I'm an IAB qualified Bookkeeper starting up my own business. I have been looking at IAB membership and AML Supervision through IAB but they can't seem to give me a clear answer about fees.
Can anyone a member of IAB shed some light? Is it actually beneficial to be a member of a Governing body?
From piecing bits of information together my understanding is:
AML Supervision £175
AML Registration £50
IAB Membership £125 (MIAB)
IAB Admin Fee £33
DBS £25
Also. Can anyone recommend a reasonably priced insurance company. I will be working from home and clients will not be visiting my property as everything will be done via phone call or video call. I will only be working with sole traders.
There's a lot to pay out when you're starting out
Many thanks
-- Edited by UNK2022 on Sunday 27th of February 2022 08:40:43 PM
-- Edited by UNK2022 on Sunday 27th of February 2022 08:45:38 PM
AXA PII is pretty good but read their small print and make up your own mind.
Membership of a professional body gives you a safety blanket for when things go wrong.
Alo, clients in general don't have a clue what the letters mean so to them, having IAB or ICB hanging on your wall is the same as ACCA or ICAEW. Its us that know the difference, not the clients.
HTH,
Shaun.
p.s. don't forget Public Liability and legal insurance. They're not a requirement of your professional body but if someone has an accident on your property when there on business your household insurance won't cover you.
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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 use Hiscox for PII, public liability and office insurance, costs me approx £35 a month with 100k PII cover.
HMRC AML will cost you £340 the first year, then £300 thereafter, so only £100 extra with the benefit of a professional body for help asn assistance. That said I'm QBE so have always been with HMRC.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
