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Post Info TOPIC: Another newbie


Newbie

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Another newbie


Hi

I just wanted to pop in and introduce myself. I have been working for an accountancy practice for just over a year (I did something completely unrelated before that). I am an accounts trainee and my main role is to prepare year end accounts for small limited companies. I also do a little bookkeeping, payroll, VAT returns and personal tax. I work part time around my children.

Qualification wise I have completed the AAT up to level 4 and have just submitted my MAAT application today. I have also started studying towards the ACCA. I have 3 exemptions and have also done 3 exams so that's 6 out of 14 completed, with a long way still to go.

I am thinking about offering bookkeeping services as a small sideline. I don't have much free time between work, children and studying so would only be looking at a handful of clients. I quite like working in a busy office so have no plans to give up my day job. I know about the strict ACCA regulations and realise that I would only be able to go up to trial balance. I'm not sure how much demand there is for this, although at work we have had an explosion of clients moving onto cloud software and needing quite a bit of assistance, so I think there probably is some work to be had out there. I don't have a licence yet but am looking at going down the AAT licensed bookkeeper rather than licensed accountant route as it seems to be cheaper and I wouldn't be allowed to offer any accountancy services anyway.



-- Edited by busydays on Friday 28th of September 2018 06:53:28 PM



-- Edited by busydays on Friday 28th of September 2018 06:54:35 PM



-- Edited by busydays on Friday 28th of September 2018 06:56:36 PM

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Tina



Guru

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Hi Tina, welcome to the forum



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Hi Tina. and welcome to the forum.

Not often that peeps realise that being a student of ACCA prevents you from offering accountancy services but as you say you can still offer bookkeeping to TB.

Please join in our conversations and banter and make the most of the forum.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Welcome to the forum Tina.

Not sure of there is a question in there, let us know if so.

Just worth checking- is the practice you are working for an ACCA approved trainer? If not, then you might still be in breach of their regs by doing personal tax (as it's beyond TB) as its work that is not being suitably supervised. Their regs may seem draconian, but that's just the way they roll to protect their position and that of their members. Worth a check with ACCA.

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Joanne

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Newbie

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Hi Cheshire

No question, just saying hello.

I don't actually know if the practice is an ACCA approved training provider, it hasn't really been mentioned. Other ACCA students have trained and qualified before me so I just sort assumed they already had in place everything that's required.

I'm a bit confused what you mean about the personal tax work. That's always reviewed and signed off by one of the partners and covered by my employer's practice licence. I'm not planning on doing any personal tax work self employed. I though ACCA regulation 8 only applied to self-employment but maybe I've misunderstood?



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Tina



Forum Moderator & Expert

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Hi Tina,

there's two different types of ACCA qualified.

The first is that you have passed all of your exams and you have your training record signed off in order to get your letters. That one's relatively straight forwards and can even been signed off in industry (mine was all signed ooff in banking). This time can be before or after passing the exams.

The next type is the three years required post qualification where the employer has to be an ACCA approved training provider. It doesn't cost them anything but they do need to show that they meet the criteria to be approved and the checking of the PCTR is very stringent. You need to show that you have done at least 4620 supervised hours working in practice during which time you need to justify each of many points showing how you have been involved in accounts, tax, management, etical conundrums you may have faced, etc. Sure that you have seen the PCTR forms and examples.

Where the wheels could come off the bus is if your employer is not deemed suitable to be reviewing accounts. Sure that is not the case here but I would be remiss not to include it as I myself have had to tell people who have approached me in the past that they are not sufficiently qualified to employ my services. So long as you stick with ACCA or ACA practices though you should be ok. You just need for them to become recognised as approved training providers.

HTH,

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.



Newbie

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Hi Shaun

Thanks for taking the time to explain the difference. It makes perfect sense. I have a training meeting coming up so I will ask the training partner about it then and see what he says and will probably also give the ACCA a call.

I'm not sure if I will ever need or want an ACCA practice certificate but it would definitely be good to have the option one day, so working for an approved training provider would be a bonus in that sense too.



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Tina

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