Starting Out

rblayney89

Hi, I have just qualified and about to become a full AAT member. I want start my own business and work from home part time as I still work as a full time accountant. One of the things that I am not to sure about is bank accounts.

I cant imagine earning more that £3000 for the first couple of years but dont know if I need to open a business bank account and possibly a clients account.

Any help will be appreciated

Thanks

T.C.

I would suggest a business bank account from the start so that you can keep things separate. HSBC do free banking so long as you don't deposit or withdraw cash. I wouldn't think you would need a client account though.

groundy

If you are registering as a MIP, you will need a client account. Presuming you will handle any client tax refunds other hold money for payment to HMRC

deanshepherd

groundy wrote: »

If you are registering as a MIP, you will need a client account.

I don't.

Havn't handled any client money in years.

T.C.

Me neither!

groundy

Sorry re-read my post not very clear. If you handle client money you will need a client account. This was one of the few points we got picked up on a recent AAT visit.

If you don't handle client money, you don't need a client account

Roro1303

hello all,

I am very interested in this thread, i am half way through to qualify, passed 2 of level 4 units, awaiting on 1 exam (to be honest) there may be a resit on this: but in the overall the target is to finish the remaining units by the end of July which i think is doable and then will work on starting up along side my full time work to begin with and also work from home.

So rblayney89, well done for getting qualified and go for it. Keep us posted on how you progress and Good Luck.