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Limited Companies

  • 16 posts
  • # 79927

I have my own business and up to now have only dealt with small accounts that are sole raders, one VAT registers and one not. I have been asked by a small company if |I could do their books as they dont have the time but they are a Limited company which deals with Shares and Dividends instead of proper wages. I dont want to turn down the work and he only wants me to keep the books up to date manually but I am worried that it may be something I am not trained in or not able to do. Is a limited comapny a lot different than sole trader companies. Urgent reply needed. I am seeing this person on Tuesday and need to know what to look for
  • 82 posts
  • # 79946

Hi Lynne,

Have you passed your level III bookkeeping exams? I am pretty sure you can only do the books for limited companies (up to *draft final accounts) once you have passed your level III exams otherwise you will not be covered for this under your practice licence. The level III manual bookkeeping course covers the treatment of dividends and shares.

*edited as this said trial balance - not what I meant to write at all!

Edited at 23 Feb 2012 12:39 PM GMT
LouP
  • Member
  • Practice Licence
  • 128 posts
  • # 79947

Hi LynneA

I asked a similar question a while back - the responses may be useful.

http://www.bookkeepers.org.uk/Forum/Thread.aspx?type=&cid=0&tid=82905&lp=75221&page=1&sort=

Lou 
gigagirl
  • 220 posts
  • # 79950

Hi Lynne

I would call the ICB just for clarification but I'm sure that you can do up to TB as level 2 for Ltd companies.  I was told this by ICB, and I hope it's true coz I do up to TB for 3 ltd companies now.  All I do is make sure that they understand what my limitations are, and I insist that they have an accountant in place.  If they don't have one already, I recommend my own accountant who is FCCA and a real professional.  All 3 of my ltd companies are now using both myself and my accountant too.
  • 16 posts
  • # 79951

Thanks for reply, I phoned ICB and got the same reply, tried Level III but failed twice, just to complicated for me, thanks anyway, have recommend he get someone better qualified
  • 82 posts
  • # 79956

Gigagirl - Sorry, I have edited my original post, ! I meant to write draft final accounts - I knew what I meant even if I wrote something completely different!
  • 698 posts
  • # 80396

Deall all

As an AICB for can carry out the bookkeeping for Sole Traders, Partnerships and Limited companies upto trial balance.

Kind regards
Stuart

  • Forum Moderator, South East & Greater London Regional Chairman

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