Best Of
Re: How to get in the door?
Hi Monstro,
I worked as a Bingo hall Manager and was in this industry for 14 years. Then I decided to change to accountancy.
I volunteered a few mornings per week at a mental health charity on their accounts. Four months into this, I went for my first accountancy-related interview and landed the job.
Try asking credit unions or any non-for-profit organisations if you are able to come in for a few hours a week (you can then ask to volunteer more often), to shadow staff and get some insight and experience.
I wish you all the luck in the world :-)
I worked as a Bingo hall Manager and was in this industry for 14 years. Then I decided to change to accountancy.
I volunteered a few mornings per week at a mental health charity on their accounts. Four months into this, I went for my first accountancy-related interview and landed the job.
Try asking credit unions or any non-for-profit organisations if you are able to come in for a few hours a week (you can then ask to volunteer more often), to shadow staff and get some insight and experience.
I wish you all the luck in the world :-)
Re: AAT Practice Exam 2, Task 5
The Property Allowance is claimable against total property income, so the actual expenses here are £500 + £1,170 and therefore more than the £1,000 allowance.
Mary could still have elected for partial relief but it wouldn't have been beneficial. The question however, wanted to make clear that she didn't.
Mary could still have elected for partial relief but it wouldn't have been beneficial. The question however, wanted to make clear that she didn't.
Re: How to get in the door?
These two AAT Comment articles may provide some answers for you:
https://www.aatcomment.org.uk/career/job-hunting/how-to-gain-experience-when-you-cant-get-work-experience/
https://www.aatcomment.org.uk/career/job-hunting/how-to-beat-the-competition-for-schemes-and-entry-level-jobs/
https://www.aatcomment.org.uk/career/job-hunting/how-to-gain-experience-when-you-cant-get-work-experience/
https://www.aatcomment.org.uk/career/job-hunting/how-to-beat-the-competition-for-schemes-and-entry-level-jobs/
Re: Results Day!
I passed with 76% im so happy its all over 3 years and 16 exams and zero retakes!
Good luck to everyone!
AAT its been emotional, but you didn't beat me!!!!!
Good luck to everyone!
AAT its been emotional, but you didn't beat me!!!!!
Re: How do you revise for Synoptic Level 3?!?!?
Concentrate on the five ethical subjects (objectivity, integrity etc) and their associated threats and resolutions. Then ensure that you are quick and efficient at using Excel, and know under which menu button to find the various formula wizards. Check out past papers to see which formulae come up again and again. Use ALL the time in your exam, and if you don't red flag a question never go back through the paper
Re: Potentially exempt
Ok, so in response to the question you originally asked "are marriage , small gifts potentially exempt ?"
The answer is no - providing certain rules are applied. Those rules will be explained in your text book.
When I took this exam under FA2016, the rules were as follows:
Lifetime transfers of small gifts: - up to £250 per person per year
Lifetime transfers in consideration of marriage - £5,000 by a parent, £2,500 by a grandparent, £2,500 from a party of the marriage (e.g. groom to the bride) or £1,000 from anyone else. With the marriage exemption, the marriage has to have taken place for this exemption to apply.
When you do your exam, the correct figures for FA2018 will be in your tax rates.
Hope that helps to clarify things for you.
The answer is no - providing certain rules are applied. Those rules will be explained in your text book.
When I took this exam under FA2016, the rules were as follows:
Lifetime transfers of small gifts: - up to £250 per person per year
Lifetime transfers in consideration of marriage - £5,000 by a parent, £2,500 by a grandparent, £2,500 from a party of the marriage (e.g. groom to the bride) or £1,000 from anyone else. With the marriage exemption, the marriage has to have taken place for this exemption to apply.
When you do your exam, the correct figures for FA2018 will be in your tax rates.
Hope that helps to clarify things for you.
Re: Practices for the future
Where I was just over 12 months ago
I had built a practice of around 300 clients and 3 staff. The staff all had client manager roles managing around 100 clients each with me supporting final checks and tax work. We were growing nicely but I felt we were hitting capacity limits and profitability was not what it should be.
What Changed
With work pressures and working hours increasing and profits not really changing I knew something wasn't right. I started working with a business coach to identify areas of weakness and how we could improve.
We changed the following:-
- Increased prices by almost 200% for new clients
- Increased prices by around 175% for existing clients
- Developed new and better packages
- Changed the staff roles to suit personality profiles (1 doing Bookkeeping and VAT, one doing Limited Company Accounts and Tax, One doing final checks and me doing CFO and practice development.
- We identified our worst clients and sold them (all to go on 1st February)
- We started working with Xero and more recently Receipt Bank
Where we are now
The business has changed considerably. We now target much larger clients who value us more and want bigger and better services. We know who our target clients are and say no much more than we did before especially when a potential client is not a good fit.
We have set processes we follow depending on the packages clients are on which are prescribed to them based on their requirements. We are built around systems and automation which has improved our efficiency hugely.
We now complete VAT returns by the 20th of every month whereas we struggled to meet deadline day before. Ltd company accounts are done well before deadlines with probably only around 10 due on the next 3 months.
After the worst clients all leave on 1 February we will have around 245 clients but have around £35k more income than when we started the process. Our average fee will have increased by around £250 per client per year.
Around 80% of our clients are on Xero too and we have outsourced payroll to free up time.
What does the future hold
We will be improving our offering again come 1 February and pushing ourselves forward for growth over the 6-12 months beyond. After that we will most likely rate our clients again and see how we move the worst rated to a level we are comfortable with or move them on.
We will be almost a 100% Xero practice with very clear processes and lots of automation to be able to deliver quality services to our clients.
New offices are likely to be needed as are new staff and we will continue to invest in software that improves the offering we have to clients. MTD will be of no concern at all and our clients will continue to allow us to control their finance function and want more services from us to help support them in the growth of their business.
I had built a practice of around 300 clients and 3 staff. The staff all had client manager roles managing around 100 clients each with me supporting final checks and tax work. We were growing nicely but I felt we were hitting capacity limits and profitability was not what it should be.
What Changed
With work pressures and working hours increasing and profits not really changing I knew something wasn't right. I started working with a business coach to identify areas of weakness and how we could improve.
We changed the following:-
- Increased prices by almost 200% for new clients
- Increased prices by around 175% for existing clients
- Developed new and better packages
- Changed the staff roles to suit personality profiles (1 doing Bookkeeping and VAT, one doing Limited Company Accounts and Tax, One doing final checks and me doing CFO and practice development.
- We identified our worst clients and sold them (all to go on 1st February)
- We started working with Xero and more recently Receipt Bank
Where we are now
The business has changed considerably. We now target much larger clients who value us more and want bigger and better services. We know who our target clients are and say no much more than we did before especially when a potential client is not a good fit.
We have set processes we follow depending on the packages clients are on which are prescribed to them based on their requirements. We are built around systems and automation which has improved our efficiency hugely.
We now complete VAT returns by the 20th of every month whereas we struggled to meet deadline day before. Ltd company accounts are done well before deadlines with probably only around 10 due on the next 3 months.
After the worst clients all leave on 1 February we will have around 245 clients but have around £35k more income than when we started the process. Our average fee will have increased by around £250 per client per year.
Around 80% of our clients are on Xero too and we have outsourced payroll to free up time.
What does the future hold
We will be improving our offering again come 1 February and pushing ourselves forward for growth over the 6-12 months beyond. After that we will most likely rate our clients again and see how we move the worst rated to a level we are comfortable with or move them on.
We will be almost a 100% Xero practice with very clear processes and lots of automation to be able to deliver quality services to our clients.
New offices are likely to be needed as are new staff and we will continue to invest in software that improves the offering we have to clients. MTD will be of no concern at all and our clients will continue to allow us to control their finance function and want more services from us to help support them in the growth of their business.
Re: Naming of documents before uploading on Task 13
I wouldn't think it would impact your mark as long as it was clear which question you are answering. Good luck
Re: BSTX practice assessment 2 task 6
In 17/18 his liability was £13,500 but he has already paid £15,450 in POA so he had paid £1,950 too much
His first POA in Jan 19 would be half of £13,500 which is £6,750 minus the overpaid £1,950 which makes £4,800
His first POA in Jan 19 would be half of £13,500 which is £6,750 minus the overpaid £1,950 which makes £4,800
FCA recognises AAT licensed accountants in relation to High Net Worth individuals
Financial Conduct Authority (FCA) Handbook changes have been made to recognise AAT members from 29 March 2019.
Under articles 60H and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, credit and hire agreements with High Net Worth individuals are generally exempt from regulation, subject to certain conditions. One of these conditions is that a statement of the individual’s income or assets must be made and signed in accordance with FCA rules.
These rules state that the statement must be signed by the lender or by an accountant who is a member of any of the bodies listed. AAT was not previously listed, we pressed the FCA to change this, a public consultation was held and AAT has now been added to the approved list.
Full details are available at 3.2 -3.9 here: https://www.fca.org.uk/publication/handbook/handbook-notice-64.pdf
Under articles 60H and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, credit and hire agreements with High Net Worth individuals are generally exempt from regulation, subject to certain conditions. One of these conditions is that a statement of the individual’s income or assets must be made and signed in accordance with FCA rules.
These rules state that the statement must be signed by the lender or by an accountant who is a member of any of the bodies listed. AAT was not previously listed, we pressed the FCA to change this, a public consultation was held and AAT has now been added to the approved list.
Full details are available at 3.2 -3.9 here: https://www.fca.org.uk/publication/handbook/handbook-notice-64.pdf