Doing extra work........

sarah1982
sarah1982 Registered Posts: 1 New contributor 🐸
in General accounting discussion
Hello

I have been a full member of the AAT for a few years now and have recently been asked if I could do the acconts for someone who has just gone self employed.

I would continue to work for my current employer and just do the accounts at home. I was wandering if anyone could advise me on where to start with this and what I need to do? :001_unsure:

Thanks

Comments

  • PaulPSB
    PaulPSB Registered Posts: 55 Regular contributor ⭐
    Hi Sarah

    This sounds a bit like you have been asked by a friend/acquaintance that has found out what you do for a living.

    The questions you need to ask yourself are:

    1.What work do they actually want carried out? Book-keeping ,VAT,Payroll, year end accounts, Tax Return etc?
    2. Are you equipped with the tools and skills to properly carry out the work? Is your work experience etc sufficient in the required areas?
    3. You need to consider taking out PI insurance to cover yourself and client
    4.Are you sufficently distant from the client that it would be ethical for you to act?
    5.Consider fees that you will need to charge.

    IMO its common to be asked by people you know as they think you will be inclined to do the work at a much reduced cost. Don't fall into that trap as it will only end badly for both of you.

    Hope that helps a little
  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
    Hi Sarah

    If you want to do any work you will need to register with the AAT as a MIP. If you are only planning to do "odds and sods" bits of work, you can join their block PI insurance policy which costs about £50 or so, which covers you for fees up to about £5K.

    If you are thinking about setting up on your own, some people find this a good way to test the water - though others have found that it is detrimental to both jobs - horses for courses.

    Claudia

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