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Post Info TOPIC: practice Certificates
Lizzy


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practice Certificates
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I have noticed that it has been mentioned on certain postings that a practice certificate is required in order to do peoples books..... i am a little confused as i didnt think you needed one.

I am just about to have completed AAT Level 4 and i am wanting to then go on to do IAB level 2 & 3 eventually, but was wanting to start up a book keeping business on a part time basis once i have finished my AAT exams in June but want to do it all above board.

Can anyone give me advice on what i am to do with regards to the practice certificate and what you are restricted to if you dont have it???

Thanks

Lizzy

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Kynan


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Hi Lizzie

I'm pretty new to all this myself and haven't studied as far as you have yet. From what I can gather, all this that you are reading about is a new requirement under the Money Laundering Regulations from HMRC.

If you are a member of a book-keeping body (I'm with the ICB), after you have passed certain levels of exams, they will issue you with a practising certificate (at a fee). Your alternative to acquiring such a certificate is to register with the HMRC under the MLR scheme. From what I can gather, there is no major requirement , just that you report any suspicions that a client may be money laundering.

I'll happily stand corrected if the more experienced readers can give you better advice.

Hope this helps
Kynan



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Alison


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Hi

It is to do with the money laundering, if you don't want the practising certificate then you pay the fee to HMRC under the MLR scheme.

I think if you want to use the Institute logo on your website, on your business letter head etc then I think that you have to have the practising certificate, that is with ICB, if you are with another body maybe check with them what the requirements are to use the logo. Also with ICB you need to have your membership number in the correspondence near to the logo.

Alison

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LyndaCarter


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Hi

Does anyone know the cost of the fee for the ICB or HMRC under the MLR scheme.

Thanks Lynda

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Julie


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HMRC charge £95

ICB is £66 for practice certificate but you also need to pay annual subscription in addition ie Associate Member £60.00, Member £66 and Fellow £84 Also need to have the necessary insurance in place, costs can vary for this and it pays to shop around - ICB recommend www.trafalgar.co.uk

Julie

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