Can ACCA member run non-accountancy firms without PC?

[Simran Kaur2]

Hi all,
First, i would like to apologies if the similar question has been asked before. Im ACCA active member (without practice certificate) and running side businesses under limited companies mainly in construction, building, property investment company (SPV) and development company.

In each of these companies, Im acting as only director as well as shareholder (one of those companies have other friend join as shareholder but remaining is just me).
At one side, I work in industry as accountant for couple of years now.

Earlier, I have questioned regarding opening accountancy firms in other thread. But my current concern is regarding my ACCA membership as well as my role in multiple limited companies, before I obtain my practicing certificate.

I came across ACCA article explaining about public practice and term “principal”

I am aware for running accountancy and related financial firm, I may need practice certificate, but what about for non-accountancy firms like the one I have (listed above)?

I believe none of those companies provide any services related to accounting/tax/audit.
My final question is, can an ACCA member (without practice certification) own multiple limited companies and be as director as well as shareholder (majority) for non-accountancy firm within the UK jurisdiction? Or I might misunderstood the statement related about “principal” is linked to accountancy firms only?

Highly appreciate your kind response and help

Regards,
Sim

 

[numbersrule]

Hi Sim
My interpretation of the ACCA Definition of a Principal with respect to the need for a Practice Certificate is that ACCA mean a Principal of an Accountancy Business.

I believe you are entitled to prepare Accounts for your own Non-Accountancy Businesses where you are Director without needing a Practice Certificate.

 

[Simran Kaur2]

Hi there,
Thank you I understood it now.
But, May I ask regarding the company where I run together with one of my friends, as she also hold shares ownership in the company (we both shareholders and I am the director), in a Ltd property company?

Any of my responsibilities like processing payments and giving personal guarantees for the mortgage of the property, is there possible restriction for that?

We do hire have external accountant who look after tax and company yearly accounts for this company (only the one with my friends).

Appreciated your help

Regards
Sim

 

[MyAccountantOnline]

Hi all,
First, i would like to apologies if the similar question has been asked before. Im ACCA active member (without practice certificate) and running side businesses under limited companies mainly in construction, building, property investment company (SPV) and development company.

In each of these companies, Im acting as only director as well as shareholder (one of those companies have other friend join as shareholder but remaining is just me).
At one side, I work in industry as accountant for couple of years now.

Earlier, I have questioned regarding opening accountancy firms in other thread. But my current concern is regarding my ACCA membership as well as my role in multiple limited companies, before I obtain my practicing certificate.

I came across ACCA article explaining about public practice and term “principal”

I am aware for running accountancy and related financial firm, I may need practice certificate, but what about for non-accountancy firms like the one I have (listed above)?

I believe none of those companies provide any services related to accounting/tax/audit.
My final question is, can an ACCA member (without practice certification) own multiple limited companies and be as director as well as shareholder (majority) for non-accountancy firm within the UK jurisdiction? Or I might misunderstood the statement related about “principal” is linked to accountancy firms only?

Highly appreciate your kind response and help

Regards,
Sim

You dont have a to have an ACCA practising certificate to act as a director in a construction/development company.

Have a read here

 

[MyAccountantOnline]

...

Any of my responsibilities like processing payments and giving personal guarantees for the mortgage of the property, is there possible restriction for that?

...

You really do need to read the ACCA guidance its all here

https://www.accaglobal.com/content/...mbers-in-practice/Am-I-In-Public-Practice.pdf

 

[Simran Kaur2]

You dont have a to have an ACCA practising certificate to act as a director in a construction/development company.

Hi,
That’s exactly the articles I have been gone through the past few days.
As it mentioned there about “principal”, “holding less than 5% shares” and so on made me confused. As per my

Is it entirely only for the accountancy firms and doesn’t apply to non-accountancy firms? Even though I have my roles as director and shareholder (either just me or with other shareholders too)?

 

[MyAccountantOnline]

Hi,
That’s exactly the articles I have been gone through the past few days.
As it mentioned there about “principal”, “holding less than 5% shares” and so on made me confused. As per my

Is it entirely only for the accountancy firms and doesn’t apply to non-accountancy firms? Even though I have my roles as director and shareholder (either just me or with other shareholders too)?

The factsheet I sent you a link to starts off with a definition of public practice and a section headed 'Am I in public practice' did you read that?

 

[Simran Kaur2]

Yes, that was the exact file I have read from past few days.
It entirely mentioned about accounting and finance services.
However, if the situation is I be a director and shareholder in a company with multiple shareholders, does it still count for practicing? As I do not prepare for company accounts for this one company where there are other shareholders involved.

 

[MyAccountantOnline]

Yes, that was the exact file I have read from past few days.
It entirely mentioned about accounting and finance services.
However, if the situation is I be a director and shareholder in a company with multiple shareholders, does it still count for practicing? As I do not prepare for company accounts for this one company where there are other shareholders involved.

If your work doesnt fall within the definition of public practice you dont need a practising certificate but copy and pasting the guidance it does state (my highlighting)

.....You are encouraged to contact ACCA if you are unsure about the requirements in a given situation and, having discussed the circumstances frankly, you must act with integrity to take the appropriate action. In some cases, members may wish to hold a practising certificate or seek registration as a ‘protective’ measure. Others may wish to do so despite the fact that the work they undertake falls outside the definition of public practice because they wish to describe themselves (or their firms) as ‘Chartered Certified Accountants’ or use a similar description.

 

[Bobbo]

Is it entirely only for the accountancy firms and doesn’t apply to non-accountancy firms?

YES!

That is the point that people have been making on both this and the other forum you've posted on.