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How to open a small bookkeeping practice, Please help

blueeyes369blueeyes369 Registered Posts: 1
For some time, I’ve been thinking of opening a small bookkeeping practice (working from initially then hopefully move into a full accounting service providers). I have read all the comments and advice from the expertise which I found very helpful. However everyone’s situation is different and apply different sort of criteria.
Bit of background of myself, a final year accounting and finance student (Graduation July 2018). Once graduated I will claim my part 2 ACCA exemption in July and then apply for a full membership for AAT (I guess AAT membership is necessary to do bookkeeping or certainly an advantage also don’t have to register for money laundering supervision). I will continue to study towards ACCA for my full membership. I’ve never worked on an accounting firm before and currently getting some accounting training at the KBM training centre in London.
I’ve a full time job at the Tesco Direct and my plan is to use my home for work. Working extra couple of hours every day and weekends for clients. I had seen someone wrote that I need to get public liability insurance (not planning to invite clients at my home, only email and probably at their places to get invoices and receipts).
What I gather so far,
1. Initial registration with HMRC as a self-employed.
2. Indemnity insurance.
3. Laptop/Printer/printing papers/ lockable shelf.
My questions are does ACCA grant permission to their student to practice bookkeeping (mainly purchase and sales ledger, CIS, VAT returns, setting up client’s cloud based accounting software e.g. QuickBooks) and in based on my situation are there anything I need to consider?

Sorry for the long post, I would be grateful if someone read it though and for any amount of suggestion or advice given.

Comments

  • KoopaCooperKoopaCooper London, UKMAAT, AATQB Posts: 223
    I believe you can be a practicing bookkeeper whilst studying ACCA so long as you have your practicing license with another body - and as you've said you'll hold your practicing license with AAT, that should be okay.

    Should point out though, I'm not an expert on this, and have only considered in outline going freelance myself, but have glanced into the rules regarding this matter as I myself am intending to register with ACCA and start F4 as soon as my bank balance perks up a bit (damn Xmas shopping xD).
    Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ
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  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,040

    For some time, I’ve been thinking of opening a small bookkeeping practice (working from initially then hopefully move into a full accounting service providers). I have read all the comments and advice from the expertise which I found very helpful. However everyone’s situation is different and apply different sort of criteria.
    Bit of background of myself, a final year accounting and finance student (Graduation July 2018). Once graduated I will claim my part 2 ACCA exemption in July and then apply for a full membership for AAT (I guess AAT membership is necessary to do bookkeeping or certainly an advantage also don’t have to register for money laundering supervision). I will continue to study towards ACCA for my full membership. I’ve never worked on an accounting firm before and currently getting some accounting training at the KBM training centre in London.
    I’ve a full time job at the Tesco Direct and my plan is to use my home for work. Working extra couple of hours every day and weekends for clients. I had seen someone wrote that I need to get public liability insurance (not planning to invite clients at my home, only email and probably at their places to get invoices and receipts).
    What I gather so far,
    1. Initial registration with HMRC as a self-employed.
    2. Indemnity insurance.
    3. Laptop/Printer/printing papers/ lockable shelf.
    My questions are does ACCA grant permission to their student to practice bookkeeping (mainly purchase and sales ledger, CIS, VAT returns, setting up client’s cloud based accounting software e.g. QuickBooks) and in based on my situation are there anything I need to consider?

    Sorry for the long post, I would be grateful if someone read it though and for any amount of suggestion or advice given.

    How are you going to get new clients?

    Wouldn't you be better off spending time and concentrating on getting a full time job in a firm of chartered accountants (rather than Tesco) and finishing your ACCA?

    It seems like you are trying to run before you can walk.
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