Question re my ICAEW status and being able to do additional work

[Vikas]

Hi,

I have a question regarding doing some freelance work and if taking ICAEW exams impacts on this.

My previous role was at a small firm of chartered accountants. I was on a training contract and this expired last year so I have completed my 3 years training. I have completed the professional stage exams and the to technical exams at the advanced stage so I still have the case study to complete.

I lost my job two months ago and I have been looking but getting a job is near impossible because for part qualified roles I am 'over-qualified' as I have to advanced stage exams in the bag but I am under qualified as a finalist/nq because I don't have the case study exam. Doesn't make sense to me but my interview feedback has been 'We have nothing negative to say about your performance in the interview but.....[insert over/underqualified comment].

So anyway in the mean time I have to do something for money. I have the possibility of doing some freelance work. Just basic stuff like bookkeeping, management accounts etc.

My question is: since I am not a member and not a student either, is there anything stopping me from the ICAEW of doing this work? I can't see any reason why not but the ICAEW are going to take quite a while to get back to me email so any help on the question would be much appreciated.

 

[GillespieBS]

To perform freelance services such as bookkeeping and management accounts requires a practising certificate.

You should talk directly to the ICAEW about getting one or perhaps to a local firm who may allow you to operate a subcontract arrangement. You also need to consider PI insurance.

http://www.icaew.com/index.cfm/rout...actising_Certificates/Practising_certificates

 

[Crowy2004]

To perform freelance services such as bookkeeping and management accounts requires a practising certificate.

You should talk directly to the ICAEW about getting one or perhaps to a local firm who may allow you to operate a subcontract arrangement. You also need to consider PI insurance.

http://www.icaew.com/index.cfm/rout...actising_Certificates/Practising_certificates

How can they get a practising certificate, they are not qualified!

 

[yorkshirejames]

I lost my job two months ago and I have been looking but getting a job is near impossible because for part qualified roles I am 'over-qualified' as I have to advanced stage exams in the bag but I am under qualified as a finalist/nq because I don't have the case study exam.

I can only assume you are applying for the wrong jobs. There are many roles out there (in both industry and practice) that are eminently suitable for someone who is late stage ICAEW. Check out http://www.gaapweb.co.uk if you haven't already. Do take a good look at contract/temp/interim work.

 

[KidsBeeHappy]

I was going to suggest that too, contract and temporary work via an agency could solve your problem quite nicely.

 

[Vikas]

Yorkshirejames, I have been to that site and signed up with all the agencies. The problem with industry is that they only really consider NQ's as they don't want the hassle of a training contract (even though I'm not in one they just don't get that as they don't deal with ACA part qualified's).

I've had plenty of interviews. But I am up against nq's and the feedback has mostly been if I was nq then I would have been the one selected but as I have an exam to complete they don't want the hassle of study leave and cost of exams even though I have always offered to pay the costs and take annual leave.

 

[KidsBeeHappy]

Have you tried a small practise, one/two partner firms?

 

[Vikas]

Boxby, I used the ICAEW find an accountant search on their website and got the details of all local firms and called/emailed them and had no luck.

 

[GillespieBS]

what area are you in?

 

[Vikas]

I'm from West London

 

[Strontium Dog]

Why not just concentrate on passing those exams for now. Do any "fill-in" work you can get to feed you. Once you are qualified you can get the job you want. "simples".

 

[Vikas]

That is the plan for now!

 

[Vikas]

Well I've managed to get my first freelance job. Its very basic bookkeeping which I will be doing in part at the clients office and in part from home.

Do I need to register with HMRC re money laundering for this and obtain copies of ID?

 

[Williams lester]

Well I've managed to get my first freelance job. Its very basic bookkeeping which I will be doing in part at the clients office and in part from home.

Do I need to register with HMRC re money laundering for this and obtain copies of ID?

Yes......and I assume you have PII?

 

[Vikas]

Yes I have purchased my PII.

Could someone please point me in the direction of where I could purchase/obtain a letter of engagement. I googled LOE's but I'm not really sure which ones are appropriate.

 

[yorkshirejames]

If you ask me, you're better off getting the client to give you a temporary contract of employment for this, then you don't need any of it.

Just as a matter of interest, what did you pay for PII and where did you get it from?

 

[Vikas]

I had to pay £709 for cover of turnover up to £20k. The cover is by Finsbury Insurance Group.

The client is a sole trader who works by himself so it would be alot of hassle for him to take me on as an employee and isn't willing to do so.

 

[yorkshirejames]

Thanks for that. An umbrella company could be another option for you...

 

[Vikas]

Thanks for the suggestion. I have never worked on or been involved with an umbrella company when I was working in practice so I will have to read up on it.

 

[David Griffiths]

I had to pay £709 for cover of turnover up to £20k. The cover is by Finsbury Insurance Group.

.

That's only just under half of my costs for the entire practice!

 

[Jenni384]

That's only just under half of my costs for the entire practice!

Yep its lots!

Presumably that's because the OP isn't a full member? :|

 

[Vikas]

Thats actually the cheapest quote by far that I received.

I had a look on the IFA website and came across their exclusive PII offer. It would be £204 but I would need to be a member and and hold a practicing certificate.

 

[yorkshirejames]

Thanks for the suggestion. I have never worked on or been involved with an umbrella company when I was working in practice so I will have to read up on it.

Don't pay that £700 until you've considered umbrellas.

I am actually involved with an umbrella company, if you'd like to come via us.

 

[Vikas]

Well I've managed to get myself a client who requires a tax return done so I'm going to need to PII anyway.

 

[Williams lester]

Well I've managed to get myself a client who requires a tax return done so I'm going to need to PII anyway.

Are you allowed (by ICAEW) to complete tax returns without a practicing certificate?

 

[Vikas]

I'm not a member of the ICAEW and I'm not a trainee anymore either so I don't require a practicing certificate.

 

[Richard231]

yes but you are a registered student. I know that the ACCA only allow students/associates/full members to do bookkeeping, payroll and VAT Returns if they don't hold a practising certificate