Setting up an accounting practice

Hi all,

I am an ACCA and an ICAEW member working for a Tier 1 bank in the city of London as a Financial Controller. I have a couple of friends, relatives who have approached me to provide them with basic accountancy/taxation related services, eg: drafting financial statements, doing self-asessment returns, CT600 returns, etc. Prior to joining the bank I was working in a small practice in London where I gained all the experience of dealing with SMEs.

I am now seriously considering setting up my own practice (probably with a friend who is also an accountant) on a part-time basis and initially working from home. I hope I will be able to get my practicing certificates from either of the accountancy bodies relatively easily. Now the question I have is whether I should proceed with setting up a limited company or is partnership the best way forward ? Any tax gurus or people in a similar situation out there who can advise me as to which route is better for a business like an accountancy practice ?

 

 

Regards,

Malik

Comments
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Physician , Heel Thyself

Roland195 |

Harsh

The Innkeeper |

Well I think I am doing the

abzmalik1 |

I agree with the others

occca |

Just out of interest..

memyself-eye |
memyself-eye's picture

What relevant up to date practice experience do you have?

Ken Howard |

It depends

bduncan |

Thanks for your reply and

abzmalik1 |

Well I will leave it upto you

abzmalik1 |

Thanks but no thanks for your

abzmalik1 |

A few points to consider

occca |

One practising certificate?

petersaxton |
petersaxton's picture

Proviso

andy.partridge |
andy.partridge's picture

Trading vehicle

Jason Dormer |
Jason Dormer's picture

Are you sure?

Roland195 |

again

The Innkeeper |

tax and accounts

Red Leader |
Red Leader's picture

Bad attitude

petersaxton |
petersaxton's picture

.

chatman |

.

blok |
blok's picture

Might not be

chatman |

.

blok |
blok's picture

Boom-boom

zarathustra |
zarathustra's picture

@ Zara

andy.partridge |
andy.partridge's picture

Tier 1 bank

chatman |

Tier one capital?

memyself-eye |
memyself-eye's picture

maybe move to Tier 1 accountancy practice

Tonykelly |
Tonykelly's picture

Tier 4?

petersaxton |
petersaxton's picture

Tier 1, 2, 3, 4 Firms

chatman |

He was joking

petersaxton |
petersaxton's picture

Hi Malik,

LarebSalman |