Starting New Practice
I am currently working at a firm of accountants as a trainee and have just one more exam to complete my AAT. In September, I then hope to progress onto the ACCA.
I am thinking of starting my own practice by becoming an AAT Member In Practice specialising in work that I am qualified to do e.g. sole trader/partnership accounts and tax returns, VAT, payroll etc.
I will be working from home and will leave my job once I have enough clients to keep my head above water.
This is just an idea which I am really focused on and really hope to achieve.
What special requirements are there, with the exception of registering as self employed and MLR regs.
Any help and advice on this would be hugely appreciated.
Thank You
Group: Start up practice group
A place to discuss all aspects of starting up your own accountancy practice
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Beware of ACCA rules
Your qualifications are not always important. There are many good unqualified as well as many poor qualified accountants. More importantly is your experience.
You will require professional indemnity insurance and someone to act as your continuity of practice.
ACCA have strict rules for their full and student members. The only services you will be allowed to offer are bookkeeping up to to TB until you have a practising certificate issued by them. For this I believe you need three years post qualification experience in an 'approved' practice.
There are threads about this on the AAT forums and elsewhere I am sure.