I really need some help and advice. I passed my Manual Book-keeping Level II in July 2005, I became an Associate Member of ICB and had a Practising Certificate. I have also qualified under level 1 and 2 of Sage compueterised accounts. I then got offered a brilliant job and let both my membership and Practising Certificate lapse. My job has now become unsettled and I want to look at starting up my book-keeping business again as a safety blanket so that if I do lose my job I can easily step up my client base and can hit the ground running.
Now thats where my problems start, because I let me membership laspe I now either need to apply via exemption or retake the exams. I basically want ot trade totally above the law, I have insurance in place, I have my website nearly ready but I need to get covered under money laundering regulations. So my question is, do I take the exams and 'regain' my qualification, become a member and reapply for my practising certificate or do I register with HMRC under their money laundering umbrella or does anyone else know where an idiot like me goes to get legal the quickest and cheapest way. If you can think of anything else I need to cover as well I would really appreciate it.
Thank you for your quick reply - its really appreciated, can I just clarify things as I see it and I'd appreciate any help if I have missed something.
To start up again as a self employed book-keeper who already has the qualification with ICB I need either
HMRC registration at £110 for a year
Or
ICB Immediate MLR cover £75 depending on how long the next stage took to complete
Membership by exemption (I have 2 Accountants who will verify me) membership Entrance Examination £45 Membership £82 (I think) Practising Certificate £75
Am I right or have I missed something else I would need to become legal?
My other option is register under HMRC for 1 year then spend the year retaking my exams with ICB or equivalent.
I have the PI via ICB with an endorsement on it
I am so mad at myself for allowing this to lapse whilst I was employed - what an idiot
-- Edited by welly on Tuesday 7th of June 2011 03:02:27 PM
If you want to re-take (or need to re-take) your examinations you can register as a Student and apply to be supervised by the ICB, as if you are registered as a Student with the ICB the HMRC wont supervise you.
If you got good grades I am sure with references you would be able to rejoin.
Thank you for your reply, if I register as a student will that cober me for money laundering? or do I have to pass my exams first? I got an A grade in my level II manual book-keeping. Im trying to get legal as soon as possible as I really need to get this up and running.
I really appreciate any advice you may have to get me out of this, self inflicted, dilema
It's likely you will have to wait until tomorrow for your answer - James tends to post on this forum during working hours.....although his working hours can sometimes stretch.
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Never buy black socks from a normal shop. They shaft you every time.
Welly, Student registration does not cover you by itself, you can apply for MLR supervision on top of Student Registration, which will be £75 and will be a temporary supervision (1 year) whilst you study.
So you would have Student Registration (£45) and MLR Supervision (£75) at the same time.
Cheaper than HMRC, and HMRC wont cover you if you are an ICB Student anyway.
However, I think in your situation just re-join via work experience. You can also get temporary supervision whilst your application is being processed.
I am off home now, but if you want to call me tomorrow I can talk it through in a bit more detail.
