What you need to do to setup your bookkeeping business.

So lately I've been so busy with my day job (management accountant for pharma company ) and at home setting up my home office and refresher courses in Level 3 CPD course in Tax and a Level 3 CPD course in Payroll to write my blog , I do apologise.

Below I'll run through the steps I'm currently taking to set up , this will help you if you decide to set up too !

I've registered with HMRC as an agent , creating a user number for VAT and PAYE. If you are setting up, do this as soon as you decide as this takes a few weeks to come through.

I've set up my home office ready for clients.  There isn't much of a startup cost where capital is concerned. Just a desk, laptop , printer , lots of stationery and printing paper, envelopes and business cards.

I'm currently still waiting on my MAAT and MIP to come through which will cost me £250 or so but I'm expecting it Monday after chasing them up, and included in this is my money laundering supervision.

I then need to register with the ICO £35.00 before i store any of my clients paperwork. As my first client will be starting begining of May I aim to apply for this on 28th April.

I still need a filing cabinet which can be locked with a key , but will get this also this week before I accept the paperwork from client.

I went with AXA for my professional indemnity insurance , £79 per year but I will be paying £8 per month again this is a bargain. 

So in total startup costs will be in the region of £1000 . If you already have a laptop and printer you could startup for around £300! 

I wouldn't advise taking on any sort of work that you aren't qualified to do or sure you can do. 

At first I don't intend on taking on tax returns until I've had plenty of practice doing my own and family's. 

Instead I am going to concentrate on bookkeeping , management accounts , payroll and vat. I do these on a daily basis in my job so am very confident I will not struggle , or make any costly errors.

Download from HMRC website all your deadlines that incur fines , for example VAT , PAYE and CIS taxation.

And once you've advertised you are ready to start looking for clients, they won't just come to you ! 

Up to now the one client I have got I found from his own advertisement so keep and eye on local job boards etc 

I have placed my advert on online business forums and local newspapers as well as Mumsnet etc I also had a magnetic car sign created but up to now none of these have generated clients . 

I also turned down work for tax returns from friend of friends. Looking back I wish I'd of accepted the work , I'm qualified to do it , but as I don't do it in work , I was concerned I wouldn't be giving my client the best service , and that wouldn't be good for him or me.

To combat this concern of mine I have purchased both personal tax and business tax books to retrain my self in current rules and refresh any knowledge gaps , that way next time I'm asked I can say yes.

So if you are starting up like me , get in touch , maybe we can swap stories and worries and help each other .

Goodluck nicola :)