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hi guys i have recently passed level 2 manual bookkeeping and i wanted to set up a new business working from home my questions are how do i go about setting up properly who needs to know and what insurance do i need???
also daft question but if i do get my first client what do i need to ask for as in paperwork i need to see because so far everything has been textbook and its a massive leap from that to real life so im a bit nervous is there a checklist of some sort i can take to potential clients to get the correct information and what sort of things should i expect
any help and info would be greatly appreciated
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Hi, Kelly –
Well done with Level II. I'm coming up to that one myself. It's a big question but here are a few points to get you started:
Insurance -
You will need Public Liability (PL - in case you trip someone up on the way to a business meeting or set fire to a client’s office!) and Professional Indemnity (PI – to cover you against claims from clients for professional negligence). The latter is a requirement of the ICB but worth paying for the peace of mind.
Tax -
Register with HMRC as self-employed (Others here will give their views on when you must do this, e.g. when you start ‘trading’ or after you issue your first invoice to a client?)
Data Protection Act -
When you record on computer anything about your first client’s AML risk assessment (or sooner), notify the Information Commissioner’s Office under the DPA, complete the ICO’s forms (online – ico.gov.uk) and pay the £35 notification/registration fee (plus annual renewals).
You will need to have some things in place in order to keep on the right side of the law for data protection (also an ICB requirement!), e.g. a privacy policy (quite simple) and one for your website if you capture individuals’ details online for enquiries or quotes etc.
There are also DPA requirements for data security which cover confidential paper work as well as computer records etc. I am putting together an outline on this for start-ups and other small businesses so leave a note here if you would like some help with this side of it. Always pleased to help when I can.
Good luck, Kelly.
Edited at 01 Mar 2013 11:04 AM GMT
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- Member
- Practice Licence
- 56 posts
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Hello Mac - be very grateful to receive your pack when you have it; although trading, I am still very new, so looking for any tips and help!
On the insurance front, I started a discussion on this subject a while back in the Members in Parctice thread. In summary, the consenus was to ensure you shop around, as the quotes from Trafalgar, the ICB "partner" are quite high.
Personally, I use Simply Business, and if anyone wants a referal, contact me and you can get a £25 cashback if you take out a policy. I know that a number of other members also use Simply as they offer excellent service, and a good range of competitive quotes.
Also, for Kelly - if you expect to get lots of clients (hopefully), and go to VAT registration at any point, take a look at the flat-rate scheme, which gives you an extra 1% for the first year of trading. If you do it AFTER you have purchased all your equipment, then it can actually make you a chunk of cash, provided busioness is good of course. Not essential at the first off, but worth considering for the future.
Best of luck!
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hi thanks for the replys guys mac i would definately be interested in the start up pack iv been reading ALOT about setting up and to be honest its starting to feel really daunting!!
also how much do you charge just for basic bookkeeping and how far would you advise i go for a beginner?
is there a checklist as such of things i need to ask for off clients or is it just trial and error i was very confident when i was doing the course now iv completed it i feel extremely nervous and feel like i am going to be useless (hope not!) thanks for the info
also kemmpie i will be intouch regarding the referal thats a good idea thank you
kelly
Edited at 01 Mar 2013 06:26 PM GMT
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Hi everyone,
I have been reading this thread with interest. Although I am still studying, my idea is to set up in practice once I am qualified so am always looking at information that will help me at that time.
Mac, I would be very interested in the pack as well when you have put it together.
Kelly, I am sure that as you have been competent enough to pass your Level 2 Manual, you will manage to set yourself up in practice with the same competency.
Kempie, I have made a note of your thoughts regarding Simply Business and will look at that when I need it.
Regards,
Karen
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Hi, Kelly, and hi, Karen -
Thanks for getting in touch about the data security checklist. I have been particularly busy so my apologies for not get back to you sooner. I have some extracts from the Data protection Act to help explain things from a bookkeeper’s angle and the draft checklist ready. Here is my email, so please drop me a line and I will forward the first part to you -
[Email address removed 7-Mar-2013 Mac]
Kempie – Thank you too. I’ll forward a copy to you at the same time.
(These are extracts taken from a draft I have in progress so they are for your personal use, not for distribution.)
I look forward to hearing later what you think about the data security checklist in particular. Many of the IT security measures are common-sense things you are probably using already and several others are free!
Edited at 07 Mar 2013 04:23 PM GMT
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- Member
- Practice Licence
- 56 posts
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Hi Mac - much appreciated!
Best regards
Jonathan
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Hi,
I'm new to this forum, having qualified at AAT level 4 in 2011. I currently don't work full-time in finance, but I would like to keep my bookkeeping and accountancy skills up to date.
I would like to work within the confines of my full time job, so I would like to take on a couple of clients with regular work throughout the year, and then be prepared to work and take on a lot of clients during October and January just to complete self assessment tax returns. I actually enjoy working with tax and calculating people's tax computations!
First of all, I would be interested to find people's opinions on whether this strategy 'do-able' , and secondly how do I go about attracting clients?
Many thanks,
Jonno1
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- Fellow PM.Dip
- Practice Licence
- 424 posts
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Hi Jonno
Your first point is workable. I do it myself. I work full time on nights and am trying to get some regular clients. The aim is to get enough regular work to give up the night work and do bookkeeping on a full time basis.
It will only work if you are committed and disciplined enought though.
Your second point is a little more difficult to answer. It all depends on your location, how you advertise, etc. etc.
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- Member
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- 22 posts
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kdunroesaid:
“Hi everyone,
I have been reading this thread with interest. Although I am still studying, my idea is to set up in practice once I am qualified so am always looking at information that will help me at that time.
Mac, I would be very interested in the pack as well when you have put it together.
Kelly, I am sure that as you have been competent enough to pass your Level 2 Manual, you will manage to set yourself up in practice with the same competency.
Kempie, I have made a note of your thoughts regarding Simply Business and will look at that when I need it.
Regards,
Karen ”
Hi everyone,
I too read the thread and as I have just passed my Level 11 manual and am going for the level 111, once I am confident enough will start looking for more clients. I potentially gained my first client last week. We have agreed on the price structure and am awaiting for the paperwork to be sent to me for processing.
Mac: Same as Karen I am intereted inthe pack when its ready.
Kempie: When I am ready would like to be recommended for the insurance.
Regards minajoban
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- Fellow PM.Dip
- Practice Licence
- 111 posts
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Good morning all!
For those of you studying ICB exams, once you have passed both Level 2 exams, you are sent information about upgrading to Associate Level. When you have upgraded, you can ask to be sent the booklet about setting up your own business. The next step is to get Professional Indemnity Insurance in place before applying for your practising certificate from the ICB. Then you can advertise as an Associate Member of the ICB. This is the quickest way to start out with clients on your own.
For Jonno - having got through all those AAT exams - would it make more sense to start your practice at MAAT? There's more info here:
http://www.aat.org.uk/qualifications/where-aat-can-take-you
That said, I was once ACCA, but have decided the ICB is the best way forward for me...
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Fiona~said:
“Good morning all!
For those of you studying ICB exams, once you have passed both Level 2 exams, you are sent information about upgrading to Associate Level. When you have upgraded, you can ask to be sent the booklet about setting up your own business. The next step is to get Professional Indemnity Insurance in place before applying for your practising certificate from the ICB. Then you can advertise as an Associate Member of the ICB. This is the quickest way to start out with clients on your own.”
Hi Fiona,
Thank you for giving us a summary of the quickest process to start out with clients on our own. That is good to know.
Regards,
Karen
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