planning to be self employed bookkeeper what do i need to do before i start?

planning to be self employed bookkeeper what do...

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New to self employed bookkeeping world I'm a part qualified CIMA student(management level) with many(10+) years experience in accounts from the basics all through including VAT, dealing with auditors, statutory accounts, payroll and pensions (a limited level) what's a sensible rate for me to charge as looking to do this as an evening/weekend thing at least for the short term also what protections do I need to take? As you can tell I am not clear where to start but keen to get going and develop a small second income. If I am honest my weakness would be in the complicated tax reliefs etc that a self employed person may get but in business where I have spent my career we don't look at or get the auditors to calculate. Any advice would be most appreciated as I see if this is worth doing.

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By pawncob
16th Sep 2014 21:19

As a book keeper, it's unlikely you'd ever be involved with complicated tax reliefs. Unless you're planning to deal with the taxation side as well.

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Replying to Paul D Utherone:
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By craigyorks
16th Sep 2014 22:47

No would rather avoid that bit so suits me to not have to deal with at least to start with cheers

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Scalloway Castle
By scalloway
16th Sep 2014 22:09

Money Laundering

You need to register with HMRC for Money Laundering

http://www.hmrc.gov.uk/MLR/getstarted/register/how.htm

I would recommend Professional Indemnity Insurance (PII)

 

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By Bob Harper
17th Sep 2014 07:35

Target
What's your target income?

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Replying to Wanderer:
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By craigyorks
17th Sep 2014 09:31

already have full time job just looking to earn extra for the luxuries in life and clear debts out quicker when incurred so quite flexible on this to be honest. Figured it would be nice to be able to help people in their accounting needs while I do this too.

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By ADMOSS5450
17th Sep 2014 12:27

CIMA - Member In Practice

As a CIMA member you should be registered as Member In Practice (MIP) with CIMA before you do any work that involves billing your clients. 

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By [email protected]
17th Sep 2014 12:58

Get the right tools

Make sure you are ready for that client who asks you to do their VAT and payroll and that whatever mix of software you choose can grow with your client and with you (without costing the earth).

There are a lot of good options out there ...

Operating as a payroll bureau can be quite profitable but you are married to it!

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