Conflict of Interest?

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Thomasl1
Thomasl1 Registered Posts: 43 Regular contributor ⭐
in General accounting discussion
Wonder if anyone has any advice on this.
I am a full AAT member who is applying for MIP status with looks to starting my own business soon. I am also studying CIMA part time. My wife is at a career crossroads at the moment and is thinking about beginning AAT studying (Intermediate level) this month. Cut a long story short, if my wife was to gain the AAT qualification and start working on bookkeeping and accounts preparation, would there be a conflict of interest in her outsourcing her completed accounts to me to write off?
Any info would be appreciated.
Cheers
Steve

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  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    I'm unsure about conflicts of interest but -

    have you thought about going into a partnership? Your wife does the bookeeping etc and you over see it?
  • Thomasl1
    Thomasl1 Registered Posts: 43 Regular contributor ⭐
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    I was thinking about a partnership, as im relatively new to this i was unsure if it would be acceptable for a husband and wife partnership, but looking into this more there seems to be a lot of husband/wife partnerships over the internet. Thanks AK002 for the advice, much appreciated
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    Husband and wife partnerships can be the best!
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    They can also be the worst - I have several nasty breakups surrounding partnerships in my industry through the current climate.....
  • Vonni
    Vonni Registered Posts: 63 Regular contributor ⭐
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    There is absolutely no problem with a husband and wife working as a partnership. It sounds like a brilliant idea to me your wife can get the business started with bookkeeping, VAT returns and Payroll assistance and you can then do the management and year end accounts. Additionally whilst your wife is training she can offset the costs against the business income.

    My son's girlfriend has just started her AAT training, with my encouragement, and I have taken her on as a part time employee in my own business; picking up the costs of her training. In addition she works part time in retail so she's got the best of both worlds - a part time job in accounting which gives her experience plus some income coming in to help with the bills. On my side I can now expand my business delegating the more junior tasks to her and we can attend local branch meetings together.

    For the future I'm looking to spend more time at my house in Spain within the next 5-10 years so once qualified and experienced my 'daughter' can take become a partner and then take the business over.

    Hopefully working together won't be an issue for you just make sure you have a simple partnership agreement in place - your professional training should have provided you with the information you need to set this up.

    Good Luck - go for it!

    Vonni

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