New MIP - Almost ready to go?

Laura8192

As I am being made redundant in 4 months, I have decided to set up as a MIP now, with the hope I will have enough clients to pay the bills by January.... I think I have all bases covered, here is what I have done so far:

Completed AAT MIP Application form
Found a local MIP to be my mentor and continuality cover
Applied for PII through Trafalgar
Informed HMRC that I will be self-employed
Informed HMRC that I will be an agent
Written to HMRC to ask for an Agent reference for Corporation Tax and Self Assessment Tax
Registered with the ICO for Data Protection
Ordered business cards, leaflets and letterhead
Set up a website and email address
Decided on software (VT Final accounts and MoneySoft) which I will purchase when I actually have a client
Emptied Spare room ready for a desk

I have put a start date of 01/11/2012 on everything to give me time to find some clients!

So all I need now is some clients!

I know this is always asked, but is there anything else anyone can think of that I will need to do?

Thank you!

pirate

Congrats.

Do you have a phone number for the business?
Have you decided on tax software?
Have you got the money laundering piece in place?
Do you have agents codes for PAYE incase you need to speak to them?
Have you got all the bits to support your MIP license ie software.
Have you thought about how to organise your clients data?

Just a couple of thoughts

reader

Laura8192 wrote: »

As I am being made redundant in 4 months, I have decided to set up as a MIP now, with the hope I will have enough clients to pay the bills by January.... I think I have all bases covered, here is what I have done so far:

Completed AAT MIP Application form
Found a local MIP to be my mentor and continuality cover
Applied for PII through Trafalgar
Informed HMRC that I will be self-employed
Informed HMRC that I will be an agent
Written to HMRC to ask for an Agent reference for Corporation Tax and Self Assessment Tax
Registered with the ICO for Data Protection
Ordered business cards, leaflets and letterhead
Set up a website and email address
Decided on software (VT Final accounts and MoneySoft) which I will purchase when I actually have a client
Emptied Spare room ready for a desk

I have put a start date of 01/11/2012 on everything to give me time to find some clients!

So all I need now is some clients!

I know this is always asked, but is there anything else anyone can think of that I will need to do?

Thank you!

Seems pretty thorough to me.

I still haven't got round to ICO registration- I can't seem to figure out how to use their website.

Nor have I got round to HMRC agent status application- you're putting me to shame.

Might be worth enrolling on ATT- great tax qualification/cpd for those completing personal tax returns, corporation tax returns, P11Ds, VAT, payroll, etc.

You might want to consider investing in tax software, e.g. TaxCal or FTax, and getting online data backup.

Laura8192

Thank you for your feedback, I do have a phone number and have registered for Anti - Money Laundering with AAT, I have the Agent Codes for PAYE and VAT, as you can get these online, just have to write to them for the SA and CT ones (doesn't really make sense to me but it is HMRC I guess!).

When you say bits to support your MIP licence do you mean Software like VT final accounts, MoneySoft etc? I know what I will be buying, I just haven't purchased them yet.

Tax software I am going to see if I can do without at first, as I could do without the cost.

I think I will organise my clients data on a database of some description, I also need to buy Microsoft Office so can set that up once I have that.

I'm considering ATT (but don't know if I can face more studying!).

I also realised I still need to buy Microsoft Office (£200), a printer (£100) and pay my normal AAT membership! (£128).

So far I have spent £630 on setting up and estimate I have another £1,130 still to spend.... Think I'll be doing some this month and some after payday!

I just hope its worth it....