Churchill Knight & Boox clients being investigated as Managed Service Companies

[Anvipa]

Some empathy, yes, but also some critical self-reflection (I'm not singling out you or anyone, I mean all of us).

No one could've reasonably foreseen the MSC issue as it relates to apparently vanilla accountancy, but there are a ton of examples in this thread where individuals have made things worse for themselves or have reminded us why HMRC are so interested in this and other areas, including IR35.

There's a very low bar for creating a company. That encourages a false sense of security. It is false, though. As a director, you have a bunch of responsibilities and overlooking them is, sadly, not without consequences. Nowadays, you simply cannot afford to be "not interested in various tax legislations". Remember, accountants are not tax specialists either and, actually, you don't need any special qualifications to practice accountancy.

I think before making comments of this kind, one should get better informed. There are a number of qualifications required to practice accountancy. And they are very difficult to obtain- CIMA, ACCA, ACA, etc. Each specialises in its own area of accountancy. There are also separate qualifications for payroll and tax.

[eek]

I think before making comments of this kind, one should get better informed. There are a number of qualifications required to practice accountancy. And they are very difficult to obtain- CIMA, ACCA, ACA, etc. Each specialises in its own area of accountancy. There are also separate qualifications for payroll and tax.

Problem is there is nothing stopping me (someone who last studied Accountancy 32 years ago at A level) from setting up an accountancy firm and calling myself an accountant.

And you can equally do that without studying accountancy at any point.

[Anvipa]

Large companies get audited. People with no proper knowledge of accounting wouldn't be able to prepare their own accounts which are IFRS or GAAP compliant. This would be picked up during audits. And again large companies wouldn't be able to provide accountancy services because they might be sued by their clients.

[Fred Bloggs]

I think before making comments of this kind, one should get better informed. There are a number of qualifications required to practice accountancy. And they are very difficult to obtain- CIMA, ACCA, ACA, etc. Each specialises in its own area of accountancy. There are also separate qualifications for payroll and tax.

No there isn't. Anyone can be an accountant. I could be one.

What I couldn't be without the appropriate accreditation is a chartered accountant since the title is protected in law and is bestowed by one of those professional bodies.

(I am a chartered engineer. But anyone can be an engineer. The same as anyone can be an accountant).

[Anvipa]

Perhaps it was difficult to follow my point -large companies usually employ chartered accountants to be able to provide professional accountancy services.

[Paralytic]

Perhaps it was difficult to follow my point -large companies usually employ chartered accountants to be able to provide professional accountancy services.

In which post did you make that point, as I've read back and can't see it? You said "There are a number of qualifications required to practice accountancy". Which is wrong.

[jamesbrown]

I think before making comments of this kind, one should get better informed. There are a number of qualifications required to practice accountancy. And they are very difficult to obtain- CIMA, ACCA, ACA, etc. Each specialises in its own area of accountancy. There are also separate qualifications for payroll and tax.

I assume you're an accountant who is completely ignorant of the context in which those comments were made. Or perhaps just the latter.

[jamesbrown]

Perhaps it was difficult to follow my point -large companies usually employ chartered accountants to be able to provide professional accountancy services.

Right, because all of the companies being targeted as MSCs are large companies that follow large company accounting/auditing procedures

[Fred Bloggs]

Right, because all of the companies being targeted as MSCs are large companies that follow large company accounting/auditing procedures

When in a hole, it usually pays to put the shovel down.

[ExLuninKiwi]

No there isn't. Anyone can be an accountant. I could be one.

What I couldn't be without the appropriate accreditation is a chartered accountant since the title is protected in law and is bestowed by one of those professional bodies.

(I am a chartered engineer. But anyone can be an engineer. The same as anyone can be an accountant).

Boox was chartered.