starting a business

Can you set up in business as a student in practice?
My tutor mentioned to me that some students after learning to do computerised accounts go off and do peoples accounts on sage.
Obviously nothing more than that can try to be done, until you were a member in practice.
I was hoping to do the same until i done my level 4 i have almost completed level 2+3.

Comments

  • reader
    reader MAAT, AAT Licensed Accountant Posts: 1,037
    omega man wrote: »
    Can you set up in business as a student in practice?
    My tutor mentioned to me that some students after learning to do computerised accounts go off and do peoples accounts on sage.
    Obviously nothing more than that can try to be done, until you were a member in practice.
    I was hoping to do the same until i done my level 4 i have almost completed level 2+3.

    Yes; students can set up their own business.

    The AAT website has some really good info on it about students in practice:

    Offering services as an AAT student member

    While you are studying for your AAT qualification, you can set up in practice.
    However, certain restrictions apply until you become a full member:

    you may not advertise in connection with AAT
    you must only dowork within your competence and seek professional advice where necessary
    you must abide by the our Code of Professional Ethics
    you are strongly advised to take out professional indemnity insurance.
    Find out more about being a student in practice.

    (More info on this can be found in MyAAT, click on "Be your own boss - MiP scheme" link in the middle of the page).

    I'm pretty sure you would need money laundering supervision from HMRC.

    If you're currently unemployed/working in unrelated field I can understand you wanting do to some bookkeeping in order to build up your experience. However if you are employed in a relevant field it may be worth just concentrating on completing AAT Level 4 asap and then starting your MiP application. Decision is yours.
  • pirate
    pirate Registered Posts: 469
    While you are studying for your AAT qualification, you can set up in practice.

    You do need Money Laundering supervision from HMRC and you also need to be registered for Data Protection.

    HTH
  • omega man
    omega man Registered Posts: 283
    Thanks for replies so far,i am unemployed and this sounds attractive, but obviously i will wait until i am level 3 qualified,which is only 2 exams away anyway.
    I would use VT+ as this is cheaper than sage and the software of choice i believe.
    I will look at the AAT site too.
    I would take out Prof.Indemnity Insurance once and if i get my first client.
    Any ideas as to how i get that first client as i got very few friends.
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