Self employed student members?

[Lizzim]

Hi,

I am currently studying at Advanced Certificate level (took FRA in Dec 07) and have a full time job in the public sector. I have been asked by someone I know who runs their own business whether I would be able to help them woth their accounts. I haven't looked into it yet in detail but it would be fairly straightforward stuff - cash book, sales/purchases ledger, possibly with the requirement to produce draft profit & loss/balance sheet.

Looking on the AAT website there is not a great deal of information available about what I would be required to do, if I were to take this work on. I gather I would have to register with HMRC (money laundering regulations) and I assume I would need to take out some kind of insurance but to be honest can't really see if there would be any other requirements.

Has anyone done this - any advice would be most appreciated :001_smile:

[Guest]

Why not just go on their payroll? You'll pay BR tax on the income most likely no NI, you then dont need to worry about any PII, MIP.

I'm not even sure if you can obtain PII or MIP if not qualified?

[NeilH]

Hi

You wouldnt be able to obtain MIP but you should be able to obtain PII. You'll also need to register as sel employed.

Neil

[Dean]

Presumably you have seen this:

http://www.aat.org.uk/students/display/store4/item36217/

It's a page relating to self-employed students. Hope this helps.

Regards

Dean

[Lizzim]

Neil - what is PII?

It's not really an option to go onthe payroll as it is a small business employing about 3 people. Also I'm not sure I would be comfortable without some kind of insurance cover.

Dean - thanks I have already seen that page but it doesn't really give very much good information. I start the professional ethics module next week so should be ok on that section.

[deanshepherd]

PII is Professional Indemnity Insurance.