Hello, my name is Jo and I have found some really helpful information while lurking on this site, and thought it would be a good idea to join and introduce myself!
I would really appreciate your thoughts on what my next steps should be - particularly having read the recent thread about AAT. I am CTA qualified (Chartered Institute of Taxation) and ICB (manual to level 3). Up until 3 years ago I was a senior manager at one of the Big 4 in London and since then I have had a baby and taken a career break. My previous job was project based so the long and uncertain hours combined with the long commute are just not an option anymore and the plan is to have something flexible that I can fit around childcare and school hours once my son starts school. I have set up on a very part time basis with a view to increasing my workload (hopefully!) once my son starts school.
Although my business is very much in the early stages and will stay very small scale for at least the next 18 months, I am hoping to be in this for the long term and I am wondering whether I should therefore concentrate at this stage on finding a few more clients or whether I would be better to spend some of the time studying for AAT. My concern is, I think, that potential clients might consider that there is a "gap" in my knowledge in that I am tax and bookkeeping qualified but not accounting qualified - does that matter or is what I have got enough for them? (I am aiming for small businesses). With what I have I don't think I would be able to prepare accounts for limited companies (is this correct??) but presumably with AAT I would be able to?
In terms of AAT I hope I would get some exemptions and I have had a look at their website in terms of the distance learning providers. Am I right in thinking (from what I have seen in previous threads) that AAT can be learnt from the text books and so signing up with a distance learning provider isn't an absolute requirement? I have also read some postings that suggest that AAT is better for the employed route while ICB is considered better for self-employment - so would AAT be unnecessary in my circumstances?
Sorry for such a long email, but I would really appreciate your thoughts/comments and hope to be able to assist with queries from others going forward.
Hi Jo and welcome. I am ATT and nothing else accounting wise really ( part qualified CIMA but didn't do much bookkeeping and that was many years ago). I would think you needn't worry about the restrictions you have on you from ICB as in your position I would only talk about CTA. There is no point marketing yourself as ICB qualified when there is this huge Chartered Tax Advisor sign over your head. You market yourself as a CTA/accountant and the work will come in. Your clients are interested in how to mitigate their tax liability first and foremost and who better to advise them? The other thing clients like to talk about is their business, so I always spend time talking about specifically their business, how do they gather clients etc and generally business conditions as a whole. You cannot fail Jo, I never get questioned as to whether I can do the work only on what is an allowable expense and how to treat things the best way for tax purposes. Take a look at some of the threads on here about getting clients, quite a few of us favour networking. Get out there and get some business! Rob
Welcome to the forum Jo. Nice to have a CTA around that we can pummel with questions about that qualification.
If you were embarrassed about putting forwards the ICB qualification there's an easy get around.
Do the skills test and get agreement about the level that you can join the AAT at. Get a training provider where you can join a that level.
Already you are PQ AAT as well as MICB so when going for interviews there is no issue with not being completely AAT as you are in the process of going down that path.
It is true to say that AAT is better than ICB for getting a job but I would not say that it is true that ICB is better than AAT for the self employed route. It's just a faster alternative.
If you were only considering self employment then your existing skills and qualifications are all that you need.
If you want to be able to mention AAT then the above is the fastest route although if you want to be in practice taking the above route may end up imposing restrictions on what you would have been allowed to do if you only had the ICB qualification.
Hope that this helps.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Many thanks for the welcome and helpful comments. It really helps to get others' perspectives when you feel you are getting bogged down in the detail! I hope to be on here more in the future.
