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Do yourself a favour
Actually make the effort to search this site for articles, blogs and threads which cover this subject in infinite detail.
Then, if you still don't know...well...
Initial view - you haven't got a scooby.
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I have phoned to HMRC and they said to get register under money landering supervision and to get PI insurance. So i think it is possible to open accounting business,
It is possible
Also i am aware that i can not carry audit work or sign accounts.
Good to know you have a little awareness
What i am confused at the moment is what job title can i use in my advertising material (Accounting Technician or accountant) other than director.
Cowboy??
Also can i prepare accounts/VAT returns for self employed.
Do you have the required experience or knowledge of Tax and VAT?
Why don't you try and get a job in practice - gain the relevant practical experience and knowledge first?
Learn to walk first - before trying to run!
I agree with Kent Accountant - there are lots of articles relating to this subject. Part of being an accountant is having the ability to research.
Can you start an accountancy business? Yes
Should you start an accountancy business? Probably not. If you only have a degree and no experience, you will not have the experience needed to advise clients on accounting and business issues.
The services that you propose are that of somebody working within an accounts department for a company. I would therefore suggest you find employment and gain a professional qualification, rather than start self-employment.
I’m not sure where you stand calling yourself an Accounting Technician. However, you can call yourself an accountant as it’s not a protected term.
Kind Regards
John
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Why not just call yourself "Cowboy Accountant & Co."
At least people will know where they stand!
@ Carnmores – I can
@ Carnmores – I can understand the frustration of accountants when they see posts like this, when the poster clearly doesn’t have enough experience to set up by themselves. However, I do agree that some constructive criticism would be more helpful.
@Moazzam7871 – I’m sorry but I don’t think that three years experience equips you to set up by yourself. I have 7 years experience (1 in practice and 6 in industry) and don’t think I would be experienced enough to start an accountancy practice. If ultimately you want to eventually start your own practice, I suggest you try find employment within a practice to gain more experience.
bookkeeping
Call yourself a bookkeeper as that covers the services that you are offering.
If you wish . . .
You can set up as a self-employed person and call yourself "accountant" or "book-keeper" if you wish.
You would need to register with HMRC under the Money Laundering Regulations 2007 (and there is a fee for that).
You can prepare and sign accounts for the self-employed, partnerships and limited companies (but you cannot audit the accounts of companies that require an audit). You can also prepare tax returns and act as a tax agent.
Whether you would be wise to do any or all of these things is another question. But it's your decision.
David
Go for it
I am waiting for the firing squad....!!
Speak with the ICPA and have a chat with Tony. If after that chat you think it is right for you then go for it, but by only putting you toe in the water and by taking very little risks to gain the experience.
Don't risk your full time job. I started in my kitchen with one client a mobile catering van client, then a carpet shop and went from there. 22 years on still at it ! Delivering Pizza's at night !
Qualifications by law don't matter make sure you register with HMRC for ML. There are lots of good accountants both qualified and unqualified. Take as much advice from people you can trust.
I agree three years is not long, but I had one years when I started but was careful what I took on.
Good luck with it !
Interesting. What happens
Interesting. What happens when you declare yourself as a Tax Adviser on the clients Self Assessment form. What qualifies a person to be a tax adviser? Can a book-keeper preparing accounts and Self Assessment for say a plumber or electrician call themselves a tax adviser to that client?
Why not franchise?
If you have no experience and don't know what you are doing then maybe a Taxassist franchise is for you. That sounds very much like a swipe but I quote...
"You do not need to be an accountant to join us. If you are concerned that you might not have the right experience, don't worry"
A lot of Cash Needed
If you have no experience and don't know what you are doing then maybe a Taxassist franchise is for you. That sounds very much like a swipe but I quote...
"You do not need to be an accountant to join us. If you are concerned that you might not have the right experience, don't worry"
You may not need to be an accountant but if memory serves me right you need about £30K to set up with Tax Assist
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I've always fancied being an airline pilot.
I can drive a car, and worked in a an airport for 3 years. I have also played computer games with flying in.
Anyone who says I might be better doing some sort of training is just wrong.
You are absolutely entitled....
to set yourself up as an accountant and do what you are capable of and take advice or seek training for any areas in which you are not experienced.
At the end of the day that's what I and most people on this site do (even the rude hubristic ones).
would agree with paul...
indeed no matter how much experience you have you still learn stuff when you go into practice on your own.....oh and by the way there are many 'accountants' who do not necessarily have the experience in tax (but they still manage to prepare tax returns and give tax advice....)