Some years ago I ran my own bookkeeping business before going into full time accountancy work. I have recently lost my job and am now looking to restart self employment. I am aware of MLR requirements etc and the need to register with HMRC as an agent for PAYE.
In the experience of others, which is the preferred professional body with which to register? I have looked into both the ICB and IAB. The ICB seem to be more high profile but would appear to be more expensive overall. Also their restrictions on members and exam pass requirements (100% in some cases I understand) are a little off putting. Having said that both bodies have their good and bad points.
I know you were after some independant advice but thought I would mention the ICB is better value overall for self employed bookkeepers (however it is £8.50 per year more for employed). I cannot find MLR or Practice License fees on the IAB website, but earlier in the year someone did a comparason and the ICB came in a few pounds under the IAB. Add to this the free MLR cover, manual, checklists, helpline etc and the saving adds up.
In terms of examinations the ICB is much less.
You might be able to get exemptions from the ICB exams based on your experience. Contact the ICB for more info.
The ICB does have very high standards (not high enough according to some ) and they are only interested in the best bookkeepers.
I think the only exam that requires a 100% pass mark is the Self Assessment Tax Returns Diploma which is understandable. If you got close to this (I don't know what the percentage is) they will give you a hint to where you went wrong and ask you to re-submit (the incorrect part only).
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You have to be a member of the IAB to apply for a Certificate of Compliance or a Practising certificate so the fees are in the restricted 'members only' area. I can tell you though that the Certificate of Compliance costs £78 (inc VAT) per year. You don't mention what qualifications you have so I can't help you with exemptions.
I couldn't possibly comment on which organisation is the best as I have never had any dealings with the ICB. I would suggest the best thing to do would be to look at the member benefits of both and see what works best for you.
) and they are only interested in the best bookkeepers.
