ACCOUNTANTS PRACTICE SET-UP I hope to set up a accounting practice in Dublin region in early half of 2016. I would welcome constructive advise from Accountant's who own practices and ones that have set up recently. I have listed a few items below and welcome your input and constructive advise as you have experience of this. BACKGROUND About to hit 40, am Working in Accountants/Auditor Practice, who are now downsizing and more than likely be made Statutory redundant in the next month or so. Have been working in practice approx 16 years over 3 different firms. Have done Sole-trader, Audit, non-Audit, company sec etc normal small practice work. PRACTICE. Plan to apply for a practice cert only. Don't plan to apply for Audit Cert- Reason mainly is personally feel too much regulation to adhere to, Audit Cert holder's may attract more attention from institute, Margin too tight on them, The Majority of Company's now gone Non-Audit. I know I lose out on some apartment management guarantee company's/charities but if had only few audits, could not really justify the risk of audit cert. Heard an example at CPD event where a firm just had 1 audit and the file was not right for that and in effect that was the only audit file institute could look at, so he failed a review over a single audit. ( Justifying reason's why not drawn to applying for audit cert as well) STRUCTURE( Legal Point of view as well) Be interested to see/hear what structure you feel more comfortable with SOLE-TRADER Not fully drawn to this structure. Not pushed to trade under own personal name( Trading as might get around that) Any reasons to do under Sole-trader? COMPANY Feel it would give me extra protection re limited liability. Plan to go with myself as Only Director and 100% shareholder and Maybe Company formation agent as Company Sec/Registered Office to start with. Loan to Company some start-up Money from statutory redundancy to cover initial costs. Turnover for first 12 months will be low- Plan to Vat register as if Vat register down the line some of smaller clients may see the Vat as price increase. More than likely makes sense to Vat register to get vat back on initial purchases Salary- Plan first to repay Director loan and vote tax efficient low salary( all depends on getting clients/ Cash flow) Re Close Company surcharge- is 100% of profit surchargable in future- Have firms divided income into different streams like bookkeeping/ Accounts preparation/Company sec and apportioned surcharge? May be easier to sell Company if selling down the line. CONTINUITY OF PRACTICE( Probably item most worried about0 Does anyone know of anyone willing to offer this? Have you much difficulty getting it? Does the person giving continuity of practice expect anything in return? If someone is wiling to PM me a sample one without the names, I appreciate it. If person offering it has an audit licence- I be willing to refer Audit work there way. PROFESSIONAL INDEMNITY INSURANCE. If i set up a company who is PI insurance in - Is in my personal name or Company name? Any idea what initial cost would be for low turnover plus meet institute standards of insurance? ACCOUNTS PRODUCTION SOFTWARE The package i used in the past/now is sage accounts production. My understanding is I will have to buy a new licence so significant cost here( If go for 50 client pack approx 1,845 to start with). Would you continue with what you know or should I try Relate? What are your experiences? Also did you buy new versions of Microsoft Excel/word( Just want to keep all software legal) Plan to budget about 1k/1.5k to cover Lap-top and Excel/Word licence. So in effect software/computer's will come in around 3,500( A lot of these are one of costs with sage being renewal fee of approx 615 in future) How do you deal with photocopying- Do you have a copier or are you using scanner/copier/printer combined? COMPANY SEARCH What vehicle do you use for company searches and gives quality information at good price. Is it vision net, search for less or direct with Cro RENT/RATES Do need rental address as need to keep separate from personal rental address If I got serviced office desk for initial few months in a business centre, at least avoids rates. Storage is an issue I have to work out- Scan as much info a possible. CLIENTS/ETHICAL ISSUES Where did you get your initial clients from? A small number of my current firms(employer) client might join me under there own free will. My guess is some of them will leave anyway from firm and is there anything stopping me from acting for them going forward as if they leave the firm anyway the value of them is nil to the firm if gone anyway? Has anyone been through this process and was there any comeback on them? Be mostly people I dealt with exclusively as only point of contact in last few years and would they have no contact with partners in the firm. I don't have any non-compete clause signed. OTHER Have to do institute day exam and make application Any issue setting up a new TAIN with Revenue? The above is a bit long I know, but would appreciate constructive help and point out any other useful advise. Thank You Papervalue.