Advice regarding the annual accounts

[Yasmeen22]

Dear members and gurus,
My annual accounts has been prepared by ACCA accountant, he is not working with any firm (regulated or not regulated), he is a consultant. He signed my annual accounts and he mentioned his FCCA membership number. The accounts are on plain paper submitted to Companies House and electronically to HMRC.

Is it ok to do that?? or he should work with a regulated firm??

Kind regards,

[MYA]

Your accountant has following characteristics according to policy guidance otherwise not acceptable

The accountant must have a valid licence to practise or practising certificate and must be a member of one of the following professional bodies: Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Scotland, the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Association of Authorised Public Accountants, the Chartered Institute of Public Finance and

[MYA]

Key word here is
" Must Have practicing License"

Just having membership of any professional body is not acceptable.

[zimba]

Two requirements as said above:

1. Being regulated by an acceptable professional body
2. Having a license to practice accounting

[Yasmeen22]

Deasr MYA and Zimba,

Many thanks for your reply,
I know that the accountant has to be qualified as you mentioned,
BUT
My question was about my case:
The regulated accountant is working with a non regulated accounting company, he prepared the accounts, singed it, the accounts written on that company's headed paper and sent to Companies House.
Please advise,
Thanks

[zimba]

Deasr MYA and Zimba,

Many thanks for your reply,
I know that the accountant has to be qualified as you mentioned,
BUT
My question was about my case:
The regulated accountant is working with a non regulated accounting company, he prepared the accounts, singed it, the accounts written on that company's headed paper and sent to Companies House.
Please advise,
Thanks

This means that that firm prepared them which is NOT regulated by an acceptable body. So HO will object to this

[amnaali03]

Deasr MYA and Zimba,

Many thanks for your reply,
I know that the accountant has to be qualified as you mentioned,
BUT
My question was about my case:
The regulated accountant is working with a non regulated accounting company, he prepared the accounts, singed it, the accounts written on that company's headed paper and sent to Companies House.
Please advise,
Thanks

This means that that firm prepared them which is NOT regulated by an acceptable body. So HO will object to this

Hi Zimbaa, can we check online weather a person or a firm is an acceptable body?

[zimba]

Usually yes, depends on the regulatory body

[Yasmeen22]

Deasr Zimba,

Can I ammend it again, this means that I have to go to another firm which is regulated and they prepare it again (same details the old accountant used) and their regulated accountant will sign it??
Is it ok to do that??
Thanks

[zimba]

Deasr Zimba,

Can I ammend it again, this means that I have to go to another firm which is regulated and they prepare it again (same details the old accountant used) and their regulated accountant will sign it??
Is it ok to do that??
Thanks

I do not know. Amendments is only for when something is seriously wrong with your accounts. Talk to a regulated accountant and explain the situation to them and get your advice from them. The most important part is that documents you send you HO must be prepared by regulated acceptable accountancy firms

[Yasmeen22]

Dear Zimba,

That is just related with annual accounts, the old firm (which is not regulated) is doing my payroll every month, I do not think this affects, the HO does not ask about who prepared and submitted the payroll, or is he regulated or not.

Please advise

[zimba]

Dear Zimba,

That is just related with annual accounts, the old firm (which is not regulated) is doing my payroll every month, I do not think this affects, the HO does not ask about who prepared and submitted the payroll, or is he regulated or not.

Please advise

No requirement for payroll

[Yasmeen22]

Dear Zimaba,

As you advised, I see if I use plain papers (No headed paper) for the amended accounts and the same accountant can sign it and I can amend it, so there is no name for that non regulated firm, just the name of the regulated accountant's name appears on the accounts.

Please advise
Thanks,

[zimba]

This is what the rules demand:

If the applicant’s business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant who is a member of a UK Recognised Supervisory Body (as defined in the Companies Act 2006);

[Yasmeen22]

This is what the rules demand:

If the applicant’s business is not required to produce audited accounts, unaudited accounts and an accounts compilation report must be provided from an accountant who is a member of a UK Recognised Supervisory Body (as defined in the Companies Act 2006)
Dear Zimaba,

As you advised, I see if I use plain papers (No headed paper) for the amended accounts and the same accountant can sign it and I can amend it, so there is no name for that non regulated firm, just the name of the regulated accountant's name appears on the accounts.

Please advise
Thanks,;

Dear Zimba,

If I do so, this will cover the rule, Please correct me if I am wrong??

Thanks

[dnf]

In order for an accountant to prepare your accounts, he/she must hold a practicing certificate. This means that if your accountant, holds a practicing certificate than he/she can use their name on your accounts as your accountants. However, if they do not hold a practicing certificate than they are not allowed by ACCA to do so (I can only confirm ACCA, being a fully qualified member of ACCA myself)

This is why, sometimes, the accountants, who may be qualified but do not hold a practicing certificate, works for unqualified firms, which allows them to be able to prepare the accounts but they are not able to use their names on the accounts preparations.

It is highly recommended that you use accountants, who holds the right to practice i.e. practicing certificate.

[zimba]

In order for an accountant to prepare your accounts, he/she must hold a practicing certificate. This means that if your accountant, holds a practicing certificate than he/she can use their name on your accounts as your accountants. However, if they do not hold a practicing certificate than they are not allowed by ACCA to do so (I can only confirm ACCA, being a fully qualified member of ACCA myself)

This is why, sometimes, the accountants, who may be qualified but do not hold a practicing certificate, works for unqualified firms, which allows them to be able to prepare the accounts but they are not able to use their names on the accounts preparations.

It is highly recommended that you use accountants, who holds the right to practice i.e. practicing certificate.

There you go. Good advice from an insider

[Yasmeen22]

In order for an accountant to prepare your accounts, he/she must hold a practicing certificate. This means that if your accountant, holds a practicing certificate than he/she can use their name on your accounts as your accountants. However, if they do not hold a practicing certificate than they are not allowed by ACCA to do so (I can only confirm ACCA, being a fully qualified member of ACCA myself)

This is why, sometimes, the accountants, who may be qualified but do not hold a practicing certificate, works for unqualified firms, which allows them to be able to prepare the accounts but they are not able to use their names on the accounts preparations.

It is highly recommended that you use accountants, who holds the right to practice i.e. practicing certificate.

Dear dnf,
Very good,
The accountant who signed my annual accounts has a valid practicing certificate, and he is working with a non ACCA registered company, imagine my case, who do you think prepare the accounts? the company or the accountant who signed it, if I print it you can see that company's logo, in the same time you see the signature and ACCA number of the accountant. so my question is which one the home office consider who prepared the accounts, the company or the practiced accountant??
Your are qualified accountant and you may know the final answer.
Thanks

[dnf]

Hi Yasmeen,

If the accountant is employed by the firm than technically you are the firms client and therefore the accounts are deemed to have been prepared by the firm.

Please note that as per ACCA guidelines, the name under the accountants report on the accounts would be the firms name. Your accountant may be willing to put his name and the firms name.

Would Home Office pick this up? They may or they may not...

The choice will have to be yours...

[Yasmeen22]

Hi Yasmeen,

If the accountant is employed by the firm than technically you are the firms client and therefore the accounts are deemed to have been prepared by the firm.

Please note that as per ACCA guidelines, the name under the accountants report on the accounts would be the firms name. Your accountant may be willing to put his name and the firms name.

Would Home Office pick this up? They may or they may not...

The choice will have to be yours...

Dear dnf
Dear Zimba

I sent HO an email and they answered me :

Dear Yasmeen,
Thank you for your email.
I am unable to pre- assess any applications. However as long as the individual preparing the accounts meets the following, they should meet the requirements of the rules.
The accountant must have a valid licence to practice or practising certificate and must be a member of the Institute of Chartered Accountants in England and Wales, the Institute of Chartered Accountants in Scotland, the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Association of Authorised Public Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Financial Accountants, the Chartered Institute of Management Accountants, the Association of International Accountants or the Association of Accounting Technicians.
Kind regards

I think they mean: the person who prepare it should have a valid cert. , my accountant signed the report and he is certified and has a valid cert.

So, I have choices:
1-Prepare new accountant report with accountant's name abnd his address only without company's name and company's address. This I can submit with my application without amending it with C.H.

2-Amend it without using any firm, just the accountant name and address.

I want to know if the director's loan will be mentioned in the next annual accounts and still same in the notes because it is in Creditor section.

Is it a condition to submit 3 years annual accounts.

If I invested in the first year as a director's loan, should I submit the first year accounts, or the next annual accounts can show it.

I have to hear from the gurus before any decision.

Thanks
Yasmeen

[dnf]

Hi Yasmeen,

If your accountant have a practicing certificate than using his name should be fine as long as it is his name and not the firms name. Please note that being a qualified accountant and holding a practicing certificate are 2 different things so make sure that you clarify this with your accountant.

Director loan is a balance sheet item so if you have loaned the company £50/£200k and have not taken it back than the loan will be shown every year till it is repaid. Please note that the loan will show the figure outstanding as at the yearend.

I am not aware that you have to send Home Office all 3 years accounts. In my opinion, one year accounts would suffice but you may want to send 2 for the safer side as that help with genuine entrepreneurship

[CR001]

Dear members and gurus,
My annual accounts has been prepared by ACCA accountant, he is not working with any firm (regulated or not regulated), he is a consultant. He signed my annual accounts and he mentioned his FCCA membership number. The accounts are on plain paper submitted to Companies House and electronically to HMRC.

Is it ok to do that?? or he should work with a regulated firm??

Kind regards,

Are you posting in Tier 1 Ent under two different usernames as there are two member IDs registered to your IP and the questions asked by both are almost identical? This is against forum T&Cs to have two usernames.

[yhm75]

Thanks zimba

But I remember you had a extension

Can you share about you experience your accountant and your firm was registered or accountant

I am completely confunce this is my first year
As a entrepreneur but I am submitting last year accounts but next
Account will be the first account as a entrepreneur
In my accounts they wrote like this

Accountant name
Date
Firm name
Charted certified accountants
Firm address



Please seniors little more advince
And clarification

Thanks

[zimba]

I do NOT understand why you put yourself in such a situation. Find an acceptable certified firm with a proper practising license and get on with it. This really should not be a problem worth spending so much time on

[yhm75]

Thanks
Yes you are 100%write

Basically before just I know we need charted accountant
And they said to me we r charted accountant
But then in my knowledge two things come up
1 charted account firm
2 charted acccountant
Then I was confuse and i checked with Acca then I relaysed
Accountant is certified but not firm
That's why confusion occurs


this time I am already near the date
I will find good account firm for my onward accounts

And one more q

Which type of licences we check firm have
Have you got any example pls