SET UP ACCOUNTING OR FINANCIAL BUSINESS. TIER , FIRST APPLY

[Alex2015]

Hi
Can someone clarify or advice me on your previous knowledge.
I am currently studying accounting qualification on Tier 4. I'd like to change visa status and work for myself.

There are two types of business, could be done.
First is...
I set up accounting firm which will provide accounting, business and audit ( will be partnership with authorised audit firm to do so) services.
OR
Second is...
I will set up a company which will provide financial services such as life insurance, financial advice, loan advice, being representative of FCA registered Co.

businesses will be set up as Ltd and by Tier 1 rules 200k must be invested into Co.

Questions are...
1) Does HO has preferences among businesses related with finance and/or accounting?
2) Are there any restrictions on financial Co from HO ?

3) Is there any list of authorised businesses (financial field) which entrepreneur could set up or buy/overtake created by HO?
Thanks a lot.

[hham1224]

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".

[Alex2015]

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".

I like that you have sense of humour, not every accountant has it.
Anyway, can you say something regarding this topic and question which been arised or You don't have any experience and/or knowledge on this matter.

[hham1224]

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]

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.

Hammad,

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 !!!

[hham1224]

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.

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.

Hammad,

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 !!!

[Alex2015]

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.

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.

Hammad,

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,

Your advice is very helpful, these days i've been studying ACCA Rulebook. Its seems to me quiet straight forward what i could do as ACCA Student and what i can't. Actually, Could i hire ACCA member to avoid any complex issues in my firm or having commercial agreement with Accounting firm (having Practicing Certificate) would be more beneficial.

Thank you.