ICB Conference

Bramley Accounting Services attended boths days of the ICB International Conference, to keep up with all the latest developments in the bookkeeping world.    Garry Carter, Cheif Executive of the ICB introduced the conference, which included sessions from the Accounting Standard Board, The Lloyds Banking Group, the Institute of Payroll Professionals and the ICB’s own education team.

Over 200 members of the Institute attended, from students to Full Members.  The new qualification structure was announced, and a new Level IV qualification in self assessment.

Sharing experiences with another member

There were lots of opportunities to meet with other bookkeepers and compare experiences.  It is at these types of events that you find out that your experiences as a bookkeeper are common, and you get to pick up all sorts of tips from like-minded people.

The conference ran over two days, and gave a clear message that bookkeepers are an important part of managing your finances, since they work along side your accountant.  Bookkeepers are with you on a regular basis, weekly, monthly, quarterly, whilst you only tend to meet up with your accountant once or twice a year.  Therefore, finding a bookkeeper you like and trust, and who will work professionally with your accountant is key to an efficient accounting function.

Your bookkeeper should be suitably qualified, not just someone who can use Sage, but someone who knows what the underlying transactions should be.  Someone with the ICB’s manual qualification means that they have demonstrated that they know the fundamentals of double-entry bookkeeping.

All ICB members are required to carry out Continuing Professional Development (CPD), and this conference gave its members an opportunity to keep up to date with the latest developments in accounting standards, payroll legislation, solicitors financial reporting regulations and much more.

Thought I would share with you my “40 second” round that I sang at the recent 4Networking launch in Olney:

On the 1st day of Christmas the postman gave to me….

A letter from the HMR and C.

On the 12th day of Christmas my bookkeeper gave back to me….

12   months of receipts all sorted

11 employees payroll all calculated

10 outstanding debtors

9   bank accounts all reconciled

8   explanations in plain English

7   more hours when it got busy

6   advice on that HMRC letter

5   VAT returns

4   cashflow forecasts

3   P and Ls

2   Balance Sheets

An and invoice for a very reasonable fee!

The idea was to get across the sorts of things that a Bramley Accounting Services bookkeeper can do for you.  And as a bookkeeping company our fees are very reasonable compared to an accountants.

Duane Jackson, CEO & Founder of KashFlow Accounting Software talking on Startup TV.

http://www.startuptv.co.uk/directory/accounting/kashflow.html

KashFlow is the software used in our bramleyOnline offering.

You can claim VAT for a proportion of the mileage rate paid to your employees, provided you have VAT receipts to cover the amount of VAT you are claiming.

The amount you can claim depends on the engine size and fuel type. The chart below shows the rate effective from 1st December  2009 (they are updated every six month).

Engine Size 1400cc or less
Petrol 11p
Diesel 11p
LPG 7p

Engine Size 1401 to 2000cc
Petrol 14p
Diesel 11p
LPG 8p

Engine Size Over 2000cc
Petrol 20p
Diesel 14p
LPG 12p

For example, if your employee drives an 1800cc petrol car, and claims 40p per mile, you can currently claim VAT on 14p per mile. Calculate the VAT as follows:

• 100 miles @ 40p/mile = £40 (what your employee gets paid)
• 100 miles @ 14p/mile = £14

The VAT element of £14 is £14 times 3 divided by 23 = £1.83 (with VAT at 15%)

Therefore, claim £1.83 Input VAT, and charge £38.17 to your accounts (total = £40).

For full information, and details of the conditions of claiming the VAT go to www.hmrc.gov.uk/cars/advisory_fuel_current.htm

At their recent International Conference, Garry Carter, chief executive for the ICB, announced a change to the way their membership is structured.  It will mean than many Members and Associate Members will need to sit and pass additional exams, or have the membership category downgraded.

The current structure is confusing for both members and clients/employers alike.  For example, who is the more highly qualified?  A person with AICB or AICB (Comp) after their name?  Well the answer is the AICB, since the AICB (Comp) only needs to show an ability in using a computerised accounting system, like Sage. The AICB member has shown a proficiency in the technicalities of bookkeeping.  If they have also shown a capability to use Sage, they will also have CB.Cert after their name.

The ICB has now recognised the need to highlight the importance of technical bookkeeping skills, AND showing a capability in the use of accounting software.  Therefore, all Associate Members (Level II) and Full Members (Level III) must demonstrate a capability in both Manual AND Computerised Bookkeeping before gaining the acreditation.

This is viewed a good move by the ICB, since it recognises the importance of the bookkeeping skill, and will help employers identify suitably qualified bookkeepers.  The next twelve months is likely to see a surge in the number of examinations at the ICB as members scramble to prove their skills.