Anonymous
Share this content
0
939

ICAEW ANNUAL RETURN ERROR

has anyone ever made one? I am going to disclose today.

Didn't find your answer?

Search AccountingWEB

I received an icaew update this morning re practice assurance which led me to review our annual return.

On reviewing it, i discovered two stupid boxes ticked NO instead of yes (there are that many it makes my brain go numb when submitting). It is my own careless fault.

I have submitted a letter just now (as soon as it has been identified) identifying the error and apologising and requesting it to be updated.

Has anyone else made errors and then corrected them? Was there any disciplinary action?

The first error was stupidly that we don't do ongoing due dilligence (i checked all previous years and we always tick yes so god knows how no came to be even filled in). Secondly we have advised we have provided registered office services, but then ticked AML07e which states that we won't in the next 12 months - which is incorrect as we continue to do so and this really is just carelessness on my side.

I try make everything as correct as possible in everything I do as I want to sleep easy at night so i am really kicking myself for this now.

Any opinions would be gratefully received.

Replies

Please login or register to join the discussion.

avatar
10th May 2019 10:28

Yes, and they are very understanding if you draw it to their attention as soon as it's identified. No disciplinary action was taken but I have no doubt they would do so if it was deliberate or negligent.

The returns are tedious we have 4!

Thanks (1)
10th May 2019 11:04

I am sorry you perceive ICAEW to be something like a military junta. In the unlikely event that they do not accept your explanation it would say more about them than you.

Thanks (1)
10th May 2019 11:41

Yes - I've had them call me about PI insurance. Not sure whether it's an error on my part or just extra information they want. Unfortunately, my PI insurance renewal date coincides with the return date, so they keep wanting the old and new year's details.

Thanks (0)
avatar
to lionofludesch
10th May 2019 12:04

Quote:

Unfortunately, my PI insurance renewal date coincides with the return date,

You'll find that's always the case, that's how the decide on the return date.
Thanks (0)
to Wanderer
10th May 2019 12:28

So it's madness that they're not asking for both years on the form itself, then.

Thanks (0)
to Wanderer
10th May 2019 12:41

Quote:

Quote:

Unfortunately, my PI insurance renewal date coincides with the return date,

You'll find that's always the case, that's how the decide on the return date.


Eh? The ICAEW Annual Return is for the calendar year.
EDIT: Apologies! Shows I shouldn't rely on memory. I've just checked and my AR is as at 2 November.
Thanks (0)
avatar
to Red Leader
10th May 2019 12:36

Mine is "as at" 11/02/2019

EDIT...and my insurance renewal is in November.

Thanks (0)
avatar
to bettybobbymeggie
10th May 2019 14:40

Yeh, the date is in US date format :).

Just going by what we were told on one of the visits. Even to the point that the reviewer said that you can change your AR date by changing your PI insurance renewal date. Possibly it's not exactly the same date but something like the end of the month which includes your PI renewal date.

Seems like it applies for me, Lion, and possibly Red?

Thanks (1)
to Wanderer
10th May 2019 15:04

Interesting. My PI renews December.

Thanks (0)
to Red Leader
10th May 2019 15:13

Well, PI related or not, it sounds like they're spreading their work over the year.

Thanks (0)
to lionofludesch
10th May 2019 15:32

I get that if my past PI (based on the prior year for insurance purposes) is not enough to cover the threshold on the most recent year of accounts quoted on the form.

Depends when the renewal dates are and how tight your cover is to your turnover limit. The insurers seem to like it nailed about £100 about your turnover despite there being no pigging risk of a claim that big in a million years.

Thanks (0)
avatar
10th May 2019 17:50

Thank you for reminding me of one of the reasons I jumped ship 14 years ago.

Thanks (1)
to thomas34
10th May 2019 17:53

You have to be registered with somebody.

Thanks (1)
avatar
11th May 2019 09:12

Only for AMLR purposes Lion. Spoke to a partner in a medium sized firm recently who was tearing his hair out because the Institute wanted them to conduct CRB checks on all the partners - they'll be wanting their shoe sizes next.

Thanks (1)
to thomas34
11th May 2019 21:21

The DBS / CRB check requirement stems from MLR 2017, specifically Reg 26 & Sch 3.
It has previously been the subject of threads on Any Answers
https://www.accountingweb.co.uk/any-answers/dbs-checks-for-sole-practioners
https://www.accountingweb.co.uk/any-answers/orginal-documents-for-dbs-check

Thanks (1)
avatar
By Matrix
11th May 2019 21:46

I did my annual return last week and didn’t see anything about DBS checks. I thought you only needed it if you were high risk. The questions seemed exactly the same as last year so hope I didn’t miss it.

I got a call and an email the next day and they were being very pushy to arrange a meeting with someone who was looking at the ACA qualification and training and even suggested a date and location. I was annoyed that they have enough of my money so I emailed to say we don’t offer training contracts. Although I was tempted to go back with my hourly rate and where should I send the bill.

Anyone else been invited to meet them about training?

Thanks (0)
Share this content