I have a client who wishes for me to do his payroll, I have been studying a self study course but have not completed yet. I will then take an ICB exam.
What I want to know is if I do not have a qualification I am obviously not covered with my ICB insurance.
My client wants me to do his payroll asap, do I have to wait for a qualification as I am a member of ICB.
The payroll is very straightforward, only a few employees.
Would acting invalidate your PI for other jobs? If not I would 'self insure' on the basis that I run around 50 or so payrolls and i've never been sued yet!
I use the term 'self insure' to mean if anything goes wrong you are liable yourself. I've oftened wondered about offering my clients 'insurance' against tax investigation etc. If everyone paid £50 per year that would be a lot of £50's and when the occassional inspection happened I could do the work for free! Not sure about the legalities/ethics of it though!
I've oftened wondered about offering my clients 'insurance' against tax investigation etc. If everyone paid £50 per year that would be a lot of £50's and when the occassional inspection happened I could do the work for free! Not sure about the legalities/ethics of it though!
Rob
It must be legal - the accountants that do my brothers Ltd Company accounts offer this insurance and I'm sure it is a lot more than £50. Although, my brother declined the insurance - so maybe at £50 he might have gone with it.
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Never buy black socks from a normal shop. They shaft you every time.
yes a lot of accountants offer it but it is usually via an insurance company. My thoughts are if I sold it as insurance at £50 to say 100 clients, then thats an extra £5k. That would cover a fair amount of my time if there was an inspection.
what about outsourcing it to someone for a while and take it back on once you are qualified. ICB is being awkward anytime we want to do something without the right icb qualifications...maybe just take it on and don,t mention it to the icb...especially if you are going to be qualified soon anyway. I would risk it. No, I would not. Obviously I was not serious with the advice above. I would not do anything against ICB rules ever and you shouldn,t either. ;)
One thing on the insurance then on investigations, the company i work for their accountant charges an extra £100 to cover a potential investigation into the companies CT\600, so i suppose you could charge for potential investigations??
