Self Employed - Starting Up

axl2derv
axl2derv Registered Posts: 172 Dedicated contributor 🦉
in General accounting discussion
Hi all,

Can somebody please give me their expertise on starting up as self employed? I am an AAT level 4 studier and competent at what I intend to do within my business. As I have only ever worked within a practice, I have no idea how to go about setting up. So far I have:

Set up a website www.dervingassociates.com
Produced business cards
Decided on my services
Worked out my fees (roughly)
Completed the Revenue forms

I need to know about:

Accounting software to use
Insurance / Cover
Am I legal?
How to sign up clients
Contracts?

Any advice given would be greatly appreciated.

Many thanks

Carl

Comments

  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    If you aren't a MAAT member in practise you will need to register with HMRC for MLR at a fee of £95 per year. Once you become a MAAT MiP they can regulate you instead.
    Software - such a choice. I recommend VT for accounts production and FTax for tax returns, both are good packages at a reasonable price.
    You don't have to have any insurance at all though professional indemnity is advisable.
    Get new clients to sign form 64-8 which authorises you to deal with their tax affairs with HMRC.
    Search AAT website for letter of engagment and issue to all clients to cover your back.

    I note from another thread you plan to study chartered. Not sure about ICAEW but if you study ACCA, the moment you become a student you are not allowed to offer anything more than bookkeeping to TB until you have a practising licence from ACCA (i..e fully qualified and experienced), irrespective of whether the AAT grants you a member in practise license.

    Good luck :)
  • Diannew
    Diannew Registered Posts: 2,814 Beyond epic contributor 🧙‍♂️
    faerie9 wrote: »
    If you aren't a MAAT member in practise you will need to register with HMRC for MLR at a fee of £95 per year. Once you become a MAAT MiP they can regulate you instead.
    Software - such a choice. I recommend VT for accounts production and FTax for tax returns, both are good packages at a reasonable price.
    You don't have to have any insurance at all though professional indemnity is advisable.
    Get new clients to sign form 64-8 which authorises you to deal with their tax affairs with HMRC.
    Search AAT website for letter of engagment and issue to all clients to cover your back.

    I note from another thread you plan to study chartered. Not sure about ICAEW but if you study ACCA, the moment you become a student you are not allowed to offer anything more than bookkeeping to TB until you have a practising licence from ACCA (i..e fully qualified and experienced), irrespective of whether the AAT grants you a member in practise license.

    Good luck :)
    Hi Faerie 9

    You are the first person I know to mention VT Accounts package, I use to work in a Chartered Accountants and we used VT for most clients, I now use Sage.

    VT was far better and much more user friendly I would definately recomend it at all times, above Sage it is so much easier to correct missposts ect.
  • axl2derv
    axl2derv Registered Posts: 172 Dedicated contributor 🦉
    Is there a trial version you can use of VT before you buy?
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Not sure but for the price, you just can't beat it on accounts production.

    Thakns Dianne, yes I have never bought Sage in my life and have never missed it. I've worked on clients copies of Sage and really like it but would never ever buy it for my own practice.

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