Can I become a chartered accountant?
Can I become a chartered accountant? I’m currently in college and study in London and I was wondering how hard it ’ll be for me to become a chartered accountant. I achieved an A in maths at secondary school and good grades with English just enough for me to get into college. However in college I decided not to study Maths but take Economics, English and Accounting. My grades weren’t good for my first year (with my social life I messed up big time) but I ’ve stepped it up in the second with retakes. At University, I want to study a foundation degree in accounting first then when I ’ve completed that I’ll be able to get a proper degree at London South bank University. After that with a bit of experience, do you think I can achieve my goal of becoming a chartered accountant by taking the longer route of a foundation degree? Thanks in advance.
Financial Services - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
that is a long way ! speak to the AAT im doing that course in college
Answer 2 :
Yes of course you can, with a lot of hard work
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Sunday, August 28, 2011
Sunday, August 14, 2011
Being a qualified accountant (FCMA) from overseas, can I practise in UK and use the FCMA designation ? ?
Being a qualified accountant (FCMA) from overseas, can I practise in UK and use the FCMA designation ? ?
I am a qualified accountant (FCMA) from an overseas accountancy body which a member of IFAC - International Federation of Accountants. For last 15 years I am living in UK and held senior position in various companies in the accounting field. Now, I am planning to set up a practise and would use the designation FCMA. Since the same designation FCMA is also offered by CIMA in UK, is there any issue for me to use the designation FCMA ?
United Kingdom - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You can only use FCMA after your name in the UK if you are a fellow and CIMA qualified or have exemptions through mutual recognition.
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I am a qualified accountant (FCMA) from an overseas accountancy body which a member of IFAC - International Federation of Accountants. For last 15 years I am living in UK and held senior position in various companies in the accounting field. Now, I am planning to set up a practise and would use the designation FCMA. Since the same designation FCMA is also offered by CIMA in UK, is there any issue for me to use the designation FCMA ?
United Kingdom - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You can only use FCMA after your name in the UK if you are a fellow and CIMA qualified or have exemptions through mutual recognition.
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Sunday, August 7, 2011
Can an accountant help my taxes?
Can an accountant help my taxes?
Basically, I want to start a business, but I want to make it as easy as possible. If I put aside 20% of my profits for the past year, plus 20% for the next year towards taxes, I should have enough to cover all taxes unless the business does really well, in which case it won't be a problem. What I want to know is this: If I save all my receipts, invoices etc etc, and give them all to an accountant at the end of my tax year, will they be able to sort everything out for me and tell me when to pay and how much? Basically I just want somebody to tell me how much and when to pay, then I can get what is needed out of a seperate bank account which will hold the money I put aside. Is this the way it works? Is it a good system? Usually I would insist on trying to figure all this out myself, but on this occation I must admit defeat. Just too complicated. If I could make a one-off payment once a year that would suit me fiiiiiiine. Please help. Thanks. Also, how much does a good accountant cost and how long would it usually take for them to sort out a full years papers for me?
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, you do need to keep all yur invoices and receipts. If you just handed that lot to an accountant, s/he could sort it all out for you, but it would cost more than if you did your own book keeping. Simple accounts with all the book keeping done, banks reconciled and so on would be about £400, but accounts where the accountant has to do all the work could be double. How will you know how well the business is doing unless yu keep records and produce management accounts on a regular basis?
Answer 2 :
An accountant is likely to save you more money than he costs, at least to start with. He will also prevent you making expensive mistakes resulting in Revenue financial penalties Don't forget self-employed people also have to pay NIC both Class 2 (weekly) and Class 4 (depending on profit levels). Look at http://www.hmrc.gov.uk/rates . You can make payments when you like, as long as it is in advance. Late payments attract a commercial rate of interest.
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Basically, I want to start a business, but I want to make it as easy as possible. If I put aside 20% of my profits for the past year, plus 20% for the next year towards taxes, I should have enough to cover all taxes unless the business does really well, in which case it won't be a problem. What I want to know is this: If I save all my receipts, invoices etc etc, and give them all to an accountant at the end of my tax year, will they be able to sort everything out for me and tell me when to pay and how much? Basically I just want somebody to tell me how much and when to pay, then I can get what is needed out of a seperate bank account which will hold the money I put aside. Is this the way it works? Is it a good system? Usually I would insist on trying to figure all this out myself, but on this occation I must admit defeat. Just too complicated. If I could make a one-off payment once a year that would suit me fiiiiiiine. Please help. Thanks. Also, how much does a good accountant cost and how long would it usually take for them to sort out a full years papers for me?
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Yes, you do need to keep all yur invoices and receipts. If you just handed that lot to an accountant, s/he could sort it all out for you, but it would cost more than if you did your own book keeping. Simple accounts with all the book keeping done, banks reconciled and so on would be about £400, but accounts where the accountant has to do all the work could be double. How will you know how well the business is doing unless yu keep records and produce management accounts on a regular basis?
Answer 2 :
An accountant is likely to save you more money than he costs, at least to start with. He will also prevent you making expensive mistakes resulting in Revenue financial penalties Don't forget self-employed people also have to pay NIC both Class 2 (weekly) and Class 4 (depending on profit levels). Look at http://www.hmrc.gov.uk/rates . You can make payments when you like, as long as it is in advance. Late payments attract a commercial rate of interest.
Read more other entries :
Monday, August 1, 2011
Is my accountant responsible?
Is my accountant responsible?
I am a truck driver. When I started working as such, I had to incorporate as this is what most transport companies ask their truck drivers to do. This way I worked as a self employed truck driver providing transport services. Lately I had an audit from Revenu Quebec and I was told that I was not an "active business" but a "personal services business" which placed my company in a different position. For the 4 audited years Revenu Quebec did not accept about 30 000$ expenses of my company. Now, for this amount of 30 000 not accepted, I have to pay 28 000 $ in taxes (together with the interest and the penalties). When I incorporated and during the years I worked as a truck driver I had no idea that there was a difference between "active business" and "personal services business". I hired an accountant to do my bookkeeping. I suppose he had to know how to do my tax filing legally and he had to make the difference between the business types and do my taxes accordingly. I did not hide a penny and declared ALL my incomes. The problem comes from the differentiation between businesses. I know that I am the only one responsible for my taxes. My question is : What is the responsibility of the accountant in a case like this? Thank you.
Other - Taxes - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The accountant may well have a responsibility for the penalty and interest you are required to pay. You may wish to sue him for the entire amount hoping that his errors and omissions insurance may cover both the tax and the penalties.
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I am a truck driver. When I started working as such, I had to incorporate as this is what most transport companies ask their truck drivers to do. This way I worked as a self employed truck driver providing transport services. Lately I had an audit from Revenu Quebec and I was told that I was not an "active business" but a "personal services business" which placed my company in a different position. For the 4 audited years Revenu Quebec did not accept about 30 000$ expenses of my company. Now, for this amount of 30 000 not accepted, I have to pay 28 000 $ in taxes (together with the interest and the penalties). When I incorporated and during the years I worked as a truck driver I had no idea that there was a difference between "active business" and "personal services business". I hired an accountant to do my bookkeeping. I suppose he had to know how to do my tax filing legally and he had to make the difference between the business types and do my taxes accordingly. I did not hide a penny and declared ALL my incomes. The problem comes from the differentiation between businesses. I know that I am the only one responsible for my taxes. My question is : What is the responsibility of the accountant in a case like this? Thank you.
Other - Taxes - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The accountant may well have a responsibility for the penalty and interest you are required to pay. You may wish to sue him for the entire amount hoping that his errors and omissions insurance may cover both the tax and the penalties.
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