Become self-employed (on the side of a full time job)
fedemenni
Registered Posts: 93
in Bookkeeping
Hello all,
I have just finalised my AAT Professional level and I have couple of friends that would me to become their bookkeeper for their ltd companies and also submit their annual accounts/VAT returns.
I should be able to provide those services because professional level and level 3 teach how to prepare the accounts for ltd companies and sole traders/partnership and also how to prepare VAT returns.
Before I can provide those services I know that I need to become licensed so I would like to know if someone could help me with the following queries:
- Which steps shall I follow in order to start providing professional services (like registering with HMRC, insurance etc or even shall I set up a ltd company or stay as sole trader?)
- Where can I find a list of accounting softwares which will allow me to have multiple companies within it?
- What kind of fees shall I charge?
- Very important where can I find templates for contracts to have signed between me and possible clients?
Many thanks in advance
I have just finalised my AAT Professional level and I have couple of friends that would me to become their bookkeeper for their ltd companies and also submit their annual accounts/VAT returns.
I should be able to provide those services because professional level and level 3 teach how to prepare the accounts for ltd companies and sole traders/partnership and also how to prepare VAT returns.
Before I can provide those services I know that I need to become licensed so I would like to know if someone could help me with the following queries:
- Which steps shall I follow in order to start providing professional services (like registering with HMRC, insurance etc or even shall I set up a ltd company or stay as sole trader?)
- Where can I find a list of accounting softwares which will allow me to have multiple companies within it?
- What kind of fees shall I charge?
- Very important where can I find templates for contracts to have signed between me and possible clients?
Many thanks in advance
0
Comments
-
You will first need to become licensed before taking on any paid work.
A lot of the information your looking for is within the AAT website, AAT have a hook up for insurance with Trafalgar ins, all templates are on the website.
Software depends on your preference, I've gone with Xero as I have a mentor who connected to Sage so both are covered but this is dependant on the company requirement and budget.
How much should I charge (that old chestnut!)
It may be worth looking back through the threads to find a copy of Burg's analysis of what people charge as different rates charged on different jobs.
ie. Book-keeping £25.00 per hour
Accounts preparation £50.00 per hour
This is totally up to you.1 -
> @Neillaw said:
> You will first need to become licensed before taking on any paid work.
> A lot of the information your looking for is within the AAT website, AAT have a hook up for insurance with Trafalgar ins, all templates are on the website.
> Software depends on your preference, I've gone with Xero as I have a mentor who connected to Sage so both are covered but this is dependant on the company requirement and budget.
> How much should I charge (that old chestnut!)
> It may be worth looking back through the threads to find a copy of Burg's analysis of what people charge as different rates charged on different jobs.
> ie. Book-keeping £25.00 per hour
> Accounts preparation £50.00 per hour
> This is totally up to you.
Thank you, did you chose to stay as freelance or opened a ltd company? Is there anything to do in order to register with HMRC as intermediary to submit your clients accounts?0 -
I've been a sole trader as it suits me better. I do contract assignments during the year which means pays towards my tax bill and is usually cost accounting related.
For me it depends on net profit as to whether I convert to Ltd company.
You will need to register with HMRC to become an agent, you will also need to look into vat software for smaller vat work.1 -
Thank you ?? I’ll need to look into this and see if it’s feasible0
-
Not too sure where you are regarding studies and cost accounting.
I would however start by looking at your capacity, work out how much of your time is going to be covered by the three contracts.
Then I would take a look at the salary I would require and add these to the overheads to give me a total business cost. Then you can work out how much you want to charge.0 -
This thread might be useful.
https://forums.aat.org.uk/Forum/discussion/449397/staring-my-own-business#latest0
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