I have just gained a new client and wondered if there was some format you should follow with regards to letter of engagement, taking down clients details etc. Basically, what is the process of taking on a new client and are there any things which need to be done. Any help would be greatly appreciated.
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Can you explain why you are asking? Are you a practising accountant? Have you never taken on a new client before, either in your current practice or a previous one?
Thank you John, basically I have worked in practice for a number of years but whenever new clients have come in, they usually go over my head and the partners or senior management staff deal with them. I just wondered if there was a process which needed to/should be followed. I know you have to take copies of driving licences etc. But is there anything else that needs to be done?
I have just started my own practice and have only just got my first client that isn't a family member/friend.
Thank you John, basically I have worked in practice for a number of years but whenever new clients have come in, they usually go over my head and the partners or senior management staff deal with them. I just wondered if there was a process which needed to/should be followed. I know you have to take copies of driving licences etc. But is there anything else that needs to be done?
I have just started my own practice and have only just got my first client that isn't a family member/friend.
With whom are you registered for Money Laundering ? Or rather, the prevention of it.
You need to take your cue from whoever you are regulated for money laundering prevention by. If you are a member of a professional body and have a practising certificate from them, it will be that professional body. If not it will be HMRC, with whom you will have to register for money laundering supervision if you have not already done so.
Whichever body it is will have money laundering regulations for you to comply with. Read them and comply with them.
For engagement letters etc., your professional body will probably have proformas you can use as a starting point.
Thank you John, basically I have worked in practice for a number of years but whenever new clients have come in, they usually go over my head and the partners or senior management staff deal with them. I just wondered if there was a process which needed to/should be followed. I know you have to take copies of driving licences etc. But is there anything else that needs to be done?
I have just started my own practice and have only just got my first client that isn't a family member/friend.
Can you please answer Lion's Q about MLR.
If you have been dealing with family and friends, for free, then you are in breach of AAT code of Ethics. If you have been dealing with them for a small fee without a licence or MLR cover then you are in breach of the law.
Surely the question(s) you have asked should have been asked and dealt with before you took on this first client.
As I said on your other post your membership of the AAT (and others) does not cover you for ANYTHING.
You need to apply for a licence and ask them to cover you for MLR or get your MLR from HMRC. Failure to do so could land you in a LOT of hot water as well as fines etc.
You need to have a read up of MLR - its more than copying a driving licence.
Get some PII cover - you are going to need it!!!!!!!
Also - check your employment contract, you could be in hot water there as well.
Did you not start somewhere... ?when you have been in business for a number of years what seems easy to us is difficult for a new starter...to the OP good luck and if you private message me we can have a chat..
Yes, I remember starting. I remember researching what I needed to do before I started taking on clients. Not after.
Yes, I remember starting. I remember researching what I needed to do before I started taking on clients. Not after.
I’m with lion on this.
Hi
Is probably best learning basics such as this before taking on new clients. Watch and learn from experienced people. You'll build a reputation before you've had chance to prove yourself. The general public may not know accountancy but they are street wise and they'll know you've got no idea what you're doing. It's very normal to come across things you've never dealt with before, even basic things can have you second guessing but if this is the stage you're at then it'll really benefit you to get more knowledge beforehand.
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I have just gained a new client and wondered if there was some format you should follow with regards to letter of engagement, taking down clients details etc. Basically, what is the process of taking on a new client and are there any things which need to be done. Any help would be greatly appreciated.
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Oh and check out with the AAT who can be a Director of your business when they do not have the same qualifications, you may find you are in breach there as well
https://beta.companieshouse.gov.uk/company/11710795/officers
Also Samuel, before you start advising others on accountancy matters get yourself a decent accounts disclosure checklist and compare this to your own accounts. Don't rely on Companies House templates.
A lot of advice above and (if it is, in fact, yours) in the other thread may come across a bit harsh but actually there's a lot of good advice here which may well help prevent you making serious (& possibly costly) mistakes.
Seems to be a recurring theme with Samuel's companies:-
https://beta.companieshouse.gov.uk/company/11710795
https://beta.companieshouse.gov.uk/company/11703405
https://beta.companieshouse.gov.uk/company/11640990
Still saves all that compliance malarkey.
Seems to be a recurring theme with Samuel's companies:-
https://beta.companieshouse.gov.uk/company/11710795
https://beta.companieshouse.gov.uk/company/11703405
https://beta.companieshouse.gov.uk/company/11640990Still saves all that compliance malarkey.
Double J?!?
Sounds like that company had some sizeable assets. Shame we never got to see the balance sheet before it got struck off...………..