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Small practice set up

considering starting a part time accountant / book keeping business - CIMA accountant

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Hi, are there any CIMA members out there who have set up their own small practice? I'm often approached by sole traders, individuals and small Ltd asking if I could perform certain acocunting functions for them. As a CIMA accountant having worked in industry I'm aware of the need to skill up in personal tax and other areas I'm not an expert in (yet).

I wanting to plan a road map for slowly building a small client base, which could potentially develop into a full time veture eventually. Does anyone have any advice, in particular which route to take develop my skill set in small business and personal tax? 

thanks 

Matt 

Replies (8)

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By Accountant A
09th Jun 2019 23:10

Regular discussion topic if you search.

Have you got a Practising Certificate?

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By GR
10th Jun 2019 08:03

Study ATT to improve your tax knowledge.

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By Maslins
10th Jun 2019 09:58

It's a tricky situation that a lot of people find themselves in:
- are a qualified accountant,
- in a full time employed role,
- contacts want them to do small biz accs/tax stuff for small fee.
It might seem a win-win, you can likely help them easily enough, they're happy paying modest, no VAT added fees, and you get a bit of extra pocket money.

However, it seems the institutes don't like it. You need to jump through a lot of hoops before you can do any such work.

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By lesley.barnes
10th Jun 2019 10:01

I'm a Cima member in practice.You will need a practicing certificate from Cima before you can start to practice. Have a look in your area for Mip's meetings and go along to your local one. There are people there who will be able to advise you.

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Caroline
By accountantccole
10th Jun 2019 12:22

Do your research, plan and make sure you only take on work that you are competent too and have a local firm on standby when things get more complex than you can deal with.

If you haven't worked in practice before, it is a very different environment from your studies and industry practice. If you want to advise to a higher level, I would recommend getting some practice experience first.

ATT brought me back up to speed.

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By dfens
11th Jun 2019 10:13

I am a CIMA MiP and I was recommended to study the ICB which gives a good grounding on the sort of things you would likely encounter.

CIMA also has MiP meetings and CPD which helps.

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By eileengrigg
11th Jun 2019 10:20

As per the advice above:-
Contact your local MIP group - they have people dedicated to helping newbies out.
Attend the MIP conference on 28/29 June - lots of good advice to be found there - you can just turn up on the Saturday, you don't need to attend the whole event.
Study ATT - CIMA training is abyssmal on the tax side.
I took the ATT and then the CTA exams - you'll be amazed at what you don't know.
If you want to contact me, happy to give any advice on how I did it.

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By [email protected]
11th Jun 2019 12:06

I've just been going down a similar route (Although I started my career in Audit then moved in to industry)

As others have said:
Go to your local MiP meetings - I found them friendly and useful
Bring your CPD up to date and identify what your skills gaps are and what your skills set is.
CIMA's Website has lots of info on how and what you need to do to become a MiP - don't be daunted, you will need to register for AML Supervision anyway and being a MiP provides this.
Be honest with yourself about the limit of your capabilities, and build a network of specialists that you can "bring in" or point clients to as appropriate.

Good Luck

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