Hi Pauline,

with your experience it sounds as though there's not going to be much problem getting to AICB (comp) which is the level that you can get a practicing certificate which covers you for MLR.

To set yourself up with HMRC would cost would be £120 to register your premises and a further £50 to register yourself.

Another consideration is the restrictions that are on you as a student. Students are not allowed to offer their services unless supervised until they reach AICB level.

I know that sounds unfair. I'm almost fully qualified ACCA and I'm only allowed to do books to trial balance whereas someone with no experience or qualification can set themselves up as an accountant!

Level I and computerised level II are done by corespondence. Get the ICB to send you the Level I exam now. It's not a difficult one and you will be able to reference your books whilst you complete it. As soon as that's passed get them to send you the Level II comp. They issue that every Friday. That exams in your area of expertise (computerised bookkeeping) so fingers crossed you'll sail through that one.

As soon as your done you can get your PII insurance and a practicing certificate then your ready for your clients without being hit with a whopping £170 to pay to HMRC.

Hope that this helps,

Shaun.

Hi,

it's all changing this year at the ICB to sort out the anomalies but at the moment if you have AICB (comp) then you can get a practicing certificate which is all that you need to set up.

Get it quick though as it won't be long before you need to have passed both level II exams to get the practicing certificate.

Mostly I would advise people to get at least the manual level II (if not the level III) under their belts before setting up so that they know whats happening under the hood (so to speak) but you state that you're coming to this with 11 years experience so your more of an exception.

When your set up you can concentrate on the level II manual whilst bringing in some money from doing the quick-books stuff for your first clients.

Good luck with the business and the exams,

Shaun.

When I first started out (back in the dark ages) I always found it best to find an anchorage point that you can relate to.

In my case it was that the money you put in the bank goes on the left hand side of the T account.

From there you know that if it goes out of the bank it must appear on the right, so where it's going will be on the left.

The other way around, if it's going to the bank then it has to be on the right hand side of wherever it's coming from.

The above sounds basic I know but you'll be surprised how many times in your studies you look blankly at a question in an exam and wonder whether the answer should be on the left or the right.

Wishing you many happy balanced trial balances in your studies,

all the best,

Shaun.

I've always taught that you dr the account that receives (goods, services, cash, whatever) and cr the account that gives (goods, services cash, whatever).  I think it's important that people understand the actual accounts because that then usually gets over the problem with the bank and confusion with the statement from the bank which I find many people have.

I don't know my left from my right either!!!

Hi Shaun

On the bank statement thing. From the banks perspective the statements correct as the customers money is a liability rather than an asset.

That's exactly why it's the dr receive cr pay works.

I'm still going for dressing changing (6 weeks now) but have commissioned a solicitor so we shall see.

Sheila

Thank you for your welcoming comments.

I must admit I do keep getting confused between my dr'sand my cr's but after doing 2 assignments today, I'm brain dead but it's sinking in and I'm also beginning to understand the logic behind Quickbooks which is going to help me no end.