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Joining ICB

  • 1 post
  • # 92779

Hello all,

Firstly, thanks for reading and any comments or advice are appreciated.

So a little about me; I am currently working as a contractor at a bank dealing with customer complaints. I have until now been working through an umbrella company (basically the bank pays a company who pays the umbrella company who pays me, so I can be classed as employed for tax purposes) but have recently formed my own Ltd company. So I will be invoicing the company directly for my services and will have no involvement with the umbrella company from now on.

Now as a company director I will have certain obligations, end of year accounts, profit and loss statements, tax obligations, VAT registration possibly. I have started learning about this through self-study, my ambition is that I will be able to do all of the things that I am required to do by myself without hiring an accountant, which is partly the reason I would like to join ICB: to attain knowledge and a qualification to go with it.

So my questions are: will joining the ICB (and gaining the qualifications) give me the knowledge I need to do all of the things I need to do as a company director and self employed contractor? What is the quickest way I can gain the qualifications? I would prefer self study, purely because I learn at my own pace (sometimes faster, sometimes slower) and it is usually cheaper. Are there books available for self study that cover the syllabus at a resonable cost?

I have wanted to be an accountant since my university days, which finished 3 years ago, but after meeting a lot of other contractors that pay their accountants to do the things they do, it has given me an ambition to start up a company that will do these things for them. Will I be able to do all of these things by joining the ICB?

I hope I have written this clearly, and that you understand where I am and what I want from joining the ICB (if possible), any advice is very welcome. Thank you.

  • Accredited Training Provider
  • 413 posts
  • # 92780

Hi,

Firstly, welcome to the ICB forum, where I’m sure you’ll find lots of useful information and guidance.

The ICB qualifications up to Level II will certainly give you the knowledge and understanding of the completion of final accounts, including P & L account and Balance Sheet, VAT registration and much more. As well as the bookkeeping side you may wish to also consider the Self-Assessment Taxation qualification, which will help you stay on the correct side of the taxman.

All these qualifications can be completed self-study and ICB have a series of textbooks that can be supplied without any tutorial support. If you feel you might benefit from the support aspect there are many colleges with home study options available. Being home study you should be in complete control of the pace of study so this needn’t be a barrier to completing the qualifications quickly. You’ll get a full list of providers at the following link: http://www.bookkeepers.org.uk/where_to_study/distance_learning

With
regard to the exams, these are completed on an on-demand basis so there is no sitting around waiting for specific exam dates.

I wish you all the very best with your new venture and hope that everything works out for you.

Kind regards

  • Accredited Training Provider
  • 115 posts
  • # 92782

Hi Spurs

Any reference to a football team?

The question you asked: "will joining the ICB (and gaining the qualifications) give me the knowledge I need to do all of the things I need to do as a company director and self employed contractor? "  

The ICB syllabus covers the bookkeeping requirements and procedures for Ltd Companies, but not the ins and outs, rules, procedures and obligations for a company director and self employed contractor. 

BR
Gary     

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