Home For accounting professionals General accounting discussion
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Starting Out

rblayney89rblayney89 Just JoinedRegistered Posts: 2
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

Comments

  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    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.
  • groundygroundy Trusted Regular Registered Posts: 495
    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
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    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.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    Me neither!
  • groundygroundy Trusted Regular Registered Posts: 495
    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
  • Roro1303Roro1303 Feels At Home Registered Posts: 38
    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.
Sign In or Register to comment.