Getting started

Mark 99

Can anyone give me any advice or guidance? I live in Stafford and have been a full member of the AAT since 2001; I have been working as a contractor, with various businesses - big and small, private and public sector, over the last ten years or so.

I'm thinking of starting out as a Member in Practice, probably just on a part time basis to begin with (I'm actually out of work at moment, but hope to get back into something soon). Although I've got a lot of experience, it's a slightly daunting prospect to start up self-employed. Apart from getting the clients, I'm wondering what sort of services I can provide when starting off.

Has anyone got any ideas?

Vonni

Hi Mark

Good luck with your self employment as a MIP. You will need register with the AAT as self employed and set out the services you are going to offer together with your relevant experience in each area. The fee for registering depends on your turnover. The PI insurance offered via the AAT website with Trafalger is sufficient to start with until the business gets up and running. You will also need to register with AAT for the Money Laundering Regs and don't forget to register with the Information Commissioner for data protection services too.

The services you can offer are restricted to your experience and competence - for example Bookkeeping, VAT, Payroll, Financial Accounting should be straightforward enough services to offer initially. If you have practice experience you will probably be able to offer business and personal taxation services too. Don't offer services that you are not competent to carry out or cannot demonstrate to the AAT that you are. This does not mean that you can never offer those services as you are constantly learning and studying and the CPD cycle that MIP's are required to submit to obtain and renew their annual licence will allow you to add services in different areas as you learn and grow your business.

After that it's plain sailing ... network, advertise in local publications, use the contacts you must already have.

Good Luck I'm sure you'll never look back.

Y

Paul C

Can I ask for some more info on this please?

"and don't forget to register with the Information Commissioner for data protection services too"

(I have sent off my form for MIP and plan to use the AAT PI and money laundering)

Cheers
Paul

Monsoon

Paul C wrote: »

Can I ask for some more info on this please?

"and don't forget to register with the Information Commissioner for data protection services too"

http://www.ico.gov.uk/

£35 a year, Data Protection Act, you need to comply.

That's about it

PGM

Vonni wrote: »

Hi Mark


The services you can offer are restricted to your experience and competence - for example Bookkeeping, VAT, Payroll, Financial Accounting

If you have practice experience you will probably be able to offer business and personal taxation services too. Don't offer services that you are not competent to carry out or cannot demonstrate to the AAT that you are.

What if the work involves someone doing a little extra work on top of their PAYE, or some rental income on their tax return. Is this something that should be left to someone with tax experience?

Vonni

I'm not saying you have to have practice experience to offer tax services - you could quite feasibly be studying ATT or already be a member of another body. I'm just conscious that not all recently passed AAT's have studied the tax modules and therefore may not have relevant experience.

Only you know what you are capable of and to provide the service you must be able to demonstrate that capability to the AAT.

Y

PGM

Vonni wrote: »

I'm not saying you have to have practice experience to offer tax services - you could quite feasibly be studying ATT or already be a member of another body. I'm just conscious that not all recently passed AAT's have studied the tax modules and therefore may not have relevant experience.

Only you know what you are capable of and to provide the service you must be able to demonstrate that capability to the AAT.

Y

Thanks, I think its often a lack of confidence, being able to go out customers on your own for the first time offering all these services.

Mark 99

Thank you - What about first clients?

Thank you to those who replied with various bits of advice about getting started.

I'm pleased to say I got in my application to be licensed as a MIP about ten days ago, and am hopeful about hearing from them in the next couple of weeks. Meanwhile I'm doing some CPD, brushing up on various topics. I've got my PII from Trafalgar, and will register for Data Protection if I get licensed (and get some clients).

I'm talking to someone from the Chamber of Commerce next week for some guidance. Any ideas about how to get my first clients? I think that may be the hardest part.

cobbles

To gain your first clients you need to network, the Chamber of Commerce do have networking events, you need to attend as many as you can, start of offering bookkeeping and management account first rather than straight into tax advice, once you have your first client hopefully your networking would have paid off and you should get some word and mouth business.