Dear all (especially Shamus who seems very helpful!).
I am a qualified FCCA (Fellow of Association of Chartered Certified Accountants) and took a career break (resigned from my full time employer) 18 months ago when I had my son. I helped a friend with her tax self assessment (I have checked ACCA member rules and this is allowed as honorary - no payment) and I have looked into ACCA requirements for gaining a practice certificate. I think this is too onerous I don't want to return to full time employment and have to gain another 3 years of relevant experience. And who knows how long it would take to get a job with an ACCA approved practice.
What I would like to do is be self employed doing people's tax self assessments and bookkeeping.
Can anyone advise me what is the best qualification to gain to do tax self assessments? Preferably one which will accept my previous work experience / give credits for relevant ACCA papers I passed. I am prepared to cease membership of ACCA and transfer to another membership body, if it will help me to be self employed quicker.
I'm sure there are lots of other accountant mums wanting to work part-time / flexibly around their children.
Regulation 8 allows one to provide bookkeeping services to trial balance, VAT and Payroll.
No advice.
No filing.
Now until an exchange on the site about a year ago I would have said that self assessment came under filing and was a no no. However, have a read of this thread :
I got Ghislane to send me the letter from the ACCA which I cannot publish but it confirmed her statement.
I would get your own verification from the ACCA (too hard won a qualification to lose it over something like this) but all in all it does seem quite positive.
You don't actually need any qualification to do self assessments. The ICB have one and I believe that its stand alone but you do not "need" to have it (oh god, feel like one of those people who put things in quotes with their fingers at parties now).
What you do need is MLR cover which you can get directly from HMRC plus PII would be advisable. Have a look at Arlington in the links abopve as 12 months from Zurich for site members is £78.
For a qualification to be proud of thats not quite ACCA but will give exemptions based on your ACCA status try the IFA.
As an FCCA you could move straight over to FFA. That said though think very long and hard before giving up those letters.
kind regards,
Shaun.
p.s. And Dads. I'm a single parent with sole custody and fully appreciate that the parenting / work balancing act is a nightmare (I would have said work / life balance but have already sussed that life is basically on hold until my boys at Uni)..
__________________
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.
Looks like I will have to contact the ACCA. I find it hard to believe they allow ACCA members to complete others personal self assessment tax returns, when according to their practice certificate factsheet (also attached)
Meaning of public practice
The definition of public practice in the GPRs is reproduced below
.
ACCAs definition of public practice work extends beyond audit and
other regulated work, to incorporate all types of work generally
associated with an accountancy practice, but excluding book-
keeping services. For example, public practice work will include:
Producing accounts that a third party relies on
Preparing personal or corporate tax returns (even where the
client submits them directly to the tax authorities)
Preparing a report or certificate concerning a persons financial
affairs that will be seen by a third party (including, for example,
confirmation to a potential lender of a persons income).
In undertaking such work, a member will need to hold an ACCA
practising certificate.
I will have a look at the IFA to see if it is worth transferring. I am recently separated from my son's father and being able to work around my son is more important to me now than what qualifications I hold.
Will let you know if /when I hear back from ACCA and thanks again for your advice! Good to find this forum
As an ACCA Member without a practising certificate you are not permitted to undertake work that falls within ACCA's definition of public practice. Regrettably completing individuals tax returns would fall within our definition of public practice and you would therefore need to hold a practising certificate in order to undertake such work.
If you have any further enquiries, please do not hesitate to get back in contact.
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Happy to forward you the email Shaun. Wonder why they gave Ghislane a different answer?
Wendy
If you could forward it that one for my collection that would be great. Use this email shaun.morris888@virgin.net. Many thanks.
The reply that you received was exactly my thought from the wording of regulation 8 (which the practice certificate factsheet supports).
I fear that someone at ACCA is, or was giving out conflicting info which does give Ghislane a get out of jail free card but as each email comes with a statement saying that it is to the recipient only nobody else could use that but rather could only work within regulation 8.
One of the most unfair amendments to that in recent times has been after the ACCA joined up with an American institute there was a change to regulation 8 to state that if you held a practicing certicate of any other institute and made no mention of ACCA then you were allowed to practice in the UK.
BUT....
It was only applicable to accountants whose other qualification was not in the UK.
How unfair is that!
Many thanks again for forwarding that direct confirmation that the previous email was as I think most of us suspected, incorrect.
kindest 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.
I've forwarded you the email. Ghislane is lucky and even if they stop her at some point she will not get in trouble for it, since they told her the wrong information.
This is a real pain in the backside as most people I know need help with tax self assessments, more so than book-keeping. I know people who aren't self employed but who need to complete a tax self-assessment for other reasons such as additional income, inheritance, trusts etc.
It infuriates me to be honest that I would have to spend another 3 years in full time employment just to be allowed to do someone's tax return. So I am considering moving over to IFA.
Unfortunately on their website FAQ's it just says, if you want a practice certificate put it on your form and we will let you know!
Shaun, do you have any further knowledge about what the IFA would require for me to be able to get a practice certificate with them? As I don't really want to hand over a fee to join them and find I am no better off than with the ACCA. www.ifa.org.uk/members/new-members/faqs/
Could you help me please as you are a member? I wanted to read the following articles on the IFA website but it says they are member only:
I am thinking of doing a tax qualification so that I feel confident to help people with their tax returns, but I'm not doing any work until I'm a member of a professional body that gives me the green light.
Thanks for your time Shaun, much appreciated.
Wendy
Sorry for the following short answer but really busy at the moment.
just sent over the information that you wanted.
fully appreciate your frustration and the unfairness of things when someone with a few weeks getting to a bookkeeping qualification is allowed to file accounts but yourself who spends years getting to FCCA is not even trusted by your supervisory body to do someone elses self assessment.... Seems like a trained barrister only being allowed to do filing doesn't it.
ACCA seem to assume a level playing field as though everyone was working towards only their qualification which as noted above causes some absurd anomalies.
The main thing that IFA want is for you to have a qualified accountant who knows you in real life, not just through a website such as this and can vouch for you. Basically a sponsor.
FCCA will score a million brownie points for transfer straight over to FFA.
They are very approachable and freindly. I had similar concerns to yourself as initial costs can be quite high. I did however find them reassuring and got the impression that people from an ACCA background are exactly the ones that they are looking for.
After having a read of the email that I just sent drop them a line or give them a call and I'm sure that you will be pleasantly surprised at how accomodating and helpful they are to people in your position.
kindest regards,
Shaun.
p.s. as mentioned before, think long and hard before abandoning the ACCA qualification. I work under supervision under the IFA banner so that I do not have to abandon the ACCA qualification.
__________________
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.
