Start up advice

DavidSanders

Hi,
I currently work in a large company as an accountant (mainly Eu taxes, FSA returns and Mgmt accounts) and been in industry for about 8 years. However I fancy doing a bit of practice accounting at the weekends working for myself, but a bit nervous as I don’t have much practice accounting experience.

I have read most the AAT MIP details back to front and still have some questions so I am hoping I will find a kind soul here for some advice.
Will my lack of practical experience affect when I apply for MIP status?

What are the simplest services to provide at first? I was thinking of starting with tax returns and book keeping however my past experience is mainly focused on Management accounting.

I have seen many web sites to start up an ltd company and they are relatively cheap. Has anyone used the “start up websites” and have they been useful? Should I be aiming for an Ltd company?

Any other advice for starting up will be greatly appreciated.

Many thanks
David

Emthi

Good idea

Hello David,

You have some kind of experience in certain areas, so there would not be any problem when apply for a practicing license covering those areas.

Do not need to be panicked, give it a go

You are on the right track, just do the tax, bookkeeping and management a/c as you say.

The most important thing is- DO NOT SPEND MORE, TRY TO REDUCE YOUR EXPENSES. I would rather go for self-employed.

DavidSanders

Many thanks I will look into Self Emplyeed vs an Ltd company

JJ43

Sole Trader vs Ltd ? all depends on what kind of clients you want to attract !

If you are just going of offer basic bookkeeping, taking books up to TB, vat returns, SA, then the clients you attract will not be bothered about your business status. However, if you want to go for larger concerns with more specific needs that may need more complex anaylsis then Ltd status will give you more of an edge and legitimacy.

Julie