The Book-keepers Forum (BKF)

Post Info TOPIC: MLO fee - do I have to pay as an ACCA member?


Member

Status: Offline
Posts: 22
Date:
MLO fee - do I have to pay as an ACCA member?


Hi there. Thought I had posted this earlier but I did not - apologies if it posts twice. I am an ACCA member and have the relevant experience to gain my PC. I am only looking to set up as a bookkeeper for the time being but wanted peoples thoughts on getting the PC so I can avoid the Hmrc fees for the Money laundering registration (as I believe ACCA would be a supervisory body if I have the pc) Please correct me if I am wrong My main issue is how can I get the pc without arousing my managers suspicions that I am looking to leave the business? I am not and I am able to have a side business as long as it does not clash with the main employment. But I still want to avoid any issues my manager may feel. Any thoughts? Thank you all

__________________

Ally



Forum Moderator & Expert

Status: Offline
Posts: 11646
Date:

Ally2019 wrote:

Hi there. Thought I had posted this earlier but I did not - apologies if it posts twice. I am an ACCA member and have the relevant experience to gain my PC. I am only looking to set up as a bookkeeper for the time being but wanted peoples thoughts on getting the PC so I can avoid the Hmrc fees for the Money laundering registration (as I believe ACCA would be a supervisory body if I have the pc) Please correct me if I am wrong My main issue is how can I get the pc without arousing my managers suspicions that I am looking to leave the business? I am not and I am able to have a side business as long as it does not clash with the main employment. But I still want to avoid any issues my manager may feel. Any thoughts? Thank you all


Hi Ally,

Correct, ACCA PC overrides HMRC.

Once a practicing member you end up with a mark against your name so cannot avoid being seen however, your go to response should be that you are preparing to be made a partner now that you are qualified and you know that to be a partner in a practice you need a practice certificate... Sorted biggrin

Good luck. make sure that you photocopy everything before sending it to the ACCA. I hit a snag where the person dealing with my case went on maternity.

all the best,

Shaun.                                

 



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Your earlier post suggested your experience we not enough so I take it your current boss is able to sign off your experience.

Either way go ACCA, it's cheaper than HMRC, much less hassle than HMRC and one less thing you have to deal with the dreadful HMRC for. Besides surely if you can get a PC with ACCA then you get one for the better reasons than the ones given above.

Plus are also then able to do more income generating work than bookkeeping.



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Member

Status: Offline
Posts: 22
Date:

Thank you both. I do have the experience to get the PC signed off. The main issue is my lack of confidence (a whole other issue) and as I am naturally a nervous and shy person, this is the reason I am worried about approaching this with my manager. The worry I want to leave May cross his mind! But definitely much cheaper - and less hassle to do this then going through Hmrc. I think I would like to stick to bookkeeping initially even with the PC. Just because I have the experience, I do not feel confident to start off with that to begin with. But that could be me overthinking things rather than being business savvy! Thank you guys.

__________________

Ally



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Crossed in the posting Shaun hon.

That's good news Ally.

Overthinking can get you out of some tight spots in this game. But you will have to toughen up winkas once you start getting the self employed/business owners on your books you will find that you have to reign them in like a bunch of 5year olds after a sugar fuelled birthday party.

Sure you will be ok once you get started. Don't take too many bookkeeping clients on otherwise you will have major problems upping your prices to chartered accountancy levels. Unless of course you want to just buy my practice cos after today I've changed my mind again and want out of this game!!!



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

Status: Offline
Posts: 11646
Date:

Cheshire wrote:

Crossed in the posting Shaun hon.

That's good news Ally.

Overthinking can get you out of some tight spots in this game. But you will have to toughen up winkas once you start getting the self employed/business owners on your books you will find that you have to reign them in like a bunch of 5year olds after a sugar fuelled birthday party.

Sure you will be ok once you get started. Don't take too many bookkeeping clients on otherwise you will have major problems upping your prices to chartered accountancy levels. Unless of course you want to just buy my practice cos after today I've changed my mind again and want out of this game!!!


 

No probs babs

For training business owners I find a car battery and pair of jump leads to be particularly effective  for making them remember the dcumentation that they need to give you biggrin

Reading your last line I'm taking it that your car battery went flat yesterday!

I'm prefering life back on the corporate side but that has its frustrations as well... If I hear "but its always been done that way" one more bloody time I'm going postal.



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 7644
Date:

I had a major stroppy meltdown the last time I heard those 'but its always been done that way' words last time they were said to me - about 2 months ago! I said 'but you only started doing this xyz 2 years ago, so you didnt do it that way before you started doing it that way did you?' and went on to cite about 20 other things they have started doing in the last x months......not heard that phrase since (yet!)

Yep flat battery should hopefully be recharged tomorrow and my car boot refilled with jump leads as the old ones have burnt out and are in the crystal ball shed (I had to buy a new one of those as well!)

I dont want to go back to corporate neither. The one who is still left there is desperate for a package to help her escape and more of it seems to be being shipped to India!!!

I can retire soon anyway!!!!!!! (early obviously!!!!!!!!!!!!)

So glad I didnt get into this game at 16 like I originally wanted to!!

Right - bed!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Should've stayed in bed, arrived at clients 7am, still sitting in my car waiting at 7.17!!



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

Status: Offline
Posts: 11646
Date:

Cheshire wrote:

I had a major stroppy meltdown the last time I heard those 'but its always been done that way' words last time they were said to me - about 2 months ago! I said 'but you only started doing this xyz 2 years ago, so you didnt do it that way before you started doing it that way did you?' and went on to cite about 20 other things they have started doing in the last x months......not heard that phrase since (yet!)

Yep flat battery should hopefully be recharged tomorrow and my car boot refilled with jump leads as the old ones have burnt out and are in the crystal ball shed (I had to buy a new one of those as well!)

I dont want to go back to corporate neither. The one who is still left there is desperate for a package to help her escape and more of it seems to be being shipped to India!!!

I can retire soon anyway!!!!!!! (early obviously!!!!!!!!!!!!)

So glad I didnt get into this game at 16 like I originally wanted to!!

Right - bed!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Crystal balls... Typical... We take you out of banking and your still thinking about Futures! Hope that you didn't try to get any capital allowances on the Crystal Ball shed!!!

On the flipp side of the senternce about the paths taken at 16 if you had gone down this path first you wouldn't have been able to look at the silliness as objetively as you do so would not have known how wrong this is in so many ways.

Lol, not so much a case of the grass is greener on the other side of the fence but rather, it's just as shitty brown there as it is here.

You would get bored being a woman wot lunches. Give you a week and you would have another business started.

... Mmm... I keep forgetting that at some stage we're allowed to retire! Seems that option isn't really applicable to those who work for themselves.

 



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 2975
Date:

Shamus wrote:
... Mmm... I keep forgetting that at some stage we're allowed to retire! Seems that option isn't really applicable to those who work for themselves.

I can currently retire when I get to the grand old age of 89 and 3/4   (with apologies to Adrian Mole) 



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Nightmare!!!!!!!! on elm Street

__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Senior Member

Status: Offline
Posts: 144
Date:

edited.wrong thread. screen bounce



-- Edited by Casu on Friday 21st of June 2019 06:18:08 PM



-- Edited by Casu on Friday 21st of June 2019 06:18:49 PM

__________________


Member

Status: Offline
Posts: 22
Date:

Hi all. Happy Friday! Hope you guys are well.
I approached my manager about the PC - explained that although we dont work in a practice, the corporate environment had been a good sound board etc. He did query my personal plans (about wanting to leave) but I was honest and upfront that this is my personal
Ambition and will not clash with my work (in accordance to my contract)

In all honesty, I do not think he was impressed! Maybe doubts my plans? Then he saw that ACCA will need to contact his accounting body if he is not ACCA (he is ACA) He said he will review it all and get back to me.

Can he say no? Shall I word it differently when I speak to him next? Am I overthinking things?
Apologies for going on. Well aware this may not be the right forum to go on about my issues but you guys are way more savvy about this (also my husband who is completely non-finance related, told me I should have lied and said I need it as part of my ACCA) Yes- he was only partly joking!

__________________

Ally



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Shamus wrote:
Cheshire wrote:

 


Crystal balls... Typical... We take you out of banking and your still thinking about Futures! Hope that you didn't try to get any capital allowances on the Crystal Ball shed!!!

On the flipp side of the senternce about the paths taken at 16 if you had gone down this path first you wouldn't have been able to look at the silliness as objetively as you do so would not have known how wrong this is in so many ways.

Lol, not so much a case of the grass is greener on the other side of the fence but rather, it's just as shitty brown there as it is here.

You would get bored being a woman wot lunches. Give you a week and you would have another business started.

... Mmm... I keep forgetting that at some stage we're allowed to retire! Seems that option isn't really applicable to those who work for themselves.

 


 Oops, don't know how but I missed this post.

I don't even do ladies wot lunch anymore, it's ladies wot go out in the evening!! We also had to own up to one of the husbands that we have more than just coffee!! He long suspected, but could never prove his theory.

Plus, I can now finally officially take a (obviously very very early) pension, as of today.



-- Edited by Cheshire on Friday 21st of June 2019 11:13:28 PM

__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Forum Moderator & Expert

Status: Offline
Posts: 11646
Date:

Hi Ally,

in order to sign off at least 4620 hours done over a minimum of three years the practice must be registered as a ACCA practice certificate training provider. If he has registered as a training provider and he is not training anyone then contact the ACCA to discuss this and they would have words with him.

If he is not registered as an ACCA approved practice certificate training provider then he cannot sign off your PCTR.

Do you already have all of your documentation filled out in six month intervals over a period of three years ready for the practice principle to sign?

The ACCA will go through every item on the PCTR to confirm that there is sufficient evidence to merit the sign off of that element of competence so be prepared to reword, get it resigned and resubmitted.

My first knock back was that I did not realise that the five mandatory elements in section 1 (professional conduct) needed to be signed off in every half year cycle. I had assumed that once they had been signed off in one then I was covered for all of the others and didn't need to remention them (I was wrong). Just one for you to watch out for.

As for it not being the right forum... The forum is owned by a chartered practice. The moderator (me) is an FCCA, and we have a number of ACCA, ACA and CIMA members so don't let the name of the site put you off.

Good luck Ally,

all the best,

Shaun.

 



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

Status: Offline
Posts: 2975
Date:

Cheshire wrote:
Plus, I can now finally officially take a (obviously very very early) pension, as of today.

_______________________________________________________________________________________________________________

Belated happy birthday!  

A mate of mine recently cashed in his pension from when he worked in a railway engineering works in his late teens/early twenties.  Been pretty much s/e since with no pension provision so was highly pleased when he got just short of 25k (before tax), having expected somewhere around £10-£12k



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

Status: Offline
Posts: 7644
Date:

Leger wrote:
Cheshire wrote:
Plus, I can now finally officially take a (obviously very very early) pension, as of today.

_______________________________________________________________________________________________________________

Belated happy birthday!  

A mate of mine recently cashed in his pension from when he worked in a railway engineering works in his late teens/early twenties.  Been pretty much s/e since with no pension provision so was highly pleased when he got just short of 25k (before tax), having expected somewhere around £10-£12k


Belated thank you John. biggrinbiggrin

I havent even had a prediction on mine yet, need to work out what I should be doing!

I know a couple of folk with no pension provision, must admit that would be pretty scary now, but seemed a million miles off when mine was first set up.

 



__________________

Joanne  

Fallows Hall Ltd 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Guru

Status: Offline
Posts: 706
Date:

Shamus wrote:

The moderator (me) is an FCCA

 


Congratulations Shaun.  I remember how hard you worked and the hoops you had to jump through to become ACCA.  It also goes to show how long I have been away. 

 



__________________


Frauke
BKN Book-keeper of the year 2011

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  

©2007-2019 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: info@bookcert.co.uk.

Privacy & Cookie Policy  About