MyCIMA

Preparing & Submitting Company Year End Accounts

Posted: Friday 06 January 2012 by Derren Nuttall
Replies : 6
Keywords: Company Year End Accounts & Tax Returns

I have been trying to find out if legal i am allowed to prepare & submit Company Tax Retuns & Year end accounts if i am studying towards CIMA.

I am thinking of becoming self employsed offering these services along with bookkeeping/payroll and i was under the impression i could, but the information i am finding suggests i need to be studying towards a different qualification. 

Please can anyone with some knowledge shed any light on to this for me?

 

Kind regards,

 

Derren

Good question

Posted by MSB on Sunday 08 January 2012 17:43

This is something I am also considering and have the same impression of after reading some thing on the net. Would someone from CIMA be able to advise?

Accounts and Tax

Posted by NeilH on Monday 09 January 2012 12:50

Hi

The only areas of accountancy that have statutory regulation are statutory audit, insolvency and financial services. Anyone (qualified or not) may prepare company accounts and tax returns. However, professional bodies may have regulations that effect what members can and can’t do.

"Signing off" accounts is often mentioned, but in the case of a company it is the directors who are ultimately responsible for the accounts and it is they who sign the accounts and tax. If a statutory audit is required then auditors will have to prepare and sign an audit report, but this is a separate task to preparing the accounts – in the company I work for I prepare the accounts and the auditors prepare their report. Also, the firm preparing non-audited financial statements will usually include an accountant's report to say that the accounts are prepared in line with proper procedure etc. Some third parties (banks etc) may require this and place reliance upon it, but the entity remains ultimately responsible for its own accounts and the accountant's report is really indemnifying the accountant.

Neil

Thanks for reply

Posted by Derren Nuttall on Monday 09 January 2012 17:56

Hi Neil,

 

Many thanks for the reply as it has helped imensly, so basically provided i am producing non-audited financial accounts then it shouldnt be a problem preparing them for clients provided i include an acocuntants report.

 You have been a great help.

 

Many thanks

Derren

MiP

Posted by B on Monday 09 January 2012 23:39

As a member you would need to register as member in practice and have professional indemnity insurance. You may need to check the position for students.

AAT Qualified

Posted by Derren Nuttall on Tuesday 10 January 2012 18:03

I am currently AAT qualified & studying towards my CIMA qualification. So will have a look into the professional indemnity insurance & registering thanks for the info.

 

Derren

MiP

Posted by NeilH on Wednesday 11 January 2012 12:03

Hi

When I was a student member and looking at self employment, CIMA informed me I would be able to perform the work but not in anyway refer to my CIMA status. You may want to get confirmation from them.

Also, you need to look at registering under money laundering regulations. CIMA members are covered by virtue of their CIMA membership but I don't think this includes students. If you are an AAT member, you need to comply with their MiP regs also.

Neil