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Level 3 Computerises Results - Next Steps?

  • Fellow PM.Dip
  • Practice Licence
  • 186 posts
  • # 80685

Just checked online & my results are in....somehow I feel a little disappointed with my results which I know I shouldn't be as they are a merit, 94%....yet I know I should be delighted as I passed! I guess I'm a bit of a perfectionist but also I would be good to know where I went wrong - has anyone requested the paid feedback in the past & if so, did you think it was worth the £25?
On a positive note I have just upgraded my membership to Smile & once I get some PI insurance I can apply for my practice license.

My questions are:

- Apart from Trafalgar, does anyone have any other recommendations for PI insurance?

- On previous threads, I know I can claim for the training I have done so far as it is enabling me to set up my business - what about my upgraded membership? Can I claim that as in "theory" you don't have to be a member of an institution (as per previous threads) to practice bookkeeping so my assumption now would be I can claim for my membership costs, practice licens & PI Insurance plus any future set-up costs such as stationery, business cards, marketing etc. etc. - is this correct?

Thanks in advance & happy Friday everyone!

Jo

  • 82 posts
  • # 80687

Hi Jo,

You cannot claim for training if the training is providing new skills, you are allowed to claim for it if it is providing continuous professional development, or is building on skills you already possess. There was another thread where this was debated at length. I went to one of the courses un by the HMRC and asked for advice on this the other week, and she said that I could have a case for claiming back the training expenses for level III as it is building on skills I already had, but that I would not be able to claim for the other training that added new skills (I joined the ICB from a completely different field of work and had no bookkeeping experience at all - if you were already in this field of work, you could argue that as you already had experience it is all building on knowledge you already had). She suggested sending in a letter quoting the relevant HMRC guidelines aorund what is acceptable to claim as training costs, and say that you think you are able to claim, are the HMRC in agreement.

You are able to claim for the rest of the things you have mentioned - membership, practice licence, PI insurance, stationery etc.

I am waiting now for someone to pounce on me and say I have got this wrong, but this is what I think anyway!

Cheryl

  • Fellow PM.Dip
  • Practice Licence
  • 186 posts
  • # 80688

Thanks Cheryl, will take a look at the HMRC site - we ate becoming quite good friends recently!!!

I'm not from a bookkeeping background either so now comes the scary part of trying to make a living at this as I'm currently not working - gulp!!

How long have you been in practice & how are you finding it? Quite daunted by some of the pothat saying they've been in business 8+ months & still no clients 😒 

Who have you got your PI Insurance through & what amount did you first insure yourself for?

Thanks again for your reply,
Jo


 

  • Member PM.Dip
  • Practice Licence
  • 30 posts
  • # 81374

Jo Gsaid:

“Just checked online & my results are in....somehow I feel a little disappointed with my results which I know I shouldn't be as they are a merit, 94%....yet I know I should be delighted as I passed! I guess I'm a bit of a perfectionist but also I would be good to know where I went wrong - has anyone requested the paid feedback in the past & if so, did you think it was worth the £25?
On a positive note I have just upgraded my membership to Smile & once I get some PI insurance I can apply for my practice license.

My questions are:

- Apart from Trafalgar, does anyone have any other recommendations for PI insurance?

- On previous threads, I know I can claim for the training I have done so far as it is enabling me to set up my business - what about my upgraded membership? Can I claim that as in "theory" you don't have to be a member of an institution (as per previous threads) to practice bookkeeping so my assumption now would be I can claim for my membership costs, practice licens & PI Insurance plus any future set-up costs such as stationery, business cards, marketing etc. etc. - is this correct?

Thanks in advance & happy Friday everyone!

Jo”


Jo congratulations.  I am just like you too.  I do not know why they do not tell us what we did wrong (without needing to pay a fee for that) .  We all want to be professionals, and therefore being able to correct our mistakes, otherwise we wil be doing the same mistake again and again... which does not go in line with the essence of ICB (in my opinion).  I think paying £25.00 to check the marking, is a bit too much expensive if we are to apply this for all the exams!  Lucky those who get 100% as this way they know that they know all the points asked on the exam, otherwise uncertainty remains...

I am just sending this note because I would like to ask you if you would be able to send me any mock exams you might have for level 3 exams?  I know they are £5.00 each on the shopping basket, but if you could share yours with me, I would very muiuch appreciated.


As after all, every little helps... :-)

Many thanks
Garmen

  • 11 posts
  • # 81378

HI Jo G - I know exactly how you feel - just got my results, 90% - and I would like to know where I fell short.  On the other hand I am so glad that I have passed, I probably won't pursue it.


It might me usefull if ICB could issue a list of common mistakes or something.    

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