Starting a self employment business

salih

I was just wondering if someone can help me out, I have an idea for starting a small business starting from home of course while staying to my actual job.

Plan was to work during the evening and weekend, when hopefully reach a certain amount of client get that person to help me during the day time mon-friday. Is this something that would be possible doing? I already picked out which software to go with, just wanted to know is there anything else i need to do other than register with company house, and maybe another bank account?

Is there another software i may need in order to submit vat or personal tax to HMRC, any of fee's or subscription i have to worry about?

Last question what's the best way to try and reach out for clients?

pet3rc

The easiest way is to contact with HMRC and ask them those questions.
Social media and internet helps a lot in these days so try there.
Good luck.

hal978

You need to register with HMRC for Anti-Money Laundering Supervision (AMLS) and with the ICO under the Data Protection Act.

Once registered for AMLS you can register as an agent with HMRC. However if you are also filing company tax returns, you need commercial software because you can't use HMRC's website and they don't have free software for this (unlike personal tax and PAYE).

salih

hal978 said:

You need to register with HMRC for Anti-Money Laundering Supervision (AMLS) and with the ICO under the Data Protection Act.

Once registered for AMLS you can register as an agent with HMRC. However if you are also filing company tax returns, you need commercial software because you can't use HMRC's website and they don't have free software for this (unlike personal tax and PAYE).

Do you recommend any software for filling out tax return?

colls10

hi, sorry to jump on back of this thread. I to, am looking for some advice. I am AATQB now, and completing my level 3 advanced diploma. I am looking to set up, from home, doing small sole traders initially, nothing to full on. I have managed to land myself some voluntary work with a sole trader accountant, who met me, and gave me a sack load of reciepts / invoices/bank statements / Payroll sheets for 10 months for a charity he has just taken on, and asked me to simply do income and expenses for each month on spreadsheets. Not being overly experienced with excel, i began, and so far so good ( all be it a mission with so many many muddled up recipients / invoices) but its experience.
Thing is, he has asked me what my rate is.. ( i had not thought of this, but seems he is willing to pay) and i have a possible two over people who have asked me if i could look at there year end affairs and what my rate would be. So, i decided, to be proper, and set up as self employed trading as. I havent used software before(got to be easier than excel) and wanted to know, do I subscribe to, lets say, quick books, and use this to enter in the various docs from clients, and can i add additional clients to this software? I am fully aware that if a client is already using software, i may well have to use the same.But, if i am bring the paperwork home to work on, surly I would need the software first, ??
What else will i need? PII? Not PLI, as working from home. Do i have to LEGALLY set up money laundering with HMRC? I think, if im right, I cant get this through AAT until licensed? Basically, what is the minimum i legally need until I am on my feet, so i can do bits and pieces for these clients and invoice them? I have registered as slef employed with HMRC.

Sorry if that is a lot to read, but want to get it all right. Thanks

BertDoesBookkeeping

@colls10 Few things on this:

1. If you're AATQB (not so au fait on this tbh) you should be able to become a licensed member with AAT and they will supervise your Money Laundering Regs I believe. There is info on the MyAAT site for this: AAT Membership > License Application Process or Types of License.
2. You need to register with the ICO as you're likely to be holding individuals' personal data.
3. You'll need PII.
4. Try and get Continuity of Practice in case you're on holiday, off sick and clients still need work doing where you can't.
5. You'll need software eventually but for a couple of clients that are giving paper records, Excel will do for now. However, Xero, Quickbooks etc. do have software for accountants with numerous clients. Visit their websites for info or organise a call with one of their reps to explain.
6. Rates - best thing to do here is look at other bookkeepers in the area, bearing in mind their experience, and measure your hourly rate against that. This might mean calling them (don't tell them you're likely to be their competitor of course. You're just a prospective client...). You want to be competitive but also sensitive to the fact that you are just starting out but also make sure it covers your costs.

Hope this helps. Good luck.

S