I started my book keeping business in October 2009, I registered with IAB and I was given an exemption to become a FIAB. I Started looking for clients but along the line I read from this site that an ACCA student can't do more than book-keeping to trial balance which suprised me when I read it, I phone ACCA to confirm that and I was told that I can't do more than that, at that point I was at crossroad whether to drop my ACCA and continue with my FIAB but I was at a point in my ACCA that I can't drop it because I have invested so much into it (both time and money),I wrote my last 2 papers in june 2011, andm hoping to get through, then came the time for renewal of my IAB membership which I didn't renew and my name was removed from the register,because of the restriction from ACCA and I didn't want to be paying 2 subscriptions why I can't practice as a full bookkeeper. But now am interested in starting my business again but I don't know what to do now since I have left the business for sometimes now and the ACCA restriction. I have started volunteering as an Assistant Accountant for a local charity and I want to take the business forward from there. Any advice would help
swap IAB for ICB and we're in exactly the same boat.
I'm also at the tail end of the ACCA qualification and stepped down from ICB for the same reasons.
try building a mutually beneficial relationship with qualified local accountants who at a price may be willing to supervise any work that goes beyond bookkeeping to trial balance as it's only under their supervision that you can do this.
Payroll work doesn't require supervision as such but you are not permitted under ACCA rules to be registered as an agent as that is deemed that you are representing clients as an accountant. Again you need to have a compliant qualified accountant on board to supervise your work.
I'm hoping to subsidise my bookkeeping work by developing bespoke software solutions for clients but that relates directly to my previous roles so I come to that with a great deal of knowledge and experience. Is there any add ons that you can add that could not be construed as accountancy related?
You also need to work out how you can get an accountant interested in helping you which I suspect will involve you doing most of the work and the accountant getting most of the money.
You might also need to sign an agreement not to set up in competition against the accountant who you get to help you.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
As many IAB members are doing more than bookkeeping and accounts beyond T/b the IAB started introducing L4 qualifications a couple of years ago. So being a IAB member does not stop you from doing more accountancy rather than just bookkeeping work.
For example, I have recently started promoting the IAB Level 4 Diploma in Personal and Business Tax by distance learning and the students seem to be a mixture of bookkeepers and fully qualified accountants! The qualified accountants either have never done any tax work and want to in the future, or have not done any for some time and are doing the course to bring their knowledge back up to date.
My understanding of the problem that members/students of professional bodies have (who are not permitted to practice), is caused if a client wants to complain to a professional body. If the client decides to complain to e.g. the ACCA instead of the IAB/ICB (which you would have your practice certificate with), the ACCA would have to take on the complaint. Understandably this is not something they would want to do, especially as you don't hold a practice certificate with them. I beleive this is why when you ring them or read the rules it is interpreted the way it is. However my understanding is you can be a student/member of any of these bodies and practice with another body as long as you make sure you never put the body you don't have a practice certificate with, into the position where a complaint can be brought to them about you. Does this make sense?
-- Edited by YLB-HO on Saturday 23rd of July 2011 10:54:28 AM
that isn't the line that you get from the ACCA though if you call them.
I think that they get called a lot on this as they seem to know regulation off the top of their heads or at least must have it pasted on the wall in front of them.
I think that the situation that you are talking about is applicable to CIMA. Not sure on the situation with PQ ACA's. But the ACCA are quite adamant that as a cost of being a student with them their rules takes precedence over any other body that you are associated with even though you cannot use ther name at all.
I know that every year a lot of people drop out of the ACCA qualification and it's not always because one can't do the exams. In my case it may end up that once I've passed all of the exams (getting close now I hope) I swap out to another body such as CIMA, IFA or AIA if the post qualification experience requirement proves impossible for me to attain.
I could phone the ACCA for a third time on this if you think that it will do any good. But having tried twice previously and knowing that others have had the same response from the ACCA I suspect that their stance will remain the same.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
For example, I have recently started promoting the IAB Level 4 Diploma in Personal and Business Tax by distance learning and the students seem to be a mixture of bookkeepers and fully qualified accountants! -- Edited by YLB-HO on Saturday 23rd of July 2011 10:54:28 AM
Hi Frauke
Just a bit confused, I wanted to do the IAB L4 diploma in personal and business tax, but was told it had been discontinued, have they started offering it again?
The ACCA will never tell you in case you misconstrue what they tell you. They have to protect themselves in case of a complaint. How many times do clients tell you things which are not quite correct, because they have misunderstood, or applied something slightly wrong. Any organisation has to protect itself in case there is a misunderstanding. Also the person you speak to is often someone quite junior and will never leave themselves open to someone say "oh... but so and so told me I could". So and so may have said, yes you could, but they also said a lot of conditions were attached - which of course was either ignored, misunderstood or not heard. So its easier to just say no.
There is only one way the ACCA (for example) stop you from being a member etc., is if someone brings a complaint against you. If you make sure by your actions and what others know about you - that they do not know that you are a ACCA member (for example), then a complaint cannot be made - and they will not stop you from being a member.......
Claire, yes it is being offered again, but because of all the changes going on they have not made it offical yet. (As I have students, I guesss I have jumped the gun a bit!) Hopefully this will change very soon. The course work has recently been updated as there have been so many tax changes to include.
But the ACCA are quite adamant that as a cost of being a student with them their rules takes precedence over any other body that you are associated with even though you cannot use ther name at all.
Don't you just love ACCA? No wonder they lose so many students.
