Practising Members Area
Many members find that businesses only require a bookkeeper part time; perhaps a couple of hours a month, or a couple of days a week. If this is the case, members may choose to take on several clients and become self employed.
Working self employed benefits many members, as it allows more freedom to choose when you work. You could choose to work from 8:30am to 4:30pm or, if you have young children, 10:30 after you have taken them to school to 3:00pm when you pick them up. You can also choose not to take on work if you are too busy, or choose not to work certain days of the week if you have other commitments.
You are classed as self employed if you are invoicing clients for your work, or if you are working voluntarily or for free. If you are self employed you are legally liable for the work you carry out and must notify the Inland Revenue*, have a valid Practising Certificate and valid Professional Indemnity Insurance.
*If you are working for free you do not need to notify the Inland Revenue you are self employed.
You are liable for your work even if you are subcontracted through an accountant or other bookkeeper.
Being liable for your work does not only mean that your client could sue you for a refund of what they have paid you, but also for any costs incurred, including fines from HM Revenue and Customs (HMRC) for errors or late filing, accountant fees to correct the errors and any interest or penalties on amounts owing to HMRC. Therefore, even if you are working for free, you could still be sued for these costs.
Members with a Practising Certificate (Practising Members) receive the standard membership benefits plus many more including:
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Information on how to set up as self employed
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Use of the Institute’s heraldic crest on promotional material and letterheads
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Advice on advertising
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Advice on contacting accountants and potential clients
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Legal advice for you and your clients
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Discounted Professional Indemnity Insurance
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Advice on writing letters of engagement and contracts
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And much, much more…
For some more information on working self employed please click here. For more information on the Practising Certificate and an application form please contact us.
If you have any questions please do not hesitate to contact us by email, info@bookkeepers.org.uk or by phone, 0845 060 2345.
Business Advice (Practising Members only)
Sole Trader, Partnership or Limited Company?
Advice on which way to go, and the options available
Choosing a business name
Help with one of the most difficult decisions of the setup process
How much to charge
What our members can expect vs. clients' expectations
How to find clients
Where to advertise and special offers from Yellow Pages
Stationery
What is required on your letterheads and invoices, and examples of advertising materials and business cards
The Institute's Crest
Your copy of the Institute's Heraldic Crest for your stationery
Producing a Letter of Engagement
An example of a formal contract between you and your clients, and the benefits of having one
Credit Control
Difficult clients, how to control your cash flow
Subcontracting
Too much work? Why not pass it on to another Institute member
Look after yourself
Your business needs good books as well
Remember, we are here to help
Best of luck with your business. If you have any questions or need advice please do not hesitate to contact us
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