Self assessment - The Book-keepers Forum (UK)

Cabby · Member

Self assessment

ICBUK · Guru

Hi Dave,

The AAT have one as part of their Taxation units, but I don't thinik you can just do it, you need their levels 2 and 3 first.

Don't know about the IAB.

Was there a reason you did not want to do the ICB one?

Cabby · Member

Hi James,

Thanks for your reply.

It's a bit of a strange one. I have no interest in doing bookkeeping I would just like to do SA's for taxi divers. I have been a taxi driver for 12 years and I think I know all there is to know about what you can and can not claim for. I have a very good head for figures and maths. I do my own, my brothers and my wife's tax returns at the moment and I know if I have some sort of qualification I will be able to get other taxi drivers on board.

With the ICB I cant just do the SA diploma without passing levels 1 & 2 first. I know I could just register with HMRC as an agent and for money laundering but I would like to have some sort of a qualification behind me.

There is a company local to me that offers a one day training course for doing self assessments but I would rather do it with a proper oranisation behind me.

If there is no other way then I will take bookkeeping levels 1 & 2 with the ICB but as I said earlier I have no interest in offering bookkeeping services.

Hope that all makes sense.

Dave

john Boy · Veteran Member

Dave,

Why not ATT?

Cabby · Member

Just to add to my post above.

I am 55 and I love my job as a taxi driver. I don't really want to start training for another career at my age.

Dave

john Boy · Veteran Member

you can do IAB level 4 diploma in personal and business tax, which does not have any prerequirements, only it is suggested you have done level 3 accounting and book keeping or level 3 manual payroll to give you a better grounding.

Tken from their qualification spec:

"The IAB Level 4 Diploma in Personal and Business Tax has been specifically designed to appeal to those who currently own or manage small businesses or aspire to do so. It may also appeal to individuals who have studied book-keeping and accounting and who now require an understanding of both personal and business taxation."

And covers:
" Provide an overview of the taxation system and the workings of the Revenue and Customs
Calculate income from employment
Calculate property and investment income
Prepare income tax computations
Prepare capital gains tax computations for income tax purposes
Prepare capital allowance computations
Compute assessable business income
Prepare capital gains tax computations for Corporation Tax purposes
Prepare Corporation tax computations"

http://www.iab.org.uk/qual_future.asp

Hope this helps

ICBUK · Guru

Hi Dave,

Yes the ICB feels that Self Assessment is something you can only complete fully when you understand some bookkeeping.

Could you be entitled to exemptions?

If the IAB have no requirements then probably best to do theirs, although it looks like it may not be available in 2011 as it says until December 2010 and it is not in their 2011 price list.

Maybe call them to check but do it quickly if they are discontinuing it.

Cabby · Member

James,

Just out of interest would I be better going straight in for the level 3 payroll diploma as this is exempt from bookkeeping levels 1 & 2.

As I said in an earlier post I have no interest in offering bookkeeping services but I might offer payroll if I was qualified to do so.

Maybe you think this might be too high a level to enter without any previous experience.

Dave

ICBUK · Guru

Hi,

Payroll is considered different to the general bookkeeping so you could do just the Payroll Examination.

Have you tried bookkeeping, as it seems like you want to offer all the services around bookkeeping, so you might as well ?

I know there are a lot of firms that just offer payroll services, so in industry there is no problem with just doing payroll, but self assessment is seen differently by the ICB.

luther parker · Veteran Member

Dave,

Your never to old!

Luther.

Cabby · Member

Hi James

Am I right in thinking that if I do go straight in for the payroll diploma I will be able to take the self assessment exam or will I still have to do bookkeeping 1&2 to be able to sit SA.

Dave

john Boy · Veteran Member

Dave,

if you fill in a tax return for a client with a turnover of over circa 65k you need to submit and balance sheet and profit and loss account.

James is right that someone submitting tax returns should have a good knowledge of accountancy.

ICBUK · Guru

Hi Dave,

The requirements for the Self Assessment qualification is the Level 1 and 2 I'm afraid.

There are no requirements for the Payroll Qualification so you can just register and do that.

Cabby · Member

Thanks James for all of your replies. Levels 1&2 it is then.