Setting up

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Hello,
I am in the process of applying to become a Member in Practice.
I am going to be doing this alongside my full time job.
What is a realistic number of clients to aim for in my first year?
Suzanne

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Setting up

    Hi Suzanne

    Your question is very generalised, but here goes....

    What sort of services are you planning to offer to your clients?

    How many hours per week do you plan to devote to your self-employment - ie do you have a life as well :wink:

    Doing a quick P&L and tax return for a sub-contractor is going to take considerably less time than a full set of accounts for for a S/E OMB/OMB Ltd Co.

    I think that for most people, getting the first client is the hardest part, and then word of mouth kicks in.

    I think that you should think about hours per week/month rather than number of clients.

    I have got clients who take a few hours a year, and others that take up about 15 hours per week.

    Sorry I havent been much help, but maybe this will give you a different perspective on things :D

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Setting up

    Hello,
    Thanks for your response. I intend to offer bookkeeping to begin with and would want to dedicate no more than 10 hours a week to my business, as I work full time aswell.
    Other than applying for MIP with AAT, who else do I need to inform that I am going to be setting up a self employed business?
    Thanks
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Setting up

    You will need professional indemnity insurance - but if your turnover is less than £5K pa you can join the AAT block scheme which costs about £50 I think.

    Dont forget to tell our beloved friends at HMRC and fill in form CWF1 - it wouldnt look good forgetting to register for self employment :oops:

    I assume that you will be working from home - so check your household insurance policy a) that there is enough cover for your computer etc etc etc and also that they are aware that you are working (albeit part time) from home. Shouldnt affect your premium massively, if at all.

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Setting up

    Hi Claudia,

    That's really helpful, thanks.

    Suzanne
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Setting up

    Hi

    Following on from Claudia the block policy is £47.25 for turnovers less than £5K and you can apply online & get your certificate emailed to you straight away.

    This saves hassle as you need to send a copy of it with your application.

Categories

Privacy Policy