Self-employed accounting technician..any advice appreciated!

[adnaan_23]

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

[lxmm]

I ve been waiting for any reply for this issue too.

[tanvir1985th]

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

well my profile is exactly same like u so let me give u some suggestions based on my experience. no 1 whether its company or self employed doesnt matter. no 2 make sure that u use more than one soc codes. ie call yrself accounting technician, tax consultant and just accountant so that yr ranges are wide. as per the qualification is concerned if u have some of the acca completed u can get certificate from aat straightway. so contact with them. secondly if u have already a degree then u should be fine but still be registered with aat. u need indemnity insurance and be registered with data protection agency as well. but my friend at the end of the day if yr business isnt genuine then u will be in trouble anyway. try to get some genuine clients who will pay u straightway to yr account from their business acc so that it shows u r earning from them. be registered with hmrc money laundering as well. and get as many clients as possible. buy software like sage and be their member etc. no u dont have to be registered with council to run business or dont have to have written permission from yr landlord. but for security u can get that too. hope my suggestion helps u

[Legal83]

1. its better not to use home address as business, (its my personal opinion), you can use virtual address for your business.
2. if you are running a company some times home office ask for employer liability insurance

[aravindarun]

Got my approval letter today.applied 23 sept and biometrics done 2nd October
I got my ACCA membership in may and formed my own limited company by the end of June.I have already got two clients.registered with Hmrc for money laundering and data protection act.
Documents submitted
2 signed contracts
Business plan
Acca letter of good standing,equivalency certificate from acca,letter from ACCA saying that I can sub contract my work to accountancy practices which holds ACCA practising certificates and ACCA rule book
Company formation documents
Current appointments report
Business plan inc cash flow around 24 pages
Professional indemnity and employer liability insurance
Contract for office place
PAYE registration documents
Ct41g documents filed online
Ukti registration
Website printouts
Gum tree advert and yell pages advert online
Leaflet and news paper advert
Letter heads ,compliment slips and visiting cards
Invoices for three months from 2 clients
Business account, personal bank for maintainence,50k in another personal account maintained for 1 month
Company accounts for last three months showing profit
2 different letters from accountant
My updated CV

I got 5 years experience in UK and I did this visa application's in genuine way as I am planning to set my own practice

[lxmm]

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

well my profile is exactly same like u so let me give u some suggestions based on my experience. no 1 whether its company or self employed doesnt matter. no 2 make sure that u use more than one soc codes. ie call yrself accounting technician, tax consultant and just accountant so that yr ranges are wide. as per the qualification is concerned if u have some of the acca completed u can get certificate from aat straightway. so contact with them. secondly if u have already a degree then u should be fine but still be registered with aat. u need indemnity insurance and be registered with data protection agency as well. but my friend at the end of the day if yr business isnt genuine then u will be in trouble anyway. try to get some genuine clients who will pay u straightway to yr account from their business acc so that it shows u r earning from them. be registered with hmrc money laundering as well. and get as many clients as possible. buy software like sage and be their member etc. no u dont have to be registered with council to run business or dont have to have written permission from yr landlord. but for security u can get that too. hope my suggestion helps u

thank you for your advice,

1. how long does it take for the HMRC MLR to be registered? because my visa gonna be expired soon
2. if the accounting technician is used, does the job tasks i provide to the client breach the ACCA rules?

[tanvir1985th]

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

well my profile is exactly same like u so let me give u some suggestions based on my experience. no 1 whether its company or self employed doesnt matter. no 2 make sure that u use more than one soc codes. ie call yrself accounting technician, tax consultant and just accountant so that yr ranges are wide. as per the qualification is concerned if u have some of the acca completed u can get certificate from aat straightway. so contact with them. secondly if u have already a degree then u should be fine but still be registered with aat. u need indemnity insurance and be registered with data protection agency as well. but my friend at the end of the day if yr business isnt genuine then u will be in trouble anyway. try to get some genuine clients who will pay u straightway to yr account from their business acc so that it shows u r earning from them. be registered with hmrc money laundering as well. and get as many clients as possible. buy software like sage and be their member etc. no u dont have to be registered with council to run business or dont have to have written permission from yr landlord. but for security u can get that too. hope my suggestion helps u

thank you for your advice,

1. how long does it take for the HMRC MLR to be registered? because my visa gonna be expired soon
2. if the accounting technician is used, does the job tasks i provide to the client breach the ACCA rules?

mlr registration should take roughly 7-10 working days. even if u dont get certificate dont worry, send yr application without it coz u dont have to show to ukba anyway. just keep it with u. well yr second question isnt very clear to me. my suggestion use few job codes not just one like accounting technician, tax consultant, accountant etc. and back up yr job code with relevant documents like acca registration, accounting degree certificate, aat qualification etc

[hham1224]

Being an ACCA student, Affiliate or member you can't start a trade which falls in the definition of ACCA public practice. In short you cant do any work on which third parties (HMRC, banks etc.) rely on your work. You can only do bookkeeping and some payroll services.

Even if you have a practicing certificate from any other body (non Chartered) like AAT, IFAC, AIA etc you need to forfeit their practicing certificate if you do not have ACCA practicing certificate.

I am not scaring you off just to remind you the potential consequences.

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

[lxmm]

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

well my profile is exactly same like u so let me give u some suggestions based on my experience. no 1 whether its company or self employed doesnt matter. no 2 make sure that u use more than one soc codes. ie call yrself accounting technician, tax consultant and just accountant so that yr ranges are wide. as per the qualification is concerned if u have some of the acca completed u can get certificate from aat straightway. so contact with them. secondly if u have already a degree then u should be fine but still be registered with aat. u need indemnity insurance and be registered with data protection agency as well. but my friend at the end of the day if yr business isnt genuine then u will be in trouble anyway. try to get some genuine clients who will pay u straightway to yr account from their business acc so that it shows u r earning from them. be registered with hmrc money laundering as well. and get as many clients as possible. buy software like sage and be their member etc. no u dont have to be registered with council to run business or dont have to have written permission from yr landlord. but for security u can get that too. hope my suggestion helps u

thank you for your advice,

1. how long does it take for the HMRC MLR to be registered? because my visa gonna be expired soon
2. if the accounting technician is used, does the job tasks i provide to the client breach the ACCA rules?

mlr registration should take roughly 7-10 working days. even if u dont get certificate dont worry, send yr application without it coz u dont have to show to ukba anyway. just keep it with u. well yr second question isnt very clear to me. my suggestion use few job codes not just one like accounting technician, tax consultant, accountant etc. and back up yr job code with relevant documents like acca registration, accounting degree certificate, aat qualification etc

Thx for the advices refer to the second pt, pls hv a look at this thread http://www.book-keepers.org.uk/t4208417 ... can-offer/ [/u]

[lxmm]

Being an ACCA student, Affiliate or member you can't start a trade which falls in the definition of ACCA public practice. In short you cant do any work on which third parties (HMRC, banks etc.) rely on your work. You can only do bookkeeping and some payroll services.

Even if you have a practicing certificate from any other body (non Chartered) like AAT, IFAC, AIA etc you need to forfeit their practicing certificate if you do not have ACCA practicing certificate.

I am not scaring you off just to remind you the potential consequences.

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

That's exactly my key concern. The job task as an accounting technician, are we allowed to provide thoses services to the client s?

[lxmm]

Being an ACCA student, Affiliate or member you can't start a trade which falls in the definition of ACCA public practice. In short you cant do any work on which third parties (HMRC, banks etc.) rely on your work. You can only do bookkeeping and some payroll services.

Even if you have a practicing certificate from any other body (non Chartered) like AAT, IFAC, AIA etc you need to forfeit their practicing certificate if you do not have ACCA practicing certificate.

I am not scaring you off just to remind you the potential consequences.

Hi

I've been scanning the forum for advice/guidance regarding this specific field and there seems to be very few posts about it..which does actually scare me a bit.

A quick background - I'm an ACCA Affiliate (not full member, don't have a practicing certificate) on a PSW visa at the moment...looking to go down the Tier 1 Entrepreneur route (50k funds). Have also got the B.Sc in Applied Accounting degree from Oxford Brookes along with a B.Com from back home.

I realise that my scope of business is very limited as I don't have a practicing certificate and am bound by the ACCA code of conduct, but as far as I understand I can still carry out a business at NQF Level 4 - SOC 3537 (Accounting Technician), is that correct? If it's too much of a grey area and a bit risky, could someone suggest an alternative please?

Secondly, I'm keen on registering as self employed rather than a limited company, mainly to reduce the hassle of setting up business accounts etc. Most people seem to be going down the company route, is there a reason in particular?

I had a couple other questions regarding working from home....I'm staying with a relative, would I require some letter/document if I register my business to this address? Also, as a sole trader, do you think it's essential to get indemnity insurance....is that a point that the HO could raise against the application?


Sorry for all the questions....I've always found the members of this forum a lot more informative and well informed compared to solicitors who charge an arm and a leg and give bs advice, would highly appreciate any comments and suggestions.

Thanks

The job tasks as an accounting technician:
1. maintains P&L accounts, budgets, cash flow forecasts and other accounting records
2. produces, collates and reports financial information for managers
3. liaises with clients to ensure that payments are made on time and credit limits are not exceed
4.ensures invoices and payments are correct and sent out on time
5. monitors accounting systems to determine accounts are being maintained effectively and provides information on accounting practices to auditors


[/list]

[adnaan_23]

Good to see a few replies on this and some good info/advice.

Hammad, it's a nice co-incidence to hear from you here...I remember following and being part of your discussions on the ACCA forum regarding PSW based on ACCA qualification etc...that was another contentious issue.

I think the point Hammad makes about the practicing certificate is very apt...even if you get membership of AAT etc., as a member/affiliate/student of ACCA you are still bound by their code of conduct.

My arguement is that based on the description of SOC 3537 (Accounting Technician) which lxmm has posted and after going over the acca guidance document on services you can provide without a practicing certificate (http://www2.accaglobal.com/documents/PC_factsheet.pdf), isn't there a list of services which we can provide which is at NQF Level 4.

Moreover, aravindarun's post is very very useful and informative (congrats on the visa!!)...so I guess if we want to cover ourselves we can get that letter from ACCA about sub contracting and maybe even some communication with an ACCA public practice.

Indemnity insurance is easy enough to get, MLR registration is a form to fill in and send back to HMRC...how do you register under the data protection act? Stuff like Employer Liability insurance, PAYE registration etc., it's surely an optional thing at this early stage of a business isn't it..especially if I'm self employed/sole trader?

Finally, of course my plan is to genuinely run a business and I do have two clients already....but as we've seen on these forums that isn't a guarantee of getting the visa, it's all about convincing the case worker....sort of like a Dragon's Den thing

[lxmm]

sorry, I am still a bit confused. so can we offer the services stated on SOC 3537 without mentioned ACCA'S name ?

[entrepreneur123]

It depends on caseworker, if he got enough knowledge then he might raise the issue that without practicing licence you are not allowed to open accounting practice under ACCA regulations. However, this issue is between applicant and ACCA itself, its nothing to do with law or UKBA. means if they do find out then they cannot refused your application based on this point, assuming you have registered under money laundering with hmrc.

sorry, I am still a bit confused. so can we offer the services stated on SOC 3537 without mentioned ACCA'S name ?

[lxmm]

if in that case, i believed its safer to set up as an consultancy firm rather than accounting firm. its for sure that we can not run an accountancy practice without the certificate.

even though you already registered with the hmrc for mlr. the services we allow to offer is only book keeping services which is under nqf level 3.

[adnaan_23]

I guess unless we have a precedent where someone has applied based on the same premise we can't really tell...even then it's subjective to the way each case workers views it.

[SJ555]

Congrats

Can you please tell us which department of ACCA is issuing 1) good standing, 2) equivalency certificate and 3) letter from ACCA saying that you can sub contract your work to accountancy practices?

Which job title/code you use? Did you invoice client for management accounts etc. or for final accounts?

Kind regards,
Sajid

Got my approval letter today.applied 23 sept and biometrics done 2nd October
I got my ACCA membership in may and formed my own limited company by the end of June.I have already got two clients.registered with Hmrc for money laundering and data protection act.
Documents submitted
2 signed contracts
Business plan
Acca letter of good standing,equivalency certificate from acca,letter from ACCA saying that I can sub contract my work to accountancy practices which holds ACCA practising certificates and ACCA rule book
Company formation documents
Current appointments report
Business plan inc cash flow around 24 pages
Professional indemnity and employer liability insurance
Contract for office place
PAYE registration documents
Ct41g documents filed online
Ukti registration
Website printouts
Gum tree advert and yell pages advert online
Leaflet and news paper advert
Letter heads ,compliment slips and visiting cards
Invoices for three months from 2 clients
Business account, personal bank for maintainence,50k in another personal account maintained for 1 month
Company accounts for last three months showing profit
2 different letters from accountant
My updated CV

I got 5 years experience in UK and I did this visa application's in genuine way as I am planning to set my own practice

[beg12]

Qualification:Accounting and Financial Management MSc.semester 1:Institutional investments; Financial statement analysis and valuation; Corporate finance ; Quantitative methods.Semester 2:Auditing and assurance; Advanced management accounting; Corporate financial strategy; Financial risk management.

Service I am providing:Financial mgmt, Accounting and Strategy Management Consulting services.

I am not Certified Accountant, which Code I have to use.

Plz give ur suggestions.