Self employed student

calorine_22 Registered Posts: 1 New contributor ?
Im looking at becoming a self employed student, ive finished level 2, any one no anything else about it. Would be grateful for information


  • mikes
    mikes Registered Posts: 254
    If i'm reading this right and you want to start working for yourself, then you will only be able to offer a basic service, such a doing double entry bookkeeping to trial balance. I would wait until you do at the mimimum, unit 5 (Financial Records) ie where you will learn how to do incomplete accounts, as most of your clients woun't have accountancy knowledge and have any idea as to what information you will need, ie you will have to work out what their sales are, what the mark up is.

    It will also show you how to do any adjustments such as in terms of accounting for invoices that have been paid in advance of the accounting period or have not yet been received and how to account for assets that have been reduced in value.

    I would also recommend either doing or looking at the Professional Ethics book, which will tell you how you should conduct yourself in your business and private life, where conflict of interests may occur and also what names you can call your company and what you should be aware off, when it comes to advertising your services.

    By doing these two subjects at least, even if it is just reading the text books and understanding the subject, then you will have a better chance of offering a more proper service. You can then grow and offer more, as you progress.

    The AAT can also point you in the right direction and clear up any further issues that may arise, which i haven't covered.

    Best of luck for the future.:thumbup1:
  • A-Vic
    A-Vic Registered Posts: 6,970
    Unless you have previous experience and like already said level 3/4 under your belt i wouldnt attempt to go s/e not only would you have to deal with incomplete records but also all the fun and games that comes with dealing with HMRC.

    Ive just (waiting on results fop ECR) completed Advanced certificate and have worked in practise for 4.5 years but untill at least have completed the diploma would not attempt to go it alone.

    But good luck :thumbup1:
  • CMS
    CMS Registered Posts: 21 Dedicated contributor ? ? ?
    I am thinking of going self employed too. I am waiting for the results on my final Technician level exam (PEV) I don't have any tax units though as my college couldnt fit them in. How do people feel about this? I think its very important if i'm offering a decent service.

    Any suggestions / advise?

  • blobbyh
    blobbyh Registered Posts: 2,415
    As per A-Vic and Mike, I wouldn't advise anyone going self employed unless they have years of suitable experience under their belts and/or until they've completed DFS, CMCC and at least one of the tax modules, all at Technician level.

    Foundation level simply isn't advanced enough for people to be trusted with the livelihoods of others and arguably neither is Intermediate. Paying clients may fairly seek commentary beyond the mere double entry accounting and if you're tempted to answer, at least make sure you're suitably knowledgeable enough to.
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