After AAT

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Ok, I am currentley awaiting my tax results from AAT and so would be the end of my AAT Studies.
After AAT I plan to leave my current job of 2 years to set up practice at home which would leave me more time to spend with my family. However I have a few unanswered questions and hope someone can help.
Once completed my AAT and become a member in practice, what will I receive? I noticed on the HMRC website that to become an agent for them you need a code, does the AAT give you something so you can apply and get an agent number or is that more advanced such as completion of chartered level?
Also this may seem like a really silly ? but what is the difference of AAT and Chartered what can they do that AAT qualified cannot do, I am just cought in limbo as I don't want anything holding me back from starting my own accountancy practice. My view of the difference is that Chartered specialise in areas but I may not be correct on that. And can I once completed have dealings on behalf of a client with for example Companies House/HMRC.
I am so confussed and need to get these queries sorted out in my head!!! All info very welcome!!!!
Many Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:After AAT

    hi caroline

    i used to be freelance bookkeeper for small businesses (but was only at Level 3 stage at the time).

    when doin my market research, many fully qualified aat members were advertising to do accounts, payroll, bookkeeping and IT consultancy work.

    chartered accountants seem to do limited co audit work, insurance, insolvency, financing, business plans etc, extra to the usual general accounts work. some also specialised in a certain trade or industry.

    when i was subcontracted by chartered accountants, they wanted an assistant to do the actual accounts prep, then they would review it, be available for questions, sign off the accounts and do the accounts presentation meeting.

    inland revenue form is form 64-8. heres a link which may answer your questions.
    www.hmrc.gov.uk/workingtogether/64-8-faqs.htm

    Hope this helps and good luck.
    Found it really exciting for myself.
    Saj
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:After AAT

    Hi,

    I am quite interested in this too. It would be good to know what you can do and how to go about doing it after the AAT. (I have the whole technician level to go still though!:))

    How do you go about starting up on your own, apart from registering with the Inland Revenue? How do you build your client base? Basically how do you start out from scratch? What software do you need? What kind of things would clients want you to do for them?

    Also, it would be quite useful to know how much you should expect to be paid and what kind of money do you make in average in a month/year? Are you also required to get some liability insurance to cover yourself just in case you get some figures wrong?

    I have so many questions. I am going to carry on with the ACCA but setting up on my own is something I consider doing. I love the flexibility I could have.Not sure at what stage I am planning to do that but it would be good to know how to do it, so please any information would be greatly appreciated.

    Thanks for your help...
    Manuela
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:After AAT

    Sorry to be the bearer of bad news but you have to be careful about setting up on your own and studying ACCA. ACCA have extremely strict (if not THE strictest) rules about practising. As a student your services would be restricted to basic bookkeeping, payroll, VAT etc. You would not be able to prepare accounts or tax returns.

    Unfortunately, this is a major issue which stops AAT qualifieds setting up in business.


    Kind regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:After AAT

    Hello...

    Hmm, that's good to know then. I will have to wait till I am qualified to set up on my own if I want to study ACCA. Did not know that.

    Thanks a lot for your help.

    Manuela

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