Starting an accountancy practice for bachelors?

Starting an accountancy practice for bachelors?

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Hi

I need to find out whether a part-qualified ACCA with BSc (Hons) in Accounting do the following:

1. Start an accountancy firm by registering a company

2. Register as self-employed and provide accountancy services

Of course ACCA does not allow to practice without full membership, but I have recently found that a person can start providing accountancy services if they register with HMRC for Money Laundering regulations. 

I do have over 3 years UK relevant experience.

If I can start providing accountancy services to public by registering with HMRC, is it a difficult and time consuming process?

This is the perfect forum to ask this kind of question and I am sure one of you will provide me a satisfactory answer.

Thanks in advance.

Replies (6)

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By angel
09th Dec 2013 23:11

What do you intend to offer by way of services?
Just check acca handbook this gives rules of what's allowed mainly bookkeeping vat
Payroll etc. A bsc Hons makes no difference you need to be either a member of a reg body or register with hmrc for money laundering. All the best with it.

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Locutus of Borg
By Locutus
09th Dec 2013 23:21

Agree with above

ACCA is your problem here. They are very restrictive with the type of work that students or members can undertake without a Practising Certificate.

Unless you resign from ACCA (or wait until you qualify AND get a Practising Certificate) then you won't, for instance, be allowed to prepare final accounts or file tax returns.

You are also not allowed to use the words "accountancy" and "accountants" in your business name.

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By Zam23
10th Dec 2013 00:47

There is a AAT members in practice, that allows you practice with only one years experience in the relevant areas. you will need to have certain exemptions in ACCA to go the part qualified route in AAT memebers in practice.

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By MarionMorrison
10th Dec 2013 08:20

No barriers

If you want to set up an accountancy practice with a swimming badge you can.  There's little or nothing to restrict your activities outside of the inability to do auditing without being a registered auditor.  All you do is contact the Revenue to register as an agent of X, Y & Z and can they give you an Agent Identifier and register you for MLR.  Piece of cake.

Whether you should or not is entirely another question.  Having had a whole bunch of experience (ex-HMRC, part-ACCA, 6-7 years in tax and accounts) I set up in practice and it worked out really well 30 years in.  But in hindsight my lack of knowledge at the time was quite scary and it took me 2-3 years of practically no income and a lot of patience to get up and running.  .   

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By ireallyshouldknowthisbut
10th Dec 2013 09:26

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Why the rush?  My assistant is far more qualified and experienced than you but would die on her [***] if she was working directly with the clients. Unless you are exceptionally bright and have a hugely varied training period (in which case chances are you will have passed all your exams early too) 3 years and a degree is nothing. 

I think the danger when you start is you think "I can do this" as you don't have the depth of knowledge to realise the yawning gaps in that knowledge.

Ie its a classic case of not knowing enough to know what you don't know. And its what you dont know is where it really hurts in this game. And I say that from bitter experience having come in from a non-practice background with little tax knowledge. 

The exams are only one small part of this. 

 

 

 

 

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