Start a small business tax and accounts practice

Small business owners, contractors, tradespeople and landlords who want one person to look after their tax each year.

Fixed annual or monthly fees per client, depending on the size of the business and the work involved. Steady repeat clients help smooth out the January rush.

• Solid knowledge of small business tax and accounts
• Confident with cloud accounting software
• Organised, with good deadline discipline
• Explaining tax plainly to business owners

• Anti-money laundering supervision and client checks: check what applies to you before taking clients
• Professional indemnity insurance, and employer's liability insurance if you hire staff
• ICO data protection fee and secure storage of client financial records, so check what applies
• Check which professional titles are protected before describing yourself as an accountant of any kind
• VAT, payroll and company accounts can be complex, so only offer what you are competent to do
• Missed deadlines can lead to penalties for clients, so build in clear cut-off dates and reminders

Startup costs are typically around £1,000 to £5,000, depending on your software, insurance and how you find your first clients. These are estimates rather than quotes, so build your own budget before committing.

Monthly revenue is typically around £1,500 to £6,000, depending on how many clients you take on and which services you offer. The estimates assume at least about 25 hours a week, so treat them as a guide only.

Check anti-money laundering supervision and client checks, professional indemnity insurance, the ICO data protection fee, and which professional titles are protected before calling yourself an accountant. Only offer work you are competent to do.