Possible self employment opportunity? Help!

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OctoberLouise
OctoberLouise Registered Posts: 3
in Chat and off-topic discussion
Hello everyone,

I'm new to the AAT forums, I have lurked in the past but need to ask a question and thought this would be the perfect place! I completed level 3 last year and am currently doing level 4. I am working in the accounts department for my local council but it is only temporary - covering someone's maternity leave until the end of February. I have briefly thought about going self employed but my main worries would be getting clients, and the fact that I don't have a huge amount of actual work experience behind me. Anyway, I went to collect my son from nursery today and the owner approached me and said that she was after an accountant! She asked me if I would be interested and if so could she discuss it with me further at a better time (I had to rush off to collect my daughter so couldn't stay to talk).

I would love to take the opportunity, but I also want to be realistic so I guess my main question is how should I go about this?! I know that I would need to be registered for money laundering and get some public liability insurance, is there anything else I should be thinking about? Should I research writing a set of terms and conditions? How would I go about pricing? Should I get some business cards made up?! I do know that the nursery is new, it only opened in September 2014. I also know that it is a ltd company.

Sorry for the barrage of questions! Any advice anyone can offer will be gratefully received :)

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  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
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    Depending on the size of the nursery and the amount of work involved maybe it would be worth being employed part-time by them?
    Otherwise you definitely need to be looking at professional indemnity insurance, MLR supervision, registering with HMRC as self employed and as an agent, letters of engagement, website etc etc.
    Pricing depends on your experience, location, competition, type of work involved, fixed fees are very popular these days but the nursery may prefer you to charge by the hour.
    Speak to AAT, they are very helpful.
    But think first you need to establish how much work is required for the nursery and see if it warrants being employed rather than self employed.
  • OctoberLouise
    OctoberLouise Registered Posts: 3
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    Thank you for your response Gem7321, I really appreciate it. She said it would be on a self employed basis, but I have decided against it. I really think I need more 'real life' work experience behind me before I take on somebody's Ltd company accounts. I would hate to make a silly mistake due to lack of experience, or miss them a tax saving opportunity or something!
  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
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    Well done for making a decision but don't write it off just yet, perhaps there is a bookkeeping/payroll opportunity? And another accountant can do their year end and tax. Overall it may well be cheaper for them to have a good bookkeeper charging bookkeepers rates than having an accountant do it all and if you can build up a good relationship with the accountant then this may generate more opportunities for you.

    Or you could try the AAT MiP mentor scheme?

    It just seems like this is too good an opportunity to miss!

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