Self-Employed Bookkeeping

TraceyD06

Hi there,
I hope you don't mind me gatecrashing as I am not yet a full member (last draft of my unit 10 to send back in still :thumbdown: nearly there though)
I am considering my future once I have my membership and would really appreciate any advice.
I have recently had a baby and am leaving my job (as an accounts assistant) once my maternity leave is up. I would really like to work from home so that I can work evenings, weekends etc to save using childcare. I have thought that the best way to start would be to offer bookkeeping for local accountants. I feel this will edge me in gently. I don't want to push myself to hard too fast as I have to juggle this with looking after my daughter.
I know that there are a number of people who do bookkeeping for local accountants and wondered if they could give me any handy hints to get started.
Also if anyone has been in the same situation as me (planning to go self employed with a young baby) please could you tell me if this is a good way to go or am I completely mad!!! :001_smile:
Thanks everyone,
Tracey

JodieR

hi
I started working for myself 3 years ago, when my daughter was 9 months old. It's been a very very hard 3 years and I'm only now starting to see the 'up side'. I can honestly say that if i'd just continued to work full time for an employer that at this point I would be better off financially (even after taking into account childcare) and would have spent more time with my family than I have done. Having said that I did make a lot of mistakes (not so much technical errors, more things like under-estimating the length of time it was going to take me to complete a job and taking on clients that turned out to have previous accounts in a big mess) so getting sub-contracted work from an accountant is probably a far more sensible way to get started! But even still you need to think about the time & costs involved with becoming a MIP, keeping up to date with CPD, getting software etc.
It's not all doom & gloom though, don't let me put you off giving it a go, my advice is to just really do your homework before you dive in. I think that's where i went wrong!
Good luck with it
Jodie

TraceyD06

Thanks Jodie,
That is just the sort of reply I was hoping for. I am totally expecting it to be hard and will have a lot of support from my husband and family looking after my daughter whilest I work. I really want to start with just a few hours a week and then work up from there. I am in the lucky position of not really needing to bring money in but I don't want to not work at all and certainly don't want to waste all the work I have put into doing AAT.
Thanks for the advise re considering costs & time for CPD and about getting software. I have looked into software a little but not the cost of CPD, I will do now.
I was wondering what sort of programs you would need if you just wanted to do sub-contracting for an accountant. I have Excel but do not have any up to date accounting programs. I am hoping I will be able to do bookkeeping in excel ready to be imported in to a program - anyone have any advice?
Thanks again,
Tracey

teakay25

Hi tracey,

how did you get on setting yourself up as being self employed?

I have just submitted my MIP application to provide basic bookkeeping, vat return and payoll but I also have 2 children so was hoping it would eventually make things easier this way! Could save on nursery fees and do work at a time that suits me!

Poodle

teakay25 wrote: »

Could save on nursery fees and do work at a time that suits me!

Have you considered going limited, employing yourself, paying yourself a minimum salary on which you would pay no tax or NI at the point of payment but would continue your pension credits. You could then pay child care vouchers as well. Plus if you have another child you could go on maternity leave and claim that as well:001_smile:

Poodle

teakay25

I wasn't sure when sending my application off whether I should be a limited company but settled on sole trader because I haven't got any clients yet. The other thing is I am a student with ACCA, do you know whether they allow you to trade as ltd co if you haven't got a practicing certificate with them. As they seem to be quite strict as to what services you can offer to the public before you are qualified.