I would like to gain qualifications in either IAB or ICB as I have 20 years experience in finance but never completed pervious qualificatios and then my family came along. I am working for friends as self employed doing their bookkeeping but would like to gain some qualifications to do this for jo public. I have trawled the forum/ICB and IAB website, but I am still unclear as to whether I would be able to complete their self assessment tax returns?
The ICB still states as a member that no tax advice can be given; does this mean that you can complete a return but not comment on where savings could be made, or equally to prompt if any allowable expenses may have been left off the client's list?
It seems from where I live that most people either want payroll or self assessment and I want to make sure I go down the most suitable route.
Many thanks for any advice, as my previous experience took me down the ACA route, which was, looking back, something I really didn't want to do and hence I changed to a Finance Manager, not doing audit and gained experience from base level to managing a division, but with QBE only.
James (or perhaps Shaun?) should post details about the ICB, which do allow members to complete Self Assessment tax returns, I think provided they have passed the ICB tax return exam, and done everything the ICB require to hold a practice certificate with them. I'm not a ICB member so I don't know all the specifics.
The IAB allow all their members in practice to complete Self Assessment Tax returns if they feel competent to do so. So if you want to go the IAB route you need to do what ever the IAB require to "practice". The website will not give precise information simply because there are so many grey areas. However if you have never taken an exam, (the IAB may accept exams done a long time ago, as long as you have maintained your experience and can prove it), you may be able to apply to become a member by taking the APL route which was designed for QBE book-keepers and accountants who want to become members without taking specific IAB exams. Although many later do go on anyway to take the exams even though they already have the membership level they need!
I forgot to mention that when you are in practice you should have PII (Professional Indemnity Insurance), if you are providing tax advice you should make sure it covers you for this.
The 'tax advice' description is a bit of a grey area in general. The ICB does not include completing Self Assessment Tax Returns as giving advice in the scope of the rule.
In order to take the ICB's SA paper you must have completed the ICB Level 1 and 2 or equivelent.
I note from your post that you have experience, you should contact the ICB to enquire about getting exemptions from the Levels 1 and 2. Alternatively you could take the assessments, Level 1 is an online paper, you can take it 24/7. The Level 2 is available at over 2,000 centres world wide and you can book to sit at a time convenient to you, subject to availability.
There are some text books available for the Self Assessment, the ICB has one or the HMRC release one. Various feelings on each book have been posted on here so a quick search should bring up a topic or two.
Thank you both for taking the time out to help. That's great to know and now I just need to decide whether IAB or ICB.. there are so many plus points to both instituition and to be totally hoest, I wish I heard of them a lot sooner. It was only due to possibly going back into work and finding this forum that I discovered them! Thank you to everyone who supports the forum and provides information.
