to be down to a 4 day week (+2 at home) by 2022 when I will have access to my pension, a 3 day week (+3 at home) by 2024 when the commercial mortgage will be cleared and I will start getting rental income from the building. After 2024, depending on the business sale and the level of support needed from the new owners (I'm anticipating a MBO), I will either retire and supplement my income with 3/4 days of bookkeeping work or stay on for a 2 day week (+3 at home) until 2029, when I can claim my state pension. After 2029 I intend to give up the day job and gradually reduce the bookkeeping work too - continuing to service existing clients, but not taking on any new ones. Of course I could get hit by a bus on my way home tonight, but without a plan for tomorrow, you just live in the shadow of yesterday.

One reason for seeking the qualification was to give prospective clients evidence of my skills rather than asking them to rely on my self-attested knowledge (my mum's an aficionado of Casualty but I still wouldn't let her whip my appendix out). Letters after a name on a business card and membership of professional bodies certainly give reassurance that at least the person 'should' know what they are doing, even if they do turn out to be a plank. The other main reason was that I thought that I would need some sort of insurance and had assumed that I would need to be qualified for this. I was actually expecting people to comment as to whether ICB or IAB would be better, what the minimum requirement would be, level 2 or 3 etc and you both took me by surprise with your AAT suggestions. I shall head off and research further!

Thanks again

Jane

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Master Book-keeper

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Hi Jane and welcome to the forum.

If you're doing bookkeeping then ICB and IAB are equally fine but like Doug said I don't think it makes any difference.  I've been doing accounting work since 2009 and never once been asked if I have qualifications (I don't) As long as you know what you're doing I don't think it's necessary.

 

One thing confuses me, you say you can cash your private pension in 4 years and then a further 7 years before your state pension, so at the age of 62?  I thought you would have to be 68?  I know I can't get my hands on mine until I'm 66 and so many months, and my wife, who is a couple of years younger, is only a few months behind

 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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Hi John,

Thanks for your welcome and reply.

My pension doesn't mature until I'm 60, so 67 for my state pension. What I actually do with 75% of it when I get to 60 I've still to decide for definite, but the 25% is calling to me! Hope that clears up the confusion.

Jane

Edit: I can actually access it now if I wanted to, so that's perhaps the wrong word and has caused the confusion, plus "mature" isn't the right word that I've used above either. (Having a bad day here aren't I confuse). My pension was always set up for a retirement age of 60, which was the state retirement age when I started it. I intend to leave my pension alone for the next few years as originally planned, at least until I'm 60.



-- Edited by Mrs Olly on Thursday 7th of June 2018 04:33:50 PM

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Master Book-keeper

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Hi Jane

Thanks for the explanation, yes I was thinking 55 when cashing in the pension.

Looking forward to your contributions here, you'll fit in well.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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