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Advice on selfemployment

kerrifletcher29kerrifletcher29 Feels At HomeRegistered Posts: 46
Hi, I`ve just qualified with AAT. What line of work can i carry out?
A friend of mine has just started singing in pubs and clubs and has been told to find an accountant to do their books. Is this something i can do? Will i complete their tax returns?
Im a little confused because im used to companies rather than a single person.

Any advice would be great

Thank you

Comments

  • paulstaffordpaulstafford Feels At Home Registered Posts: 126
    Do you have the relevant experience?

    Hi Kerri

    If you want to sell your professional accountancy services as an AAT member then you need to apply to become a Member in Practice.

    The AAT will grant you a licence to trade in areas where you can demonstate you have the appropriate levels of experience. For example, if you currently work in an accountancy practice preparing accounts and tax returns the AAT will grant you a licence to practice in this area. If you don't have the practical experience to back up your studies they won't grant you a licence.

    Hope this helps

    There is much more info on this website in the members in practice section.
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    Is this something i can do? Will i complete their tax returns?

    Is it something you can do? I.e. Do you feel confident doing it, do you have experience that will give you the knowledge to be able to do it?

    Typically clients expect year end accounts, tax returns, some advice, bookkeeping, VAT returns, payroll.... Different clients want different things.

    As Paul says you would need to register on the relevant MIP scheme and follow the guidelines for MIPs.

    Work out what you *can* do, and aim for that kind of client; if there are things you can't do, you could build links with a MIP who can, and learn/ look after the client that way too.
  • kerrifletcher29kerrifletcher29 Feels At Home Registered Posts: 46
    Thank you for the advice, i work in accounts full time and have experience of company accounts, this job would be more of a favour than actual paid work and for a self employed person. Would i still need to register for MIP? Would the experience i have be enough or would i require experience dealing with sole traders?
    Sorry for all the questions, just dont want to mess up when i`ve only just qualified
  • Paul CPaul C Well-Known Registered Posts: 193
    Are you an AAT "member" yet or still registered as a student? Only asking as you have just qualified. Getting your membership through might be the first step.

    Here's a really good AAT fact sheet-

    http://www.aat.org.uk/search/?sr=mip

    Pick the top one "MIP fact sheet". At the very bottom there is a rule about £1000 pa that may be relevant.
  • CPenneyCPenney Feels At Home Registered Posts: 32
    You would need to become full AAT member first, if you are only doing voluntary work self employed you do not have to register as MIP - I thinkit's once you are earning/expect to earn more than £1000 per yeasr (from memory) - not sure though if you have to apply for exemption from scheme.
  • kerrifletcher29kerrifletcher29 Feels At Home Registered Posts: 46
    Hi Paul yes im a full member, i updated everything ready for when i completed my last exam so i went to full member automatically.
    I`ll have a read up on the exemption from MIP as i wont be earning from the work

    Thank you
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