How to start accounting company?

How to start accounting company?

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Hello,

I would like to ask you for an advice. I´m planning to start a new business based in UK.
As it is my first time in this country, I need to get some answers first and hope some of you can help.

I plan to have following nature of business:
69201 - Accounting and auditing activities
69202 - Bookkeeping activities
69203 - Tax consultancy

1, Do I need some special permition, training or authorization to be able to do this? (or just simple registration is enough?)
2, Tips for some books, links where could I get some insight into UK accounting? Or some guide i can learn/use to actually perform the accounting "properly"? (Czech accounting is known to me).
3, Is here anybody willing to show me (for money of course) how to do the accounting? (personally). Or it´s better to pay for some workshop?

Looking forward for your possible responses.

 

Replies (18)

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By jndavs
07th May 2015 09:14

The usual route is to work for an establishment that provides training. They will normally pay your wages, training/exam fees and give you time off for study. If you are already a qualified Czech accountant and are familiar with international standards you have a head start but will still require some training in the UK implementation of legislation.
There are other options and I make no comment about the unregulated market.

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By NHGlos
07th May 2015 09:24

To be blunt, if (a) you need to ask these questions and (b) you don't know how to find the answers for yourself, you need to be asking yourself if you should be starting your own practice.

If you are already qualified and/or experienced you would be more suited to gaining some experience in a UK practice first.

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By Matrix
07th May 2015 09:52

Tax

It seems you have set up a company to provide services you are not yet able to provide.  Regardless of the UK accounting, most of our work is dealing with tax issues which you are not going to just learn at a workshop.  If you are not able to even run your own UK Ltd company then you should not even think about taking money from the public for such a service.

Have a good read on the forum - all free - of the kind of topics that regularly come up and then decide how you will gain this knowledge and if you wish to put in the slog to become a UK tax expert.  Whether qualified or unqualified, my belief is that without the tax planning ability it is a non-starter.

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James Reeves
By James Reeves
07th May 2015 10:03

Is this a wind-up?

Or is it for real?

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By Strcprst
07th May 2015 10:07

Thank you for both opinions. I´m already qualified in Czech republic but UK is absolutely new for me and I see an apportunity here (as an accountant for Czech companies based in UK).

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By andy.partridge
07th May 2015 10:12

Experience

Can I suggest you try to get some real life working experience in a firm of accountants. This will expose you to the scope of learning you face before you can, realistically, advise people who are prepared to pay you for that advice.

I don't know a thing about accountancy and tax in the Czech republic, but I daresay there are huge differences between the two countries.

As a specialist business idea, though, I think you might be on to something, so good luck.

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Glenn Martin
By Glenn Martin
07th May 2015 10:20

Why Limit Yourself to just accounts and tax.

Why not offer a full range of business services to new clients including legal, HR and marketing support etc. If you are genuine your idea is several years away from becoming a reality. I am unsure how many Czech firms there are in the uk, but I would imagine the Big4 look after all the main players and if you are wanting to look after Czech builders and 1 man bands etc they will be subject to the same rules as UK companies so your only advantage would be your language skills which wont outweigh your lack of knowledge of UK taxes. Get a job with a UK practice and gain the knowledge and skills you need for a few years then re visit your idea of going alone.

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By andy.partridge
07th May 2015 10:35

Oooooh, harsh.

I think the OP does not intend to offer legal, HR and marketing support for the same reason that we might not - they are a qualified accountant, albeit in the Czech Republic.

 

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Glenn Martin
By Glenn Martin
07th May 2015 11:00

Didnt mean to sound harsh but post does not stack up.

Anyone who is a qualified accountant in any country would know that 90% of things required to trade in the their own country would apply in the UK, certainly all European countries operate in very similar ways. Most qualifications are global now. Whilst the tax rates change from country to country what is needed to practice doesn't really. The post reads as if he has just got up today and decided accountants make loads of cash so today I am going to be one. He lists auditing as one of his services. Any accountant in the world would know this a regulated activity and you just cannot open and do it. If I decided to move to another country and transfer my practice there I would at least do some ground work before I arrived etc. Anyone with any decent accountant back ground would not open up and advertise as a Tax Consultant unless they were qualified and competent to do so, in much the same way as I don't wake up and decide I am now a doctor after watching an episode of casualty.

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By jndavs
07th May 2015 11:14

I'm sure mine did!
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By Strcprst
07th May 2015 11:27

I understand your surprise over my topic. It was not my intention to discuss my personal abilities to do accounting therefore to make it simple I wrote I´m qualified in CZ.

The true is, I´m not alone and have possibility of starting a company with 2 or 3 other friends which are qualified in accountancy in CZ and 1 of them has experiences as employee of originally UK accounting company (unfortunately just bookkeeping side).

They are not able to start sth on their own (scared of sth new)but with some help from my side (that is the reason I´m asking here) they would go ahead with me.

Anyway, all your posts are welcome and I appreciate them.

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By MissAccounting
07th May 2015 11:53

Are you a member of a professional body?  If so there is a lot more to consider.

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Replying to Truthsayer:
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By Strcprst
07th May 2015 11:57

I´m not. I´m just willing to

I´m not. I´m just willing to start a new company and employ my friends.

I would be learning accounting on the way

Your advice is welcome.

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Replying to lionofludesch:
Stepurhan
By stepurhan
07th May 2015 12:24

This is the problem

Strcprst wrote:
|I would be learning accounting on the way
If you are going to charge people to do something, then you should know how to do it first. That is a fundamental principle of business, whether in a regulated sector or not. Your customers are paying for your knowledge and understanding. If your knowledge and understanding is no better than them doing an internet search for themselves, what are they paying you for?
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By Bungo
07th May 2015 12:07

Questions
To your specific questions:

1) No special licensing or registration is needed by law, but you should check with your own accountancy body as you could fall foul of their rules.

2) This area is just too big to be able to pin point a couple of books for you to pick up some tips! I would imagine you would need to undergo some pretty significant training and I agree with those people that have suggested you find some UK employment first. However if you really do not want to, then why not look at some financial training companies like BPP or Kaplan and see what courses they offer.

3). I don't really understand this question, or rather it is very concerning as it is worded, because it reads like you don't know anything, but you say you are a qualified accountant. I have worked in three countries and have also worked for multinationals so dealing with numerous GAAPS, but never have I needed to "be shown how to do the accounting". What you do is the same, double entry still applies, general ledgers work the same, finanical statements are pretty much the same. If you mean what are the accounting nuances, then would point you back to 2).

I actually think you have a decent idea and there would be a niche market for immigrants from your country that maybe have dual tax reporting responsibilities. But I still think a year or two with an employer would be beneficial.

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Replying to bettybobbymeggie:
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By Strcprst
07th May 2015 12:34

With point 3 you are right. As I wrote in my previous post I´m not really the one with qualification but my friends are. (I just wrote it to make it simpler and didn´t think it would sound strange for experienced ones:).

Anyway, thank you very much for your answer! Every bit of information helps.

I would happily start as trainee but need to find information elsewhere due to living in CZ with my family (not possible to find employment as trainee accountant here).

I don´t want to start a company with no experience and just rely on friends...way to hell:)

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By WongR
07th May 2015 14:03

Shouldn't your query... be directed to "your friends" with this accounting qualification ?

If it isn't something they can answer themselves, I'm afraid it sort of renders them unfit for purpose of providing the services they wish to purport to provide...

 

These kind of posts reinforces my opinion there should be a certain standard to be met before one can use the word "accountant" but I guess that is a another discussion for another day...

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By Bungo
07th May 2015 15:01

I retract my previous comment
My previous comments were based on the understanding that you had a qualification, understood accounting but just needed to learn the differences between UK and your own country.

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