Looking for advice regarding freelance Bookkeeping...

faithcharlotterowley
faithcharlotterowley Registered Posts: 1 New contributor ?
Hi,

I wonder if anyone would be able to give me some advice?

I became an AAT full member last year and have been studying CIMA since (aiming to qualify in a couple of years..!). I work full-time within Statutory Reporting but at this stage would like to be able to boost my income and add to my CV, so I'm interested in doing some freelance work in my spare time.

I have been doing a lot of research but I'm finding the concept a little overwhelming and I am worried about what services I could offer and what would be expected of me. I assume just basic bookkeeping would be a safe place to start?
I am also unsure as to what my restrictions are in terms of regulations? Would I need to apply for MiP status straight away?

If anyone has some words of wisdom to set me in the right direction I would be very grateful to hear!

Many thanks,
Faith

Comments

  • EMPG
    EMPG Registered Posts: 20 Dedicated contributor ? ? ?
    Hello Faith,

    I am in your same position. I have been thinking of doing this for long time now and do not seem to get the courage of doing so, I really lack of confidence as I have not had appropriate experience before.
    These are the thoughts that cross my mind deciding whetehr to do it now or wait for later times, I hope they help you:
    My understanding is that you do not need to be MIP to provide your services but being MIP gives you a back up.
    If you want to provide your sevices your thought of thinking with the basic, i.e bookeeping is the most logic. Always make sure you will compromise with the client to do the job that you know you will be able to do, for your own sake and the client's.
    Go for small clients first, sole traders rather than limited, ensure the turnover is not too big and the business will not incurr compliated transactions. If the client is VAT registered ensure you will be able to cope with this also.

    Now a days there is a lot of help out there, HMRC, businesslink, AAT forum, your CIMA forum....

    Ah, and think of insurance.

    Let me know of your decision and good luck if you go for it!
  • SashaDella
    SashaDella Registered Posts: 362
    Might be a good idea to try volunteering first! interested to hear the replies on this too!
  • mrb82
    mrb82 Registered Posts: 147 ? ? ?
    How do I bookmark this thread?!

    I'm thinking the same thing, but just started level 4.

    I'm atttending the Coventry Introduction to MIP on saturday which might give me ideas (anyone know what to wear at these things?!)
  • EMPG
    EMPG Registered Posts: 20 Dedicated contributor ? ? ?
    mrb82 wrote: »
    How do I bookmark this thread?!

    I'm thinking the same thing, but just started level 4.

    I'm atttending the Coventry Introduction to MIP on saturday which might give me ideas (anyone know what to wear at these things?!)

    mrb, I have been in one of those MIP inroduction sessions, there is not etiquete; you can wear relaxed clothes just ensure you show professional. That's the way I think....if taht helps
  • EMPG
    EMPG Registered Posts: 20 Dedicated contributor ? ? ?
    Faith, we have now the answer, see the post done today by Stuart W with the title of: "Doing a bit of bookkeeping? You need to be regulated by AAT"
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    If you are a full member, you do have to apply to the MIP scheme. It is compulsory :)
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