Advice on how to prepare friends/family's books

jojobunny8510

Hi All

I am AAT member completed my level 2 & 3 and starting my level 4 soon.

A few of my family and friends has started asking me whether i could prepare their books?

My question is can i do this even though i'm not yet AAT qualified?

Also can someone guide me as to what i need to do first to get the ball rolling and how much do i charge etc


Also i forgot to add i'm already employed and if i do start charging then i myself will need to fill in my own tax return for the tax man!
Thanks :001_smile:

ExcelAnt

To supply your services as an AAT qualified accountant, there are many steps to be taken (see the MIP requirements on the AAT website).

I am in a similar potion albeit slightly further along. At the moment I have a couple of friends who need accountancy advice but they don't want to pay large accountancy fees.

My aim is to supply the services and charge, for now I do not have the experience so I am helping advising guiding as a friend (for free). reasons being twofold.
1) I am learning and gaining valuable experience.
2) I dont rate my skillset/knowledge to give the best advice to charge for it.

That said, there are other means of being "paid" the old you scratch my back i'll scratch yours.

So to answer, anyone can give anyone advice on accounts, to do it on a chargeable basis there are a number of hoopjumping excercises the AAT request for you to become a Member in practise. Research them :0
http://aat.org.uk/about-aat/mip-guidelines-and-regulations

James Patterson

I must admit i am looking forward to do this for friends and family, but i do not feel competent to give reliable advice quite yet.

I am currently doing level 4 but i am not working in the accounts section at work (more accounts receivable/payable).

I had a browse on the Link Excelant provided and it seems really helpful, so have a look at you should get an idea.

Monsoon

A student member does not need to joint the MIP scheme (and indeed only full members are eligible), and is allowed to charge for their services as long as:

They are competent in providing those services and
They do not refer to the AAT

I started as you have suggested - for free, being that I gained experience and they saved professional fees, on the understanding that I was learning my way.