Taking out insurance / other advice on becoming self employed / where to advertise

[Eddas]

I am having dilemas about what to do after my ML.

I am thinking of setting up a bookkeeping business(along side some part time work to ensure some money comes in each month).

If I did this would I need any kind of insurance in case I made a mistake in someones figures? This is unlikely

Also is there anything else I may need to be self employed? I know the basics since I work in an accountants!(ie I have to tell HMRC, etc etc)

Is it ok just to start advertising? I am going to ask my current employer to recommend me and am thinking of printing up some business cards and sticking a poster in dh's work(he works in a plumbing centre).

Actually, does anyone have any ideas where I should advertise? Don't want to spend too much. Maybe shop windows locally? (local paper etc I have already thought of but would cost quite a lot and not sure I could do that now, maybe if it takes off a little)

Sorry, that turned into a longer op than i'd planned

Thanks for any help you can give

Eddas - don't know much about setting up as self employed - past that you need to tell the tax man. I was self employed for a while and the insurance I needed was professional indemnity - just in case, as you say, you make a muck-up!!

do you have a business link office near you? they should be able to give you all the info you need.

as for advertising sometimes you can get a free slot in a local paper by sending them some details of your new business. my local paper does a promotional thing for new businesses every now and then (although it didn't do mine lol)

i have public liability insurance and employer's insurance.social security is one to think about.

thanks 3senough, that's what i mean, don't want to get caught out!

rattle, i just did a search for business link and their website looks quite helpful and they do have an office nearby, so may well pay a visit.Thanks.

I should know these answers really but I didn't have anything to do with our clients at the set up stage,lol. Not sure I want to ask my boss

HI

I became self employed after my 4th was born and never looked back. Business link was great resource. Inland Revenue do courses too. I went on one and got business from that too! In your line of business, you may have upto 20 people that may require your service.

Advertising, my best is from referrals from friends, family and client recommendations (ask your clients to recommend you).

Also start relationships with people involved with setting up businesses etc where potential clients may have contact with. For example, I am a Will Writer so have connections with IFA, accountants, funeral directors and care homes.

The village magazine which has only cost me £20 for a year has produced a lot of work too.

The best way to get business is to go and let people know what you do, this is much more successful than advertising in newspapers which are often expensive.

Hope this helps and good luck.

This website has good links to other websites which are a great resource of information. www.accountax.net

thanks ajol, will definately look at the business link website and may go to Inland Revenue but TBH have dealt with them a lot in my job and have no faith in them. BUT they maybe ok for business start ups

I am sure the best way to get business is word of mouth. My dh knowing lots of tradesmen may well be VERY handy. Also I have friends who's relatives work as builders etc and may recommend me. This is why I was gonna print up some business cards. I am sure my boss will recommend me too as will my collegues who sign up new clients. People are always looking for bookeepers, or so i'm told

I am REALLY excited about the prospect of starting up my own business. {sad git emoticon]

Thanks for everyones help, off to start a thread for potential names for the business

Actually ajol, how much do you charge for will writing as me and dh really should have one

yellow pages is cheap for new businesses

local nct newsletter is also cheap

word of mouth is the best way

axa do most of the insurance for small business

Apart from letting the In Rev. know (as you already know) so you can set your status and pay Nat Ins, there is not any other legal obs i know about. I told my home insurers because of the increase in expensive electrical equipment in my home just to be on the safe side and they increased my premiums slightly. I also needed a business account at a bank - which you pay a bit for the extra services.

I have public liability too - but i neede this because i was working with the public and with my own equipment - im not sure if you would need this if you are just bookeeping or suchlike from home. Worth checking though.

As other posters have said, these business gateway/start-up places are a good place to start and they can put you in contact with contacts at banks/accountants, etc, and give a lot of good advice.

Good luck!

thanks zippi, will definately look into insurance, wouldn't be able to afford to have a claim made against me or something!!!

Right, so am a really thinking I should do this, not right now but in the next few months, get set up and start touting for business

So i'll need to sort the following-

1. a name (could just use my actual name?)
2. an email address and mobile number (could use current ones but think i'd prefer it seperate and not people calling at home)
3. Business cards
4. an advert in local mag/in local shop window
5. insurance

oh how exciting!!!!!!!!

Thanks ericl

Will see if I can get five minutes to look on the business link website once dc's are tucked up for the night

Hi Eddas

I charge £95 for mirror Wills (wife and husband) up to £450 for a full Inheritance Tax and Enduring Power of Attorney package.

I visit clients at home when it suits them to take their instructions and again to supervise the signing of them.

Which part of the country are you?

Regards

Ajol

If you are a member of one of the accountancy institutes you might want to make enquiries from them about professional liability/indemnity insurance.

If you are not a member then it might be more difficult, as effectively you are looking for someone to underwrite the accuracy of your work?

ah ladymuck, that's a good idea, i am a member of AAT so will have a look into that. Actually, i'll have to pay my own fees now as i won't be employed anymore. Wonder how much they are? At least i can dedcut them from my earnings if I get any,lol!

ajol, i'm in Kent. Would be looking at the basic one since dh and I don't have much to think of! Only the dc's to make sure they are sorted, if something should happen to both of us.

If you contact the Institute of Professional Will Writers (www.ipw.org.uk)they will be able to recommend a Will Writer in your area.

thanks ajol