Conflict of Interest?

System
System Posts: 100,534 🤖 Admin 🤖
edited 12:08PM in AAT member discussion
I complete ( well hope to anyway )Technician this year. One of the reasons for this is to save our family business some money ( building firm ). I do the admin / office / book keeping side, and my brother runs the practical side.

At present , I simply hand over all the bits and pieces at year end, and our accountant does the rest - ie statements, submits to Companies House, expenses .

Will I be able to do everything, or , will there be a conflict of interest , and as a TECHICIAN , rather than CHARTERED, is there anything that I will not be allowed to do?

Thank you

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    My original reason for becoming an Accounting Technician was very similar and I have been submitted accounts for our family business for many years. I can see no reason why you should not do so.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Thank you for your reply. Thats reassuring.

    Out of interest, you say it was your original reason for becoming qualified... where has your qualification taken you now?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Firstly I just wanted to save money in our own business. Secondly, I had a baby and wanted to stay at home. I studied first at A level and then AAT so that I could then eventually work from home. Almost all of my clients then came from word of mouth over the next few years.

    However, I would say that our business is not limited. If you have a limited company, perhaps someone can advise you further.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Thanks again - that is exactly what I want to do ( apart from have a baby, cos I have enough of them ). I'm in no rush so can afford to build my clients up gradually. It's nice to hear from someone working on a 'small' scale.

    What kind of work do you do, and what on average are your earnings for how many hours per week ( if thats not too personal; )?

    Our business is Limited so if anyone else can advise me i would be very grateful.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Oh - also - did you at any stage work in a practice for experience etc, and if so how did you manage to get that experience - a bit of temping maybe?

    Or did you manage to build up your own experience by simply working through problems etc as they arose?

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    I did some voluntary work as a trustee for a local charity and I read lots of books.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?
    Moozy wrote:
    Thanks again - that is exactly what I want to do ( apart from have a baby, cos I have enough of them ). I'm in no rush so can afford to build my clients up gradually. It's nice to hear from someone working on a 'small' scale.

    What kind of work do you do, and what on average are your earnings for how many hours per week ( if thats not too personal; )?

    Our business is Limited so if anyone else can advise me i would be very grateful.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Hi

    There is no reason for no being able to prepare your companies accounts (including up to final/submitted accounts).

    Strictly speaking you can do anything a chartered account is allowed to do, except that a chartered can potentially become an auditor. Company accounts are officially the responsibility of the company directors, the accountants may audit them if one is necessary. For the purposes of audit you would have conflicting interests (assuming you were to qualify as an auditor) but for accounts themselves, there is no issue.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Thank you very much Neil H
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    I would suggest you take your Company accounts up to extended trial balance doing all accruals and prepayments etc.

    This would reduce your accountancy bill, the thing that worries me is - are you competent at corporation tax etc as it could be potentially expensive if you don't get the right treatment.

    Don't want to put you off but you need to be aware of some limitations.

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Thank you Annette,

    Thats exactly the sort of advice I'm looking for. I haven't even learnt all of the syllabus yet so i'll certainly take what you've said on board and take it into consideration when the time comes.

    Mandy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Hello

    Just wanted to say I agree with anette - why don't you explain the situation to the accountants & ask if it's alright for you to do as much as possible yourself but still get them to check it over for you? You could have a go at the accounts & corp tax return but, depending on the complexity of the business, it could end up going beyond what you're comfortable with. If it was me I'd probably want the accountant to give it the 'all clear' before submitting anything!

    Jodie
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Conflict of Interest?

    Thanks JodieR

    That does sound like a good idea.

    If I do it that way ( and we have a very dood relationship with our Accountant ) I'll gain confidence and gradually become competant.

    I'm pretty sure that our 'affairs' are not too complicated. But its always best to be safe than sorry.

    Thank you very much.

    And thank you to everyone who has replied. I appreciate the time taken.

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