First Bookkeeping Client - The Book-keepers Forum (UK)

DavidM24 · Newbie

First Bookkeeping Client

Cheshire · Master Book-keeper

Do you have MLR cover?

DavidM24 · Newbie

Hi Joanne,

No I don't, I will have to call HMRC and arrange that through them.

Thanks

David

Cheshire · Master Book-keeper

Welcome David

You cannot phone. You have to apply online. You need to have registered for a business UTR before then so you need to decide on the structure of your business before you do anything else.

MLR alone takes a min of 45 days (and MUCH MUCH MUCH longer as HMRC are rubbish!)

Until you have MLR you cannot do even one hour of what will be paid work, so the above in your OP might be moot points anyway.

1) None re cloud they are all pants (being polite). Search the forum for decent software, good value software. Dont be swayed by the cloud hype (and NO IT IS NOT rquired for MTD and Im damn sure your client will never use it!)
2) Cant answer that. Its worked out on the basis of risk. Your business is riskier than mine as one client is 100% if the business. You need insurance either way....unless you are prepared to lose your house, car and children (if you have any of them). Crazy note to get it.
3) Cant answer that. I dont charge average prices. What is your minimum get out of bed rate? Where are you based? Charge separately for the payroll. might be 5 max, but huge turnover rate in that trade (nightmare!) and pensions to do. If its weekly its tying.
4) Covered in part with MLR. Only good thing - she isnt in business yet so you can influence systems. Getting the right info is a nightmare in that industry usually. Be prepared for a VAT inspection. Plus poss PAYE inspections and visits from immigration. You need a continuity partner.

Take a look round the site. Be good to have someone with your exam status to actually join in with the banter/info swapping, so please repay the favour.

DavidM24 · Newbie

Hi Joanne,

Thank you for the really detailed reply. Some good food for thought in there which I will definitely have to have a think about it. I will register for the MLA and then see how what the interest is once I have it in place.

Very good point about the turnover rate of the employees, I didn't think of that!

Thanks

David

Leger · Master Book-keeper

Hi David

Welcome to the forum.

Does the client need to be VAT reg? It can be costly for her unless she builds it into her prices, as there is very little that can be offset.

Hi Joanne

From what I've read, you can operate whilst the MLR application is pending, although going by the link below, the relevant departments don't talk to each other!

https://www.accountingweb.co.uk/any-answers/hmrc-money-laundering-supervision-application

Artois · Guru

Hi David, welcome to the forum

Hi John

An interesting read, I had always thought that you unable to offer any services until you actually had a MLR certificate but that post definitely shows otherwise, I knew it was okay whilst waiting for a renewal but that is good to know for anybody starting out especially with the amount of time that it seems to be taking, it was so much easier before when you could just post a cheque!

Cheshire · Master Book-keeper

Hi John
I thought the same as Doug. Interesting! Would suggest its worth getting it in writing yourself (newbies) given HMRC have a tendency to often change their minds. Plus for David - check with ACCA in case there are any prof body restrictions. Good point re the VAT as well John, although I must admit I thought the OP would have sufficient knowledge to be guiding on that one. But I shouldnt assume.

Hi Doug
ACCA reg 8 is the one I think David was referring to in his OP. He can undertake work, but must not go past TB or there are consequences (fines, thrown out of Pof body, the usual). Hence why he can do the bookkeeping, but then will have to hand it over to a practising bod. Or maybe if he wants to eventually be s/e as an ACCA then he can get a suitably authorised (with training sign off) supervising ACCA firm to review his work.