Part Time Business

Part Time Business

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I have been working in practice but am making my first move into industry, which will be a full time job.

However I have been asked from a few people if I would be willing to do some bookkeeping work in my own free time. My wife is also going to do some bookkeeping on a low level. As a result I am planning to set up a limited company for me and my wife to invoice this work through. It is going to be low level - probably anywhere between £5,000 - £10,000 pa.

My main question is as I am a member of the ACCA, am I restricted in anyway of earning money through a 'part time' means? I'm sure I've heard something previously that I can only earn a certain amount in my free time, but I'm not sure:

1. If that is entirely true?

2. If this is true, if it only applies to being in practice?

3. If it only applies to 'accountancy' work, and hence bookkeeping won't apply?

Replies (5)

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By User deleted
16th Nov 2011 22:23

Why are you asking us this question?

 

Have a look at the ACCA rule book! That is what it is there for!

This is the bit you need, pay attention to the last sentence!

If you are still unsure, call the members advice line, that is why you pay your subs!

 

4. Meaning of public practice

(1) Activities

Subject to regulation 4(3), public practice, which may be carried on by an individual or a firm

(the “practitioner”), means:

(a) accepting an appointment as an auditor; and/or

(b) signing or producing any accounts or report or certificate or tax return concerning any

person’s financial affairs, whether an individual sole-trader, an unincorporated body

or a firm, in circumstances where reliance is likely to be placed on such accounts or

report or certificate or tax return by any other person (the “third party”), or doing any

other thing which may lead the third party to believe that the accounts or report or

certificate or tax return concerning the financial affairs of such a person have been

prepared, approved or reviewed by the practitioner; and/or

(c) holding oneself or itself out, or allowing oneself or itself to be held out, as being

available to undertake the activities referred to in (a) and (b) above (and allowing

oneself to be known as a, or a firm of “Chartered Certified Accountant(s)”, “Certified

Accountant(s)”, “Chartered Accountant(s)”, “Accountant(s)” or “Auditor(s)” or any

similar description or designation standing for any such description in the context of

the practitioner’s business shall be regarded as an example of such a holding out);

and/or

(d) holding oneself out, or allowing oneself to be held out, as a sole proprietor, partner or

director of a firm, or designated member or member of a limited liability partnership,

where public practice is carried on.

Book-keeping services, as defined in paragraphs 8(2)(a)(i) to 8(2)(a)(iii) of the Membership Regulations 1996, do not constitute public practice. 

Thanks (1)
the sea otter
By memyself-eye
17th Nov 2011 09:38

years ago..

when I worked for a bank, staff had to get 'permission' to do any, non bank, part time work, couldn't get a mortgage unless they were 28 yers of age or older and had to see the manager to explain why they 'needed' a £100 personal loan- which would then be refused.

I look back now on all this paternalistic tosh and laugh.

You should too.

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x
By rockallj
17th Nov 2011 09:54

You can carry out bookkeeping and payroll services

without breaching the rules, but tax returns of any kind, financial statements and accounts for reliance by external bodies is not allowed. Effectively anything for internal comsumption by your client is fine.

I know that striclty that may mean VAT returns and PAYE EOY returns would breach the rules, but I think this is allowed. Ridiculously dracnian rulle after putting up with for over 10 years, I resigned as an ACCA member!

Thanks (1)
Replying to Paul Scholes:
Logo
By marks
17th Nov 2011 22:55

Can you not apply for a practicing certificate?

I expect that ACCA will be like other professional bodies where you can do any accounts work providing you have a practicing certificate.

If you dont then as mentioned above i think you can only do things like bookkeeping and payroll as opposed to final accounts and tax return.

Thanks (1)
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By Cantona1
18th Nov 2011 15:07

Part Time Business

Similar concern to Rock. Last year subscription was £185, and this year will go up to £200. Come every December, I always ask my self, what benefits do I get for the annual fee? I work in Industry, and the letter "ACCA" has not relevance to me, but keep forking out every year.

I am sure I can find it in the ACCA's rule book, but does any one know how much will it cost me to rejoin the ACCA in the future if I were to suspend, or resign now?

 

 

 

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