Hi, I'm just getting ready for my last level 3 AAT exam (decided to do the AAT as well as all the ICB exams as the ICB just do not teach you enough!!)
I'll be starting level 4 in the next few weeks mostly for the the business and personal tax units, I hate all the management accounting parts.
I have a few clients who are limited companies and I ONLY do the bookkeeping for these clients as I don't know enough or have any experience in accounting for Ltd Co's and have no idea about filing returns with companies house or HMRC. I get that level 4 will teach me the accounting for ltd companies but does it teach you anything at all about filing the returns?? previously I wouldn't be worried about this and work it out myself somehow but I really would like to learn how it should be done and if the AAT syllabus doesn't cover it then I'll need to find a way to learn. I do work with a few accountants that could possibly do it all with me but I just want to know what to expect from level 4.
Hi
Level 4 will teach you the basics yes. It will work you through various accounting standards. SFP / SPL / Cash flow / Equity changes. It will show you the notes needed.
To learn to stick it all together for filing, download a trial of taxcalc accounts, for example, learn how to do it digitally.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
I must admit that I'm quite impressed with the AAT tax units as they use the actual HMRC forms to teach you so they are hugely ahead of most of the competition on terms of teaching you the practicalities of filing.
The actual action of filing though as eluded to by Johnny is very much dependant upon the software that you use.
AAT level IV is very very good but do not expect it to teach you everything that you need to know. It also doesn't cover all of the financial reporting standards but it does cover enough for the smallest businesses.
When you have completed AAT it may be a good idea to also study ACCA papers F4, F6 and F7 (Corporate law, Tax and financial reporting) in order to better prepare you to handle small companies with greater confidence.
I am not suggesting joining the ACCA (if you did then regulation 8 would get in your way), just study those three papers from the study and revision texts to better prepare yourself for what comes next (the F level papers are not up to the complexity of the P level papers which are more focused upon management and accounting for larger enterprises). You could even study them at the same time as doing the AAT papers which should help get you really good marks in your AAT exams. (AAT level IV is basically a very cut down F level ACCA so the materials are complimentary).
When doing your AAT studies for level IV use the ACCA Opentuition lectures as, as mentioned above, the two qualifications cover the same ground.
I am left wondering why you are with the ICB at all if you are also doing AAT? Seems very much a belt and braces type approach. But, if you have the money to support multiple memberships I suppose why not as you get to network with all groups that you are a member of.
Good luck with your studies Rachel,
kindest 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.
And thanks Shaun, this is exactly what I wanted to find out. I'm only staying an ICB member until I have finished the AAT exams so that I can have a practice licence, insurance etc throughout. As soon as I have finished the exams I'll change to AAT. I always though ICB would be enough but now I'm doing more accounts work than bookkeeping so that's why I went onto AAT as there is/was a lot I didn't know and I didn't want to be restricted to sole traders and partnerships any more as I am loosing out on a lot of limited company work that I have had to turn down due to lack of experience and knowledge. I was originally working on the ATT exams but stopped that for now to get the AAT done first as it seems more relevant to the work I am doing and wanting to do. Hopefuuly I'll be able to pick that up again after AAT as I really enjoyed it.
I will have a look for the ACCA textbooks that you suggested to work with along side level 4, thank you very much for that advice!
