URGENT ILR query - SelfEmployed

[leo_sangha]

hello Guys,

I've got an ILR appointment July in solihull. I came to UK on HSMP(2 years) and now on Tier1(3 years).

Left my job on 2009 ventured into a business. Now after all these years just realized as I was going through guidance notes that the accountant must be a chartered accountant or a certified accountant who is a member of a registered body. Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

I've been a tax payer i'll provide the caseworker at PEO with SA302 which is self assessment tax returns from HMRC for last 3 years since i've been in business.

Am i taking risk with my current accountant ? Do i need to find chartered accountant now ? Is there anybody who can help & has been in my shoes prior to me ?

MS

[ITGraduate]

Not sure, please look in the link below

http://immigrationboards.com/viewtopic. ... hlight=fca

I am not sure about IFA but FCA is accepted by home office . be very careful and check well

Thanks,

[leo_sangha]

Thank you ITGraduate,

My accountant has lied to me. I was very careful from the beginning. I asked him whether he is a member of ICAEW back in January this year and he said yes.

Finally when he gave me this letter from IFA on monday 16th i was a bit shocked. Anyways i've my work cut out now, i was fearing the same.

Now i've to get hold of a chartered accountant to get all the details ratified by him and get a letter from his affiliation from ICAEW.

Many Thanks
MS

[adk]

My accountant is regulated by the IFA and they accept that. I just received my ILR today and I got him to mention as a footnote at the end of his letter that they were regulated by the IFA.

Good luck.

[leo_sangha]

My accountant is regulated by the IFA and they accept that. I just received my ILR today and I got him to mention as a footnote at the end of his letter that they were regulated by the IFA.

Good luck.

Hello adk

thank you for your response & congratulations on getting an ILR.
Can you please let me know what sort of documentation you provided from accountant for showing previous earnings ?

Did the CW ask for accountant's affiliation with regulatory body ?
Where did you appear for your ILR appointment ?

Many Thanks

[zahid.ali.anwar]

Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

MS

There is no problem with your accountant. Since he is a full member of accountants govening body. Moreover, the ammendment to accountants list by Home office can be found here

[adk]

Hey leo

I provided my accountants letter that stated my gross and net profit for self employment and what I do for self employment. He stated that he could not provide end of year accounts as the accounts are not yet filed.

He drew up some management accounts that 'favoured' my profit and I gave him a excel breakdown of invoices that I raised with customers and payments and he added it to the last page of his accounts which I think she found helpful. I also gave a copy of all my invoices.

As said before, I asked him to mention as a footnote that his company was regulated by the IFA.

Hope this helps. Dont stress too much. If everything is in order the PEO is just a formality.

Good luck.

[ITGraduate]

[quote="zahid.ali.anwar"][quote="leo_sangha"]Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

MS[/quote]

There is no problem with your accountant. Since he is a full member of accountants govening body. Moreover, the ammendment to accountants list by Home office can be found [url=http://www.ukba.homeoffice.gov.uk/sitec ... s-0212.pdf]here[/url][/quote]

Dear Zahid,

I hope FCA is also acceptable by HO?

Thanks,

[leo_sangha]

Hey leo

I provided my accountants letter that stated my gross and net profit for self employment and what I do for self employment. He stated that he could not provide end of year accounts as the accounts are not yet filed.

He drew up some management accounts that 'favoured' my profit and I gave him a excel breakdown of invoices that I raised with customers and payments and he added it to the last page of his accounts which I think she found helpful. I also gave a copy of all my invoices.

As said before, I asked him to mention as a footnote that his company was regulated by the IFA.

Hope this helps. Dont stress too much. If everything is in order the PEO is just a formality.

Good luck.

Brilliant thank you very much. Can't tell you how much of help all of you have been. This is an excellent forum.

MS

[zahid.ali.anwar]

Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

MS

There is no problem with your accountant. Since he is a full member of accountants govening body. Moreover, the ammendment to accountants list by Home office can be found here

Dear Zahid,

I hope FCA is also acceptable by HO?

Thanks,

Yes. As they are fellow chartered accountants. Fellowship is given after 10 years of practices.

[ITGraduate]

[quote="zahid.ali.anwar"][quote="ITGraduate"][quote="zahid.ali.anwar"][quote="leo_sangha"]Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

MS[/quote]

There is no problem with your accountant. Since he is a full member of accountants govening body. Moreover, the ammendment to accountants list by Home office can be found [url=http://www.ukba.homeoffice.gov.uk/sitec ... s-0212.pdf]here[/url][/quote]

Dear Zahid,

I hope FCA is also acceptable by HO?

Thanks,[/quote]
Yes. As they are fellow chartered accountants. Fellowship is given after 10 years of practices.[/quote]

Thank You for clarification!!!

[leo_sangha]

Apparently my account is registered with IFA(Institute of Financial Accountants) but not with ICAEW(Institue of chartered accountants in England & Wales).

MS

There is no problem with your accountant. Since he is a full member of accountants govening body. Moreover, the ammendment to accountants list by Home office can be found here

Dear Zahid,

I hope FCA is also acceptable by HO?

Thanks,

Yes FCA is perfectly fine. Because i was stressed too much yesterday I called ICAEW myself to explain whether Fellow of Chartered Accountants (FCA) is recognized by ICAEW.
I even got hold of one accountant who is FCA and is a full & acitve member of ICAEW. I was so crazed yesterday i've requested a copy of his membership certificate from ICAEW(this costs £24.00).
But now i'm at peace IFA should be fine.

On a cautious note there are some accountants who use FCA but are actually not. So just to doubly sure call up ICAEW at this number
[on 0906 614 0906 (UK only) calls cost 60p/min ]

http://www.icaew.com/en/about-icaew/fin ... accountant

Thanks once again for your precious responses.

Regards