I am considering starting my own business as a book keeper. Already spoken to the Inland Revenue regarding self assessment etc and I'm a member of the ICB, but what I can't seem to readily find out is when I do people's books for them, am I better off doing it up to the Profit and Loss stage then reccommending they go to an accountant to get it checked before they submit their tax return.
Reason I ask is one person has asked me to do their books and their tax return and are expecting me to do it all and are not going to use their accountant again, but does this leave me liable if I get it wrong!! Can I tell people that I only do their books but they must go to their accountant? I do my husband business's books and another friends but both go to the accountant who signs off the accounts before I do the tax return.
Advice please from anyone who works in this area!!
Additional Details
Sue J - you obviously misunderstand what a book keeper does. I get thrown loads of receipts, bank statements etc and sort them out for clients and keep accurate records of their business's transactions. People usually use book keepers as they don't want the hassle of doing their own financial records themselves. If they give them to me to do I will charge £12 an hour - If they take them to an Accountant, a junior's charge out rate would be around £25 an hour. Which would you choose??