Decisions, Decisions - Help!?

markus1985 Registered Posts: 4 New contributor 🐸
Hi guys, just thought i'd drop a few lines on here as I need some opinions on what I should do next in my accountany career.

I'm currently working for a chartered firm and also have a small number of clients on a part time basis. I am a registered AAT accountant but haven't decided to carry on studying. Instead, I am gradually expanding my knowledge of accounts, tax and management in practice and building up a client portfolio.

Just a small background, I have worked in practice for almost 10 years and in those years, I've went from being a school leaver to an accounts manager effectively.

The next step in my carrer however, is giving me the most concern. I am gradually building up my client numbers with income figures also growing. However, I really don;t know if to commit myself to self employment full time. I am aware of the earnings thresholds, etc for MIP and money laundering but really don't know much more.

Has anyone taken the plunge and went on their own? and if so, has it been worth it? Are the costs to run your business (e.g mip licence, indemnity insurance, etc) very high?

I'm sure some of you will be able to point me in the right direction.

Thank you very much in anticipation of your thoughts.



  • burg
    burg Moderator, FMAAT, AAT Licensed Accountant Posts: 1,441
    I was in a similar position to you earlier this year.

    I was working at a firm of Chartered Accountants and had around 15-20 clients on a part time basis.

    A few opportunities came along and with problems at work with the likelihood of redundancies I decided to get my MIP licence and go full time self employed. This was in June.

    I now have around 60 clients and the practice is growing all the time.

    I did have other opportunities at other firms locally but I felt at heart I had a good business model at could exploit a gap in the market in my area.

    As to if it will work is down to you, what efforts you are prepared to put in, the demand in your area for the service(s) you may offer.

    Costs are fairly low in regard to other businesses.
    As a rough guide:-

    MIP Licence...100
    PI Insurance...100

    Other running costs such as stationery, motor expenses, bank charges, phone, internet, etc.

    I would say that you could run the business with expenses totalling around £5k. I certainly manage to do this.

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