I am working my way through the ICB's manual on self-assessment. How does doing self assessment returns work out in the real world compared to the exam world? What can I expect if I pass this exam and advertise that I do self assessment returns? For instance, is it likely I will get calls from people that have done their own books but want someone else to do their self assessment return? What happens if their books aren't 100% accurate, do you have to tell them you will have to do their books for the whole year before doing the SA return? I'm just wondering if SA returns or worth the hassle - or maybe if I don't advertise them I won't get any work as people might want their books done and the SA return done as well. The gap between bookkeeping and accountancy is getting narrower all the time.
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Never buy black socks from a normal shop. They shaft you every time.
Definitely worth doing this. It could well be that the majority of clients are bricklayers, plasterers etc within CIS. They will have minimum bookkeeping requirements and really you will do just an income & expenditure account, but by being able to slot the figures into the tax return and tell them what tax refund they will get you could be charging £150 plus for what may be a couple of hours work. Similarly there are a lot of non vat registered small businesses like nail technicians, painters & decorators etc who need very little annual bookkeeping. At best they will have kept a book with some lists of income and maybe a vaguely analysed book of expenses. You will need to check this but really they are only interested in getting their tax return in for which you charge a premium.
Of course I don't know what tax training you get with ICB but make sure you know the basics at least!
The course and qualification is based on what the members say they require/other bodies provide, along with consultation with industry.
Having said that it is the youngest qualification the ICB offer and so unlike the other qualifications there is not years of feedback and amendments yet.
However, talking to members who have done it, the feedback is always great.
Well, that's me worked my way through the entire book. It helped that my satelite has packed in a few days ago so I've few distractions. I've decided I'm not getting it repaired until I've done this exam (*). I think what I'll do is get my Practise Licence from the ICB. Then become an agent with HMRC - that will be fun trying to find where I phone. Then I'll try and get the "big book" from them. I'd rather not do the exam without the big book - although everything in the big book will be available online anyway.
I'm going back to the start of the book to work my way through it again. Only when I've managed to get all the way through the book without any mistakes on the "test yourself" questions will I book my exam. Talking of which, is this a "paper form" that is posted back or is it an "online" sort of form?
(*) Probably just a two minute repair that will cost me £50 (or more, it's been £50 for quite a bit now). I don't even have council tv now as the aerial doesn't work anymore either. I've got appliances in my flat that haven't needed any repairs in over 20 years - freezer, tumble drier, dishwasher, cooker, fridge, washing machine. Yet this satelite I have to get repaired every six months or so. The washing machine has had one repair to it costing around £20 many years ago and it is the second fridge.
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Never buy black socks from a normal shop. They shaft you every time.
