Business start up - advice please!!

Ingenius

I have a friend who is intending to start up a fire engine limousine hire company - as a partnership. I would like to be able to set up and manage his accounts for him. I feel that this will be good experience for me so i'm looking for some further advice as to how easy this will be for me to do.

I'm currently half way through Foundation level of my AAT and working on U.34. Just so you know where i currently am with my accountancy knowledge.

I have spoken to HMRC VAT Helpline today and understand that this particular method of 'passenger transport' will be zero rated for VAT. I was advised to read up on partial exemptions as they might not be able to reclaim any input VAT?? This is all of course if they register voluntarily for VAT as i doubt the company turnover will hit £68k in 1st 12 months of trading.

In a nutshell i know the basics of what needs to be done records to keep etc. Any help and advice anyone can give me will be much appreciated!!!