Starting a new business

lmer280

Hi,

Just wanting to hear from people who have started their own book keeping or accountancy business about their experiences as I am looking to start a business myself providing services in my local area.

I am just wanting to know if people what you found to be the most difficult part of starting on your own and what level fo experience you would recommend before trying to go it alone.

Kind Regards
lmer280

tillyjbc

Hi
I completed Level 4, procrastinated for nearly a year while mustering up courage to become a MIP (I was, and still am employed by a small company to look after their ledgers/VAT/payroll). Applied for MAAT status (you have to do this first) and then went through the process for MIP (basically an extensive list of compliance/registration for AAT and external bodies). It is quite time-consuming but all the guidance is on the AAT website, I found everything I needed from the personal aspect. But I wasn't prepared for the HMRC compliance for acting as an agent for clients, registering as an agent and obtaining codes for PAYE, VAT,Tax etc. It takes up to 6 weeks and again is quite time-consuming.

Be really prepared with research and lists for compliance and you will feel confident!

Good luck!

lmer280

Thanks that is really helpful ☺

Did you already have a client base before applying as an MIP?