Practice Certificate

Practice Certificate

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Hi all

I am looking at stating my own business to primarily deal with bookkeeping. If I wanted to provide other services such as VAT returns, annual accounts, corporation tax and personal tax returns would I require a practicing license. I am time qualified member of the ICAEW, and a case study away from being fully qualified.

If I were to start working without being under the ICAEW umbrella, would I then be disqualified from the ICAEW. Is there any way to work for myself and use that to fulfill the ICAEW's requirements for a practicing certificate .i.e. 2 years post qualification experiance?

Many thanks.
Anon

Replies (6)

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By startup firm
03rd Mar 2009 15:46

right
Anon,

I think you are right. I am on the same boat. I am also planning to set up small practice. I am not sure if it will be worth taking membership of ICAEW.

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By User deleted
03rd Mar 2009 15:02

Thanks for the information guys.

I'm strongly considering not being a member of the ICAEW, ie. running my practice through HMRC money laundering services. The clients I hope to bring in will generally be through contacts and then, hopefully through referrals. As I'm going to be working with small companies, I think they would primarily be interested in the fees I'm going to charge rather than any bodies I may be part of. Correct?

Is there any strong arguments against my approach above?

If down the line the business doesn't succeed, then do you think I could re-register for the ICAEW so that I become more employable! :)

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By startup firm
03rd Mar 2009 12:01

PC
Should it be taken like this-

If you are a member of ICAEW you need to have Practice certificate even if you are just providing bookkeeping services else you don't.

Please comment

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By startup firm
03rd Mar 2009 11:29

Sorry for the previous comment I think practicing certificate is required even though you are providing Bookkeeping services.

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By User deleted
03rd Mar 2009 11:15

PC required for Audit or/and insolvancy
As far as I understand you need Practice certificate when you do insolvency work or Audit.

Is Practice certificate required even when you are providing only bookkeeping servises,VAT and Tax?

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By AnonymousUser
03rd Mar 2009 10:06

Sorry, but no.

Merely by being in practice and offering those services, whilst not having a PC, will mean that you have breached the ICAEW rules. Whether or not you hold yourself out to be ACA is irrelevant I'm afraid.

So there is no chance that working for yourself as described can count as your 2 years PQE.

Would you be thrown out if found out? I'd guess not to be honest. You'd be fined, and you probably would not get a PC when you applied for one.

I guess what you do will come down to what you want the most- the qualification or your own practice?

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