Blogger
Share this content
0
5
2479

Practice Certificate(s)?

Me and a friend are considering starting our own practice but are becoming slightly confused on the issue of obtaining  practice certificates from our professional bodies.

I am AAT qualified and my soon-to-be partner is part ACCA qualified. I am aware that I should obtain a practice certificate from AAT but am aware that this will prevent me from joining another professional body (ACA or ACCA for example) as I am already in practice. I am slightly disappointed to find that joining the AAT MIP scheme will prevent me from gaining any further professional qualifications, or is there any way around this?

My soon-to-be partner is part ACCA qualified so surely she won't be allowed a practicing certificate from ACCA?

Would it be OK for us to both trade under my AAT practicing certificate until my partner finishes her ACCA? Then could we swap and both trade under her ACCA certificate whilst I join another accounting body to study towards ACA/ACCA?

Any help would be greatly appreciated!

Replies

Please login or register to join the discussion.

avatar
11th Jan 2012 16:41

ACCA

Your partner will have to resign from ACCA if she intends to offer any services other than basic book keeping, VAT returns and payroll.  

Thanks (1)
By Lilac1
11th Jan 2012 17:35

I'm not sure about AAT, but generally speaking, the person who has the practicing certificate is the only one that can sign off accounts and advertise.  Your partner would have to work for you in order to do year end accounts and tax returns.  Otherwise, as killer33 says, you can only offer bookkeeping, VAT returns and payroll.  The best way forward would be to phone up the relevant boards and ask their advice.

Thanks (1)
By Locutus
11th Jan 2012 20:53

ACCA

Your "soon-to-be partner [who] is part ACCA qualified" will have a problem, as she needs to obtain post qualification experience at an ACCA approved training practice, before ACCA will grant her a practising certificate.  Without one, if she is involved as a partner / owner of any regulated or unregulated accounting practice then the most that practice is allowed to do is bookkeeping and payroll.  Accounts and tax returns are not allowed, otherwise she will be in breach of ACCA's rules.

So she would be better off biding her time for the moment until she gets her practising certificate.

Thanks (1)
12th Jan 2012 12:43

There's a reason for the rules re practice certificates

The Professional Bodies are trying to limit the prospect of inadequately experienced members offering their services to the public. This then protects the public from an increased prospect of negligent advice/work. And that helps maintain the reputation of the professional body (and thus the value of its qualification to its members).

Mark

Thanks (1)
avatar
16th Jul 2012 12:38

Yes BUT!!!!

bookmarklee wrote:

The Professional Bodies are trying to limit the prospect of inadequately experienced members offering their services to the public. This then protects the public from an increased prospect of negligent advice/work. And that helps maintain the reputation of the professional body (and thus the value of its qualification to its members).

Mark

 

If you've passed your qualification and have enough years working in accountancy and tax under your belt, you are more than "adequately experienced" as you say. Fair enough if you then went away and became a car mechanic for 10 years, but when you've been working in practice since, who gives a toss whether it was for an ACCA chartered employer or not?

Thanks (0)