First Previous - Page 1 of 1 - Next Last

FRS105 Micro-Entity and Letter of Engagement

  • Fellow PM.Dip
  • Practice Licence
  • 94 posts
  • # 117275

Hello,

I'm trying to make headway with the newest ICB Letter of Engagement.  It includes bookkeeping, payroll, AE and VAT, but not accounts prep, FRS105 accounts.

So I'm wondering if anyone has 'been there, done that' with the new version?

Thanks,

Fiona

  • Associate PM.Dip
  • Practice Licence
  • 1 post
  • # 117282

Hi

 

I am also looking for a letter of engagement and as I am new to this forum - I seem to be able to reply to posts but can't see how to start a new thread with a post!  I currently work as an employed bookkeeper but have been approached to work for a lovely company (alongside my existing work) but as self employed.  They have sent me a 10 page letter of engagement which I think is way too heavy and I am also struggling to get the whole picture of being a self employed bookkeeper with regard to:

CPD how much do they cost - ie what is it likely to cost me to comply with my 30 hour requirement

Anti ML obligations

PI insurance etc.

 

If I'm going to be Self employed I want to make sure I do it properly and that I protect myself but this company are offering approx 5 hours per week and with no intention of taking on other clients I'm beginning to wonder if the costs outweigh the benefits!

 

Any advice gratefully received!

 

Thanks

  • Fellow PM.Dip
  • Practice Licence
  • 94 posts
  • # 117283

Hi Spaneeshy,

I'd recommend starting with the resources under 'Running a practice' on the ICB website.

My PI insurance is under £70/year with Qdos, and that is with other staff members for a few hours a week.

AML is all covered within ICB website.  

A lot of CPD is time commitment, rather than expense.  HMRC webinars are free, for example.  Attending branch meetings is not expensive, for example, and counts towards CPD, as well as being good for networking and support.

Then try to make sure you set your hourly rate at a level which will not only pay well for your 5 hours a week, but will cover these additional time and expense commitments.  

[To get to 'start new topic' on the Forum, you need to be in one of the specific sections rather than the latest topic section.  That might solve it.]

Hope that helps!

Fiona

  • Fellow
  • Practice Licence
  • 38 posts
  • # 117286

Fiona~ said:

Hello,

I'm trying to make headway with the newest ICB Letter of Engagement.  It includes bookkeeping, payroll, AE and VAT, but not accounts prep, FRS105 accounts.

So I'm wondering if anyone has 'been there, done that' with the new version?

Thanks,

Fiona


 Hi Fiona

 

I word suggest that you can change the letter to suit your own services and what you are offering he client.

Jane 

  • Fellow
  • Practice Licence
  • 38 posts
  • # 117287

spaneeshy

It may be worth checking the below to ensure the role they are asking you to fill is strictly self employed

https://www.gov.uk/employment-status/selfemployed-contractor

I would not expect a client to provide a letter of engagement as this is them telling you what terms you will work to rather than what terms you are prepared to work for.  I currently work about 33 hours per month self employed and only this morning did a calculation of what the obligations of ICB membership and practice fees, insurance plus admin and CDP hours reduce my hourly rate by and it worked out at £3.50 per hour.  I do plan on building my practice back up this year so hopefully this will reduce significantly. 

First Previous - Page 1 of 1 - Next Last
loading