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- Dec 4, 2012
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Hi
I'd like to set up a small accountancy practice specifically targeted towards small businesses with a turnover of less than 1 million. High turnover low complexity stuff.
I am an IFA by trade, not an accountant so the business model would simply be me focusing on client aquisition, marketing and running the company with an employed accountant in charge of the accounting side of things.
Whilst I will be studying to a certain level myself, any discussions, advice or services provided will be by the qualified accountant I employ.
I have been given conflicting advice on the things I do or don't need to do in order to achieve the model I have described above. Please bear in mind we are only providing simple accounting services such as VAT, Tax returns, Payroll etc and not in the realms of complex tax advice.
I'd really appreciate it if someone can tell me if this is achievable and the steps I need to take to set it up. I have gleaned the following from various discussions I've had but I've had so many confusing conversations with different governing bodies I'm not sure what's right and what's wrong!!!
Something along the lines of AAT level 4 with practice experience should be sufficient for the type of uncomplex accountancy work outlined above.
Whilst a practice certificate is desirable it is not mandatory at this time and you can still file end of year returns and provide small business accountancy services without it.
Consumer credit license, anti money laundering regulations and PI insurance are a must. I think you can sort the anti money laundering side of things out via a professional body or directly from the inland revenue from what I've been told.
To summarise. Can I set up the business model as I'd like, what's the easiest way to do it, and what are the things I need to have in place before we commence trading.
The main problem seems to be that I am not an accountant myself but then I am not the one that is going to be doing the accounting.
Many thanks to anyone that can help.
I'd like to set up a small accountancy practice specifically targeted towards small businesses with a turnover of less than 1 million. High turnover low complexity stuff.
I am an IFA by trade, not an accountant so the business model would simply be me focusing on client aquisition, marketing and running the company with an employed accountant in charge of the accounting side of things.
Whilst I will be studying to a certain level myself, any discussions, advice or services provided will be by the qualified accountant I employ.
I have been given conflicting advice on the things I do or don't need to do in order to achieve the model I have described above. Please bear in mind we are only providing simple accounting services such as VAT, Tax returns, Payroll etc and not in the realms of complex tax advice.
I'd really appreciate it if someone can tell me if this is achievable and the steps I need to take to set it up. I have gleaned the following from various discussions I've had but I've had so many confusing conversations with different governing bodies I'm not sure what's right and what's wrong!!!
Something along the lines of AAT level 4 with practice experience should be sufficient for the type of uncomplex accountancy work outlined above.
Whilst a practice certificate is desirable it is not mandatory at this time and you can still file end of year returns and provide small business accountancy services without it.
Consumer credit license, anti money laundering regulations and PI insurance are a must. I think you can sort the anti money laundering side of things out via a professional body or directly from the inland revenue from what I've been told.
To summarise. Can I set up the business model as I'd like, what's the easiest way to do it, and what are the things I need to have in place before we commence trading.
The main problem seems to be that I am not an accountant myself but then I am not the one that is going to be doing the accounting.
Many thanks to anyone that can help.