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I like that you have sense of humour, not every accountant has it.hham1224 wrote:These two lines made me laugh [no offence].
"I am currently studying accounting qualification on Tier 4".
"I set up accounting firm which will provide accounting, business and audit ( will be partnership with authorised audit firm to do so) services".
Hammad,hham1224 wrote:If you are studying accounting qualification, the bye-laws of the professional institute will forbid you to open an accountancy practice i.e. if you are studying ACCA and AAT [for instance] allow you to practice as an accountant then you will be in breach of the ACCA rules and may face disciplinary action from ACCA.
You cant just enter into a partnership with a firm or a company who called themselves as 'Registered Auditors' because you must have auditing license to do so. If you are saying that your business will enter in to a commercial agreement with an auditing firm then this is called agreement not a partnership.
Selling insurance in the UK is highly regulated by FCA and getting authorised to sell insurance is another nightmare. The subsequent FCA compliance is a costly process especially for a small business.
Alex2015 wrote:Hammad,hham1224 wrote:If you are studying accounting qualification, the bye-laws of the professional institute will forbid you to open an accountancy practice i.e. if you are studying ACCA and AAT [for instance] allow you to practice as an accountant then you will be in breach of the ACCA rules and may face disciplinary action from ACCA.
You cant just enter into a partnership with a firm or a company who called themselves as 'Registered Auditors' because you must have auditing license to do so. If you are saying that your business will enter in to a commercial agreement with an auditing firm then this is called agreement not a partnership.
Selling insurance in the UK is highly regulated by FCA and getting authorised to sell insurance is another nightmare. The subsequent FCA compliance is a costly process especially for a small business.
Thank you for prompt reply and advice.
I am planning to apply on T1 and switch my ACCA studies to part-time course (also i have home country BA) after i will be granted Entreprenuer Visa. I understand that it's not the easy path, however i am able to run a business and sort my visa issues.
The idea is running ABC Ltd by providing business services. The question is could the ABC be a representative and having commercial agreement with Accounting firm (Registered Auditors), also Financial Co ( authorised and regulated by FCA) or ACCA would forbid me to do so ?!
Very much appreciated !!!
Hi Hammad,hham1224 wrote:Being an ACCA student you are obliged to comply with ACCA's rules set in the ACCA rule book. Any work which falls within in the definition of ACCA is prohibited. In short, any work [tax or financial statements] in which third parties rely on your work is prohibited. You can provide services like bookkeeping to the trial balance stage, payroll to certain extend or normal day to day processing of invoices etc.
You must ensure that your ABC Ltd shouldn't break ACCA rules. You may refer to accaglobal.com for more details. Your ABC company shouldn't include the words like "Accountants, Accountancy, Taxation services, Chartered Accountants, Chartered Certified Accountants etc" in the company name.
Yes, you may have a commercial agreement with any accountancy practice PROVIDED they closely review your work thoroughly and your ABC Ltd cant be assumed and/ or presumed to be providing the said services i.e. preparing financial statements for companies or sole traders, VAT submission and its advisory, corporation tax and personal tax advisory etc. There is a big list which you can refer to ACCA.
I hope this helps.
Alex2015 wrote:Hammad,hham1224 wrote:If you are studying accounting qualification, the bye-laws of the professional institute will forbid you to open an accountancy practice i.e. if you are studying ACCA and AAT [for instance] allow you to practice as an accountant then you will be in breach of the ACCA rules and may face disciplinary action from ACCA.
You cant just enter into a partnership with a firm or a company who called themselves as 'Registered Auditors' because you must have auditing license to do so. If you are saying that your business will enter in to a commercial agreement with an auditing firm then this is called agreement not a partnership.
Selling insurance in the UK is highly regulated by FCA and getting authorised to sell insurance is another nightmare. The subsequent FCA compliance is a costly process especially for a small business.
Thank you for prompt reply and advice.
I am planning to apply on T1 and switch my ACCA studies to part-time course (also i have home country BA) after i will be granted Entreprenuer Visa. I understand that it's not the easy path, however i am able to run a business and sort my visa issues.
The idea is running ABC Ltd by providing business services. The question is could the ABC be a representative and having commercial agreement with Accounting firm (Registered Auditors), also Financial Co ( authorised and regulated by FCA) or ACCA would forbid me to do so ?!
Very much appreciated !!!