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Coulllynn


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Qualifications and Practising Certificate?
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Hi there,

Needing some advice please?

I am planning on running my own bookkeeping business from home in the not too distant future, however I have a few queries before I do:-

1.  I have recently passed the ICB level 1 exam and just two weeks ago sat the level 2 exam (currently awaiting my results), do I need to have the level 3 qualification before I can start running my business?

2.  I know I need a practising certificate from ICB and indemnity insurance but after what level of exam will I be allowed to apply for one of these?  At the moment I am only an affiliate with the ICB and you have to be a 'member' (what does it take to become a member?  can you just pay for the upgrade or do you need to have passed a certain exam?).

3.  Can I run a book-keeping business without a practice certificate as long as I dont advertise that I am involved with ICB?  Or does all self employed bookkeeping businesses have to have a practising certificate no matter what or they cant operate?

Hope someone can help with my queries,smile

Coulllynn



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robbiew


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Welcome to the forum Coulllynn!

There are no legal requirements needed for you to offer your services as a bookkeeper, other than payng £95 to HMRC in order to be covered regarding the Money Laundering Scheme. When you pass your level II with the ICB and have your practising certificate you will automatically be covered by them in regard to the MLS.

You cant use the ICB's name until you have passed a Level II (computerised or manual) course with them, paid for your practising certificate and have a PI insurance policy in place. Then you can use their logo, name etc on your marketing materials. You are a 'Member' of the ICB when you pass the Level III Diploma.

Hope that helps but I'm sure someone will correct me if I am wrong. 

Regards,

Rob



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Coulllynn


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Thanks Rob for your prompt reply to my queries.  You have definately helped me understand the process better!

Coulllynn



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Suffolker


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Does this mean that you don't actually have to have a practising certificate? Aslong as you pay the inland revenue for the mls?



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Julie


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Hi Suffolker,

Yes, you do not need a practising certificate, just go direct to HMRC, register as self employed and pay your dues !

If you are training with for example ICB then you would need to apply for a practising certificate, at the moment this is £45 and you would benefit from using their logo for marketing, and their advice is also good value too.

Im not sure how the land lies if you are training with another registered body such as IAB or AAT - you would have to enquire yourself.

Julie

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Suffolker


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Thanks Julie :) that £95 to the HMRC does that have to be paid once each tax period or is it a one off thing at the start?

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Julie


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Its an annual fee !

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ljbookkeeping


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sorry just to clarify once you have level 2 you can apply for a practising certificate?

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Julie


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Yes, once Level 2 is completed either manual or computerised, you can apply for a practising certificate.

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