Practising certificate

Practising certificate

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I am proposing to do sub-contract tax advisory work for a chartered accountant, with annual fees of about £9000. This is my only source of Schedule D income. I am myself a chartered accountant. Am I correct in thinking that I do not need a practising certificate nor PII cover?
andy

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David Winch
By David Winch
04th Feb 2009 15:09

Check with ICAEW

Andy

You could check with the Ethics Advisory Service of the ICAEW.

My understanding is that if you are, in effect, a self-employed 'employee' of the accountancy practice you do not need a practising certificate.

You should check with your 'employer' that you are covered by their PII cover (this is as much for your protection as for compliance with ICAEW rules!).

In relation to my own area of interest - you should confirm that your 'employer' treats you as an employee of theirs for MLR purposes (i.e. they provide ML training to you - especially if you have not been in practice in recent years! - and you report any suspicions to their MLRO).

Even so, you would need a practising certificate if you were to be authorised to sign audit reports or act as an insolvency practitioner.

David

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