Anyone got any advice???

System

Hiya
I passed my AAT last year and just passed year 2 of ACCA, I have only just applied to have my AAT letters, nothing received as yet!! So not a full member as such!!!
A friend has approched me (who runs her own small business) about doing her accounts and self assessment form. Am I allowed to do this for her for a small charge? do I need to register with anyone? How much should I charge?
I would like to start doing small business accounts as a side line as I am only part time. Is there any rules & regulations on what accounts you can sign off? or do they still have to pay an accountant to sign them off?
Any advice would be great!!!

Thanks in advance

Cazza :?

System

Re:Anyone got any advice???

You will problems doing anything for anybody as an ACCA student. If you look at their website there are severe restrictions on what you can do whilst still studying ACCA.

From an AAT point of view, you need to register as a member in practice (lots of forms) and get PI cover (though you can join the AAT block policy for about £50 if your turnover is less than - I think - £5K pa).

Please check the ACCA website before you do anything - apparently more people get struck off for this than anything else :shock:

Claudia

System

Re:Anyone got any advice???

You are only allowed to do book keeping, vat and payroll for others as an ACCA student. You can't do anything which a third party may place reliance on.
As Claudia says check their website or the handbook that you should have received from them or ring them.

I started ACCA and have now given it up due to the restrictions it had on my business.

System

Re:Anyone got any advice???

Thanks for the advice Claudia, I tried looking on thier website before I posted this, but not easy to find things there!! So I have rang ACCA to check and they confirmed what I am able to do, not a lot!!!

Also thanks Krispi, I am not carrying on with my studies for ACCA now either, my work will no longer support it as I do not need it for my job and I cannot afford to take on the fees myself!! it does seem to restriction us. Do you run an accounts business now on your AAT qualification? If so how long did it take to set up, as I am still interested in pursuing doing accounts & maybe payroll for small business!!

System

Re:Anyone got any advice???

Yes I have set up on my own. I work for myself part time and sub-contract part time for a local accountant.
I only completed my AAT in February and got full membership in May and have just got my MIP status. Although I have worked in accounting for the past 7 years in various roles.
Setting up on your own is fairly straight forward, the hard part is getting clients, most of mine have come via word of mouth and I offer services in Tax, accounting and payroll to sole traders and small limited companies.

I found out about the limitations ACCA place on you too late as I had already put in for my 2.1 exam which I sat in June. I am waiting for my result though before I finally hand in my student registration.
I also decided I wanted to study tax to a greater extent and have started studying for the ATT exams and I can carry on offering services as I can under AAT, hopefully I will go on to do the CTA exams as well.

System

Re:Anyone got any advice???

I think that for a MIP ATT is a good way forward as you learn about things that you need to know about ie VAT and tax in all its various forms.

I plan to take the exams but have buried my head in the sand a bit as they are/have just changed over syllabuses (?spelling).

I now just need the motivation (and time) to start studying again - could be hard after a year

Claudia

System

Re:Anyone got any advice???

It wouldn't be that hard.
Just think of the wealth of experience you have gained while working for yourself and offering tax services - you probably know more than you realise

Michelle

System

Re:Anyone got any advice???

Maybe I am just a lazy good-for-nothing

Claudia

System

Re:Anyone got any advice???

You know that's not true

Michelle

System

Re:Anyone got any advice???

Hi

You've got me worried now. I contacted the ACCA when I first went self employed and was told that as long as I didnt refer to being an ACCA student there wasn't a problem.

Luckily I've still got their email reply, so I'm going to go back to them for confirmation.

Sue

System

Re:Anyone got any advice???

That's what they told me at first, but if you read the handbook it specifies exactly what you can and can't do. Unfortunatley for me a good proportion of my work falls into the can't do section :evil:

On reading this I contacted ACCA and the person I spoke to confirmed the handbook is correct. I know of others who have had a similar experience. It's just a shame I found after I had spent a shed load on books, tuition, exam fees etc. Never again will I make that mistake again.

System

Re:Anyone got any advice???

I've emailed the ACCA but I guess I will have to cancel my Membership. I know I would get a quicker response by ringing them but I want proof of what they say.

I have just had a quick look at the Student Rulebook online. So far I haven't done any work that would break the rules as the only tax returns I have done have been for a Chartered Accountant who has reviewed and finalised them.