Starting up a new business

whinpin
whinpin Registered Posts: 17 Dedicated contributor ? ? ?
Hi Everyone

Can anyone please help myself and my friend we would like to start up are own bookeeping business.
We will complete the AAT level 4 in July and we would like to start putting plans together to start up in business. We would like to start with bookeeping until we feel confident enough to move on. But can anyone tell us where do we start. What do we need to do first. Please help.

All info would be very much appreciated.

Thanks Pam :001_smile:

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448
    Register as MIPs with AAT and get licensed. Get your insurance in place. Then start advertising! Good luck.
  • reader
    reader MAAT, AAT Licensed Accountant Posts: 1,037
    whinpin wrote: »
    Hi Everyone

    Can anyone please help myself and my friend we would like to start up are own bookeeping business.
    We will complete the AAT level 4 in July and we would like to start putting plans together to start up in business. We would like to start with bookeeping until we feel confident enough to move on. But can anyone tell us where do we start. What do we need to do first. Please help.

    All info would be very much appreciated.

    Thanks Pam :001_smile:

    Sounds exciting!

    What I would do is:

    1) Complete the MAAT application form (log into MyAAT and on the right hand side you should see the relevant link)

    2) Complete your final exams in July

    3) While you're waiting for your exam results and MAAT certificate, complete the MiP (Member in Practice) application form (log into MyAAT and click on the "Be your own boss - MiP scheme" link in the middle of the page).

    4) When you get your level 4 results and MAAT certificate, probably in August, send off your MiP application form

    5) And hopefully, around September time, you get your full MiP licence

    (Personally, I completed my MAAT application form in February, finished my Level 4 exams in March, got my MAAT certificate and setup my own company in April, this month I have sent off my application form for registered status and started designing my own website, and next month I would have completed my website and application form for licensed status and hopefully in July I have a full license; I think it's quite useful to create monthly targets in order to stay on track).

    Good luck! If you work hard hopefully you have everything set up by September time.
  • reader
    reader MAAT, AAT Licensed Accountant Posts: 1,037
    T.C. wrote: »
    Register as MIPs with AAT and get licensed. Get your insurance in place. Then start advertising! Good luck.

    Agree.

    After you've done your exams and start registering on the MiP scheme you'll have to do a number of things, including:

    1) Get insurance (AAT application form will help you with this)

    2) Get a continuity partner (these forums and meeting people at AAT events can help you with this)

    3) Detail your work experience in a CV-esque document

    4) Detail any CPD you've done in the past 12 months and CPD plans for the future in the areas you want to be licensed in (there are around 17 areas of accountancy and tax that you can be licensed in)

    5) Complete the professional ethics test (online test on AAT website that you can do at home as many times as you like)

    6) Complete money laundering test (online test in AAT website that you can do at home as many times as you like)

    7) Detail your practice management experience (e.g. CPD plans, complaints procedure, data protection procedures, provision of services regulations, terms and conditions, letters of engagement, IT risks, marketing your practice ethically, etc)

    8) Get a reference from someone (colleague or client) who you know on a professional level who can vouch or your integritiy, objectivity, professional behaviour, etc.

    Once you have done 1 - 4 you can register with the AAT on the MiP scheme and start trading (but cannot mention AAT when you try and get business).

    Once you have done 5 - 8 AAT will grant you a full licence and then you can include the AAT logo on any business stationary and advertising.
  • whinpin
    whinpin Registered Posts: 17 Dedicated contributor ? ? ?
    Hi

    Thank you for all the good info and advice we just didn't know where to start.

    I'll post again when we are up and running.

    A very big thank you.

    Pam
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