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Hi all
This seems to come up time and again hopefully this outline will give members an understanding. What is written below applies only to your ICB practice licence if you are a member of another professional body e.g. the IFA their practice licence may cover you carry other services that compliment your ICB practice licence.
Getting right the limits of what you can and cant do is very important for two reasons. Firstly your PI insurance may become invalid if you carry out duties not within the scope of your practice licence and secondly it is against you professional conduct regulations of the ICB.
In order to carry out Payroll and Self Assessment you must have passed the exams AND paid the ICB for your upgrade otherwise you are qualified having passed the exams but as you do not have the backup the ICB technical support until you pay for the upgrade those items are NOT added to your practice licence.
Definition’s
Bookkeeping to Trial Balance is recording all transactions within the various ledgers. All reports not generated from the Trial balance is not considered to exceed the bookkeeping to Trial Balance (e.g. Aged Debtors, Aged Creditors bank reports.)
Producing reports from the Trial balance is exceeding Bookkeeping to Trial Balance (e.g. Income and Expense statements, Profit and Loss and balance sheet.)
Draft Accounts are final accounts that are not signed by the directors of the company and may the subject to adjustment and change.
AICB
- Can carry out bookkeeping to Trial Balance on all business entities (Sole Traders, Partnerships and Limited Companies)
- Can produce and file VAT returns
- Can produce final accounts for a sole traders
- Can carry out credit control on behalf of clients for all business entities
- Can Produce cash flow forecasts for all business entities
If you have passed the Self Assessment Exam and upgraded your membership in addition to the final accounts you can also do their self assessment tax return.
AICB PM.dip
- Can do all the above and in addition can calculate payroll’s and file the various payroll returns
MICB
- Can do everything an AICB can do (Payroll and Self assessment Caveats apply)
- Can produce a Fixed Asset register
- Can prepare draft final accounts for Limited companies and partnerships.
Personally this whole draft final accounts area is the pointless bit as far as I can see basically we can prepare the accounts but we cannot submit them to companies house or HMRC. As most accountants have specialist software for producing final accounts they want the TB from bookkeepers with supporting evidence.
I think it would be far better worded can produce basic management accounts (i.e. produce a Profit & Loss Statement and Balance sheet) for clients and produce balance sheet control accounts for use by the companies accountants.
MICB PM.dip
- Can do all the above and in addition can calculate payroll’s and file the various payroll returns
Level 4
- Can do everything an AICB and MICB can (Payroll and Self assessment Caveats apply)
- Can produce full management accounts for clients
- Can file final accounts for Limited companies and partnerships
- Can produce company and personal tax computations.
The above is my understanding if anyone has a different interpretation then please add your thoughts.
Please restrict your thoughts as to what we currently should be doing rather than what you think we should be allowed to do. I will remove any posts I believe are taking us off topic.
Kind regards
Stuart
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