Month end/year end work

Esme

Hi,

I am thinking of becomming self employed once I have completed my AAT as I know quite a few sole traders who have asked me if I could help them with their accounts.

I have a few questions if anyone could help..

What are the average going rates to charge sole traders or small partnerships for doing their month end or year end accounts.

Would I be qualified enough to be self employed after just completing AAT or would I need to do a further qualification like the ACCA?

Many thanks is advance :thumbup1:

Monsoon

Hi Esme
Yes, AAT is enough qualification to be a self employed accountant. However you must make sure you have enough experience to be able to offer these services on your own. Note that if you go on to do ACCA you can't do more than bookkeeping to TB under their student rules.

As to going rates, it's a how long is a piece of string thing. Average (whatever that is!) sole trader year end accounts and tax return -/+£300 a year. Bookkeeping +/-£20 per hour, I've seen some folk charging a flat £20 ph for all tax and accountancy full stop, but I feel that's definitely undervaluing.

Esme

Thanks Faerie9, are there any other further qualifications or courses which would be useful for self employed Accountants?

Monsoon

ATT (tax) is very useful.

claudialowe

Personally and IMHO, after doing the AAT exams, I think that experience is far more important than exams - all the theory in the world cannot prepare you for real life carrier bags and can't remembers!!!

ATT is a really good exam to take, and I think that you can still practice while studying for it.

Claudia

Monsoon

claudialowe wrote: »

Personally and IMHO, after doing the AAT exams, I think that experience is far more important than exams - all the theory in the world cannot prepare you for real life carrier bags and can't remembers!!!

ATT is a really good exam to take, and I think that you can still practice while studying for it.

Claudia

100% agree

Esme

Ok, thanks for the advise.. I will look into the ATT.

Do you need a practicing certificate for AAT to work self employed? Are there any other loopholes I should be aware of, like insurances etc?

Monsoon

Once you are a MAAT, if you want to work self employed/ through your own Ltd Co, you have to have Professional Indemnity Insurance (list available through AAT) and hold a Members in Practice certificate.

Before you are a MAAT you don't need PII (though is recommended, but may be higher price as you won't be qualified), and you may do any self employed work within your capabilities, you mustn't take on anything you can't do.

Esme

I wouldn't want to sork on my own until I was MAAT so will have look into the certificate. It's difficult knowing when to finish my full time job and go into self employment, incase I couldn't get enough clients etc!!

Monsoon

Unfortunately this crossover can be tricky. Not having done it, I can't really advise, sorry!