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Post Info TOPIC: Scope to start out as a bookkeeper from home in my spare time?


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Scope to start out as a bookkeeper from home in my spare time?


Hi Guys, first post ever on any forum so please be gentle!

I'm Chris, I've recently completed my AAT Level 3 qual, just started a new job so waiting for that to bed in before i complete level 4, will be done within the next 6 months though I imagine, certainly this calendar year.

I am looking to supplement my earnings, and have toyed with the idea a few times about trying to bookkeep from home in my spare time, now, having always worked in industry I'm sure I have the capability to do most things up to management accounts, but not sure on the qualifications/what services to actually offer.

Eventually I would like to be chartered and am aware of ACCA regulation 8, but do the other bodies (most likely CIMA) have the same rules that would stop me practicing?

Any help is much appreciated.

Thanks

Chris



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Chris



Expert

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Hi Chris

Welcome to the forum.  What are you intending doing, just bookkeeeping to trial balance or beyond to self assessment?  ACCA regulation will stop you doing the latter, but not the former.  AAT level 3 should give you the skills to complete bookkeeping but I would suggest doing level 4 before extending beyond that, unless have are experience and confidence to complete SA. You aren't allowed to mention AAT until you get your practice certificate.

As far as I'm aware, other bodies don't have a rule as stifling as Reg 8, but I think CIMA is more geared towards industry than practice.



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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 Leger,

I thought I could do bookkeeping up to Trial Balance, but is there much of a market for this? Not mentioning AAT is fine.

I do have an acquaintance who has suggested that I could do the bookkeeping and then he could submit the SA etc as hes a seasoned accountant and as the bookkeeping would be to good order and we know eachother he would charge me a lower fee which I could include in the agreement with the client?

Thanks for your help.  



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Chris



Master Book-keeper

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Hi Chris
please add your first name to the signature bar (edit profile)

Leger is John.

Who is your licence with? Do you have the AATQB LICENCE or just the AATQB qualification? If the latter - who is your MLR with?

If you are looking at doing ACCA - beyond TB = prepayments and accruals and the tax adjustments so is the Accountant going to do all that? Even putting it in your agreement (as far as Im aware) means you could be penalised by ACCA.

Whose name would go on the Accounts. Who is registered as the HMRC agent? GDPR?

Yes there is a market for up to TB - its more Limiteds than smaller sole trader type businesses and can be very lucrative.




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Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Newbie

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Hi Joanne,

I don't have a licence, was unaware you had to have one to bookkeep. As said before I've completed AAT to level 3 (not the bookkeeping qualification) and have been working in industry for a number of years now doing management accounts and accounts assistant roles in big organisations.

I would gain MLR and GDPR before starting anything. Im assuming if I was only going up to TB i would need to register with HMRC etc?

Sorry, its a very new enquiry and having just been in industry previously I understand there is going to be a lot that I am missing at the moment.

Thanks :)

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Chris



Master Book-keeper

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Have you not done your Ethics exam at level 3 AAT (re MLR!)

AATQB isnt just on the b/k qual!!

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Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Expert

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Hi Chris

You don't need a licence to do the bookkeeping but you will need MLR. Because you haven't qualified with AAT you will have to get this from HMRC. 

https://www.gov.uk/guidance/money-laundering-regulations-register-with-hmrc

The first year cost is £270 then £130 a year after that.  You will need to apply for approval, and you will be automatically rejected if you have certain unspent convictions.  http://www.compliance-matters.co.uk/wp-content/uploads/2017/10/Money-Laundering-Relevant-Offences.pdf   It takes approx 45 days to get cover.

GDPR is a new set of regulations coming into force in May. (see my thread on GDPR) and surrounds keeping all data encrypted, especially when sending data to clients and 3rd parties.  You'll need to gen yourself up on it.

 



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John 

 

 

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



Master Book-keeper

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Ah but, no need to pay all that to HMRC in this case!

__________________

Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Expert

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Cheshire wrote:

Ah but, no need to pay all that to HMRC in this case!


 Morning Joanne

Go on, you've aroused my curiosity biggrin  Why doesn't he need to pay all that to HMRC to get MLR?



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John 

 

 

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



Veteran Member

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Leger wrote:
Cheshire wrote:

Ah but, no need to pay all that to HMRC in this case!


 Morning Joanne

Go on, you've aroused my curiosity biggrin  Why doesn't he need to pay all that to HMRC to get MLR?


 

Cheshire wrote:

Ah but, no need to pay all that to HMRC in this case!


 Morning

My curiosity too John. When I was starting up, in my niavity I thought I was going to be covered by AAT. At least I didn't have to pay the registration fee that they charge now smile



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Janet



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I have done my Ethics exam Joanne in level 3.

So essentially I'll need to gain a sort MLR with HMRC, and then I'm good to go, should I get insurance or is this for submissions etc?

Where can you even begin to find clients?

Thanks for all your help guys!

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Chris



Master Book-keeper

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Hi Chris
I asked about ethics as that gives you a lot of the information you will need about MLR, but I did also give a massive hint earlier up the thread about MLR, which Janet and John have expressed intrigue about so I will expand.

As you have completed level 3 AAT (Accountancy exams) you can now apply for the AATQB licence. Having such a licence means you cannot go beyond TB, and is restrictive in some ways, BUT given you are only doing this as a bit of an extra/hobby sort of business/on a part time basis until you are suitably fully qualified (level 4) and trained then I cannot see why you wouldnt apply for that. Its only a small top up fee in terms of the normal student rate. It doesnt preclude you from doing level 4 in any way and will not then restrict you once you have your MAAT licence (assuming you pass and apply for that licence idc). It also means that you can move into ACCA without having to dump clients (see my note about your proposal for the sole trader business - just aim for Limiteds and its much easier to meet the demands of all whilst producing a good additional living). Its cheaper than just applying for MLR with HMRC. In your circumstances I would suggest it will be easy to get a licence due to your existing background.

Insurance is not for submissions - thats agent status which you will need to have a read up on.

Insurance is so your new clients do not sue you and strip you of every single asset that you own! Believe me, its not worth it NOT to take it out.

GDPR - I dropped that in there as you need to carefully consider the data sharing with another Accountant given the changes that are due upon us! (which essentially just means more blithering cost to us Accountancy types as far as Im concerned)

New clients - there is a ton of info on this site about such so have a gander about.




__________________

Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Expert

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Cheshire wrote:

Hi Chris
I asked about ethics as that gives you a lot of the information you will need about MLR, but I did also give a massive hint earlier up the thread about MLR, which Janet and John have expressed intrigue about so I will expand.


 Objection your honour, we was misled because Chris said he was going onto level 4 smile

A very good point there Joanne, and one I hadn't considered.



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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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