Not been on here for a while, was a bit busy having a baby . She is 8 weeks now & am starting to think about studying again.
I am an ICB member with level 3 & the dip in Payroll & Self Assessment. Over the past year I have been working self employed doing books & personal tax returns. I am on maternity leave at the moment and want to at least start in an accounting qualification before I start back in April.
I have been drawn to AAT as opposed to IFA predominately because it is more recognised by practices & the exemptions from ACCA, should I decide to go into practice and become chartered once my girls are a bit older.
Also I found out last night about the 24+ loan which would be great for me.
My only concern is to become MIP you have to become full MAAT, which means you need profession/employer reference, which as I work for myself I don't have.
If I understand it correctly you can get an IFA practice licence with only passing exams.
I needed to include the details of a qualified accountant as a reference in order to join the IFA but the application for an initial practicing certificate as you suggest only needs yours and your PII details (plus the fee of course).
I could be wrong but from the above I deduct that if you join by examination rather than by exemption then its possible to get to a practicing certificate without reference from an accountant.
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.
I'm a practice licence holder with the IFA (AFA) and if you do the exam route then, no,you don't need a reference from an accountant, it just has to be a 'professional person', so one of my client's did it for me.
Ruth
-- Edited by RuthA on Sunday 29th of September 2013 08:28:53 AM
I am also MICB with the self assessment diploma and am currently working my way through the IFA level 4 exams. Having passed the tax, ethics and financial accounting elements in June I will sit the remaining 2 elements in December. I have just been accepted as a member (AFTA) on condition of having their tax practising certificate although they accept my ICB MLR and current PII cover. The application form asks for a 1 referee who can provide details of your competence and character but does not state that it is has to be an accountant, although I personally used one.
Thanks that is very interesting. What services could you offer under AFTA licence? & would you keep you ICB membership? How are you finding the exams in comparison to ICB? Are they much more difficult? I completed the ICB relatively easily in about 5-6 months, with the lowest mark of about 98%. However I now have two little ones to juggle around studying. Are you planning on doing the level 5 to get a practice licence under IFA?
Every time I look into studying again I keep getting directed back to IFA, I just have the concern if I do want to go back into employment, the qualification would mean nothing.
Does anyone know whether the new 24+ govt loans are eligible on IFA level 4?
With regards to a reference, the majority of my clients have been trades people, not sure what reference they could give. I'm sure one of my managers at my previous job in Finance would give me a reference, however this was in Global Custody and nothing really linked to book/accounting. However actually completing the exams would take a couple of years & I am planning on working on a relationship with local accountants.
Also, when studying for IFA did you go through a training provider (if there are any) or just use the BPP books? Have you also read the recommended reads?
I was originally looking at ICB level 4 and purchased all the books but it seemed to take forever for ICB to get their act together and many posts on the ICB forum went unanswered or half answered so I looked for an alternative and found the IFA website. The exams are harder than ICB in as much they are closed book exams taken at a Pitman Centre but the study guides they recommended(BPP) have so far been good enough for me to pass the modules I have taken. There is now a pass or fail marking system, with 50% or above a pass and the percentage is not shown on the certificate.
I am planning to go on to level 5 next year. As regards ICB membership and practice licences I have not thought that one through yet but as mentioned earlier I currently have 2 practice licences.
As regards services offered, I am not aware of any restrictions on tax advice and compliance work other than my own ability and knowledge of the subject. The next move for me is to look at the helplines and resources available (free or subscription based)so I am confident I can find the answers that I do not have to hand.
Small limited companies are my main targets at the moment as they generally need somebody who can provide them with the whole range of services from bookkeeping, payroll/CIS and VAT returns to Corporation Tax returns.
There is a wealth of info. on the IFA website with regards to study etc.
Lyndsey, yes 24+ loans are for courses that are either lvl3 or lvl4 based (7 & 8 in scotland), but you need to find a training establishment who offer the course. 24+ hand the money for the course to them, so it would be no use if you wanted to 'just study at home'. Have a look in your area for courses, then ask them do they support the 24+ learning loans.
. She is 8 weeks now & am starting to think about studying again.
