Hi, I think I may have asked this before but need to make sure.
I have a potential client and she owns a small limited company. She has an accountant but she wants to change to me but can I offer her the full accounts service including filing the company return? I have not done this before and not sure I'm allowed too ?(ICB practising with level 3 comp and manual and SATR diploma)
How difficult is filing the company return? and am I allowed to actually do this? I desperately want to say yes, as I need new clients.
Thanks in advance for your help - I need to give her an answer today
Filing accounts isn't difficult, its the contents where the difficulty lies.
You will need to be able to file the accounts online.
You will need the accounts and CT600 calculations in iXBRL format.
When filing you will need to file with HMRC with the CT600 and with companies house for annual filing.
You need to file a full set of accounts and short CT600 with HMRC.
You will need to file abreviated accounts with companies house.
If you cannot file at companies house from within your software there is the option to simply reenter current and previous years figures and notes to the accounts on screen.
As for whether level III ICB allows you to file limited company accounts and tax returns I'll leave that for an ICB bod to fill in the gaps.
Besides ICB remember that you also have to ensure that you do not anul your PII by offering services that you are not deemed competent to perform so whether the ICB allows you to do it has a double impact there.
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.
Afternoon Shaun, I would just re-iterate what you say about the content because it's not just the numbers but also the disclosures that are often incorrect. In your situation I would talk to one of your accountant contacts that you have some kind of reciprocal agreement going on and get the best possible price for this seeing as the books will be in top notch order (check what previous accountant charged) and tell client that you cannot sign the accounts off (if indeed that is the case) but you have a relationship with an accountant who does this for you at a beneficial fee to the client.
I know you are keen to take the work, but to be honest, i dont think the ICB qualification up to level 3 gives you enough knowledge. Unless you have done the Level IV ICB business tax option, you will not have covered corporation tax and, whilst at level 3, it says drafting financial statement for Ltd cos, it doesnt really give you enough information to finalise them. For example, there is no mention of the notes that need to be printed or the difference between full and abreviated accounts.
Like Rob says, i would do as much as you can, but you dont want to damage your reputation from something going wrong.
I know probably not what you wanted to hear.
Nick
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Nick
Nick Craggs FMAAT ACA AAT Distance Learning Manager
As everyone else has said, the accounts preparation and corporation tax return aren't covered in ICB level 3 so the answer is no I'm afraid. You could consider doing ICB level 4 if you'd like to be able to offer these services.
But as Shaun said you could look for an accountant to work with to do this...we'd be happy to help for a very reasonable fee if you had done all the bookkeeping, so feel free to contact me if yo'd like to discuss how it might work.
Thanks for your help. I think it's all completely out of my league!! I have contacted a local accountant who have met with before and I'm going into see him so hopefully we can work something out so I don't have to turn the work down.
And Ruth I will be in contact with you soon, be great to talk about it
