EPF_Solutions wrote:

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Hi Nikola,

I'll get in first with the recommendation of VT Transaction +. Others will be along who agree later! You get 60 days free trial before you have to buy it, and it's great for people who understand double entry.

 

I'll be the first to agree about VT Transactions +. Also registering with either HMRC, or AAT* for money laundering

You would also need to inform HMRC that you are self employed from the moment you start advertising/ seeking clients.

Insurance again I would say yes, it is relatively cheap but if you have no income it seems like a lot

The AAT can advise you best on what you can do but if you can, it will probably be restricted to what ever level you are at. Your insurer will also restrict you to your competancies.

If they allow you to operate under a practice licence, they will most likely be the governing body for your money laundering compliance too

HTH

Bill

Hi Nikola,

welcome to the forum.

Thirded for VT.

Most of the following is just adding to what Bill and John have already said.

VT is not really like Sage. You need to forget about things like closing periods off and nominal codes and think more in good old double entry terms. Its software written by accountants for accounts and bookkeepers rather than Sage which tries to be end user software and make itself idiot proof. Think of VT more along the lines of software that assumes that the people using it are not idiots.

You can have as many clients as you like on it without giving VT anymore money. They all get listed on the first screen, you choose the one that you want and then it loads that file.

Its been around for a long time and has a strong following both here and on Accountingweb.

You can download a two month trial from the VT website.

Worth noting though is that VT is not really software designed for processing inventory so may not be suitable for box stacker and shifter type clients.

PII insurance is very advisable as for all  of the great clients there are also some litigous ones out there with morals lower than pond slime.

AAT students can practice without a practice certificate so long as they make absolutely no mention of any affiliation to the AAT. Here's something taken from an earlier post which lifted the following directliy from the AAT site :

While you are studying for your AAT qualification, you can set up in practice.
However, certain restrictions apply until you become a full member:

You may not advertise in connection with the AAT.
You must only undertake work within your competence and seek professional advice where necessary.
You must abide by the our Guidelines on Professional Ethics.
You are strongly advised to take out professional indemnity insurance.

Its worth noting that you MUST be covered for Money Laundering (MLR) but until you have a practice certificate through the AAT they would not cover you so you must be registered with HMRC for MLR before you set up in practice. (Thats really important as to not be registered carries possible jail time and unlmited fine).

Sorry that this is a rushed reply but in the middle of something.

all the best,

Shaun.

Thank you for all your responses, you have been very helpful. I now feel more confident with moving forward and hopefully setting up my own business.

Nikola