Latest News
19 March 2008
Institute issues new textbook
The Institute has released a new bookkeeping textbook. The four-hundred-and-fifty page book, Practical Bookkeeping, is published by leading financial and accounting publishers FTC Kaplan and is available now from the Institute for only £22.00 (plus £5.00 p&p).
The book was written in conjunction with the Institute and provides a comprehensive coverage of the Institute’s manual bookkeeping syllabus at Levels I and II. The book is excellent revision for students who want to supplement their existing training in readiness for taking examinations. It is also particularly useful for those mature, ‘qualified by experience’ bookkeepers who wish to revise or...
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18 March 2008
New Money Laundering Seminar Dates Announced
The Institute is supporting a series of new Money Laundering seminars being staged across the country over the coming months. Although these new seminars are not being run by the Institute and will not be attended by Institute staff, they support the Institute’s own recent, extremely successful programme of seventeen seminars and will provide an opportunity for those members who were unable to attend the Institute’s own seminars to get first hand understanding of the requirements of the new Money Laundering regulations
Places at the half-day seminars normally cost £85.00 per person but Institute Members can take advantage of a...
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17 March 2008
Examination fees set to rise
The cost of taking the Institute’s examinations will rise from 1 April 2008. This will represent the first rise in examination fees since January 2004 but is now needed to cover the increased costs of examination administration, including the cost of producing papers and of booking examination centres. The annual student registration fee will remain unchanged at £45.00.
ExistingNew
Level I £18.00£20.00
Level II £23.00£25.00
Level III £25.00£30.00
Commenting on the rise, the Institute’s director of finance, June Carter, said: “The Institute has a proud reputation for keeping any rise in fees to a minimum, particularly for students. Examination fees have been kept to the same...
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15 February 2008
Taxman gets the right to bug you!
He already has the power to arrest and, as of today, the British taxman will also be able to intercept phone calls, emails and letters, as well as bug residential premises and private vehicles, reports Accounting Web.
The powers were granted to HMRC in the Serious Crime Act, which gained Royal Assent in October, but did not come into force until the relevant statutory instrument is issued today.
"Customs officers have always had these powers because of their criminal investigations into drugs and guns," said an HMRC spokesman. "Now they will be granted across the...
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05 February 2008
Testzone: Level III Diploma
A series of online multi choice questions which aims to assist those preparing for the Level III Diploma in Manual Bookkeeping examination and tests a range of competence.
This test is for your information only and results are not received by the Institute.
To view the test please visit www.icbglobal.org/icb/testzone/ ...
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05 February 2008
Special Offer: 25% off weekend leisure breaks
Enjoy 25% off weekend leisure breaks at over 400 participating Crowne Plaza, Holiday Inn & Express by Holiday Inn hotels Across the UK, Ireland, Europe and the Middle East.
This offer is available over Friday, Saturday and Sunday nights until 31 December 2008 so go ahead and treat yourself to a weekend break.
To book from UK call 0870 400 8135
Please quote ‘Exclusive Rate’
To book from the Republic of Ireland please call 1-800 55 31 55
To take advantage of other great offers during the year,...
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31 January 2008
Welcome from South East Chairperson
Welcome to the South East Region.
I look forward to the opportunity to meet many of you in the coming months and working together to create a strong and supportive network for all ICB members and students. I will be attending the Money Laundering Seminar in Brighton on 5th February 2008 and would welcome the chance to speak to anyone who would be interested in attending regular meetings and/or assist with helping to set up or even run a local group. If you are not attending the Brighton seminar, I would still love to hear from you so please contact me via...
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21 January 2008
Money Laundering Seminars off to a great start!
The Institute’s 2008 Money Laundering Seminar road show kicked off in London with more than ninety people attending the one-day event. Institute regional chairman, Ahson Siddiqui, welcomed members to the seminar on behalf of the Institute.
Institute compliance officer, Ray Cross, ran the seminar with additional input from Dave Copley from the Serious Organised Crime Agency (SOCA) and Institute chief executive, Garry Carter. Members were provided with a series of thought provoking presentations and several said that the new legislation had ‘taken the wind out of their sails’. In addition to comprehensive background...
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21 January 2008
Student Seminars off to a great start!
The Institute’s 2008 Student Seminar road show kicked off in London with more than ninety people attending the one-day event. Institute regional chairman, Ahson Siddiqui, welcomed students to the seminar on behalf of the Institute.
The Institute’s resident student seminar double-act, Jacquie Mount and Leslie Ellis, ran another of their fun and informative events – with students giving them a standing ovation at the end!
The seminar broadly covers the whole syllabus across Levels I and II, including the computerised section. Members wanting to learn about the Level III are also...
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29 November 2007
Student Revision Seminar dates announced for 2008
Back by popular demand –
The Institute is running another of its extremely successful series of one-day tutorials for students. Whether you have just started a course, are about to sit your examination – or haven’t touched your course for years, this could be exactly what you need.
Run by the ever popular team of Leslie Ellis and Jacquie Mount, the day will broadly cover the manual bookkeeping syllabus at Levels I and II, followed by the computerised syllabus at Level II.
These friendly, relaxed seminars are designed to supplement, not replace, your...
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28 November 2007
Money Laundering Regulations Seminars
The Institute of Certified Bookkeepers, as an HM Treasury appointed Supervisory Body under the new Money Laundering regulations, is running a series of seventeen seminars in city centre locations around the country to inform providers of bookkeeping, accounting and payroll services about their obligations under the new legislation.
Whether you are a sole trader or working in a large practice, the seminars will provide informative, practical advice on how to meet the key requirements that must be incorporated into your money laundering policy. They will provide practical...
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28 November 2007
Festive Fun Time
This article, written by Qdos Employer Defence, may be of interest to you, your employer or clients:
Do you recall the headlines of recent years that HR departments had effectively recommended that companies should ban Christmas in the workplace because it created too many opportunities for litigation?
Well how about having a merry festive time and putting the issues into perspective? Consider the following dos and don’ts and maybe you can just manage to get through to the New Year without too many problems. If you do, then reward yourself with a glass of your favourite tipple (be it...
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27 November 2007
Members Newsletter: Zero-Based Budgeting
Previously on the members’ zone I covered the technique of budgets and budgetary control.
Here we explore the benefits of ZBB, Zero Base Budgeting as an alternative to the conventional approach to planning. This reading is an aid to your CPD.
Regards
Dr Philip Dunn
Editor
To download this article in printable format click here
Zero-Based Budgeting a definition:
Zero Base / Priority Base Budgeting is defined in CIMA terminology as:
"A method of budgeting...
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26 November 2007
Student Newsletter: Completion of a VAT Return
The purpose of this case study is to illustrate the completion of a VAT return and is provided as a guide to our Level 2 students who are required to perform this task in the examination paper at that level. It includes dealing with Bad Debt Relieve and the treatment of Goods for Own Use. Other aspects of VAT will be considered in later issues of the newsletter.
Reporting for VAT The Situation Business: Daniel and Jones, Certified Bookkeepers Personnel: Partners – James Daniel and Pauline Jones Certified Bookkeeper Senior...
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26 November 2007
Latest Q&A's from Croner Consulting
Q: I own a busy restaurant and in preparation for the busy Christmas and New Year period we’re hoping to recruit some young casual workers, but I am not sure what the law is on working time and breaks.
A: For the purpose of the Working Time Regulations 1998, a young worker is someone who is over school leaving age.
Young Workers may not ordinarily work more than eight hours a day or 40 hours a week. These hours cannot be averaged and there is no opt-out available. The worker should not ordinarily work at...
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25 November 2007
Examiner's Report: October 2007
EXAMINER’S REPORT: Manual Bookkeeping, October 2007
Level II
As an examiner, it was most encouraging to see such a high standard of competence demonstrated in the papers at this level. I offer my congratulations to all the successful candidates but particularly to a small group who achieved 100%, which is evidence that there are some most competent Bookkeepers developing further their skills and attributes.
Question 1. Double Entry.
The Double Entry Scenario was overall well prepared. However, some candidates still persist in posting individual items from the Day Books to the...
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15 November 2007
Special Discount on TAS Software!
...
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12 November 2007
Money Laundering Regulation Seminars
The Insitute's Regional Chairmen held a meeting to discuss the new regulations and their affect on bookkeepers. A series of meetings will be held around the country starting in January. The following locations were confirmed:
Aberdeen
Glasgow
Newcastle upon Tyne
York
Nottingham
Manchester
Wrexham
Birmingham
Cambridge
Oxford
London
Brighton
Southampton
Exeter
Bristol
Cardiff
Belfast
The Institute is currently finalising arrangements with the locations and full information will be made available to members very shortly. We will also be issuing all members in practice the full legislation document covering the regulations, approxmately 80 pages, together with guidelines. Prices are yet to be confirmed but we estimate they will be approximately £75 per head for members, and £150 for...
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01 November 2007
Holiday Entitlement Changes
The Working Time Regulations, which came into effect on 1 October 1998 (on 23 November 1998 in Northern Ireland) provide for paid holiday each year for all workers. All workers are covered, irrespective of the hours that they work and whether or not they are referred to as "employees". Even selfemployed workers are covered if they undertake to perform work personally and the relationship is not genuinely one of a client or customer on the one part and a profession or business undertaking on the other.
The Right to Holidays
The regulations originally gave workers...
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16 October 2007
New Self Assessment Manual Now Ready
The new CPD Manual for the Completion of Self Assessment Tax Returns is now ready.
Further to talks with our members in practice, the Institute revised the original 38 page manual. The new manual is over 400 pages and covers all aspects of personal tax.
Members can buy this manual for £95 online by visiting http://www.bookkeepers.org.uk/shop/cpd_manuals/self_assesment/ or by calling 0845 060 2345.
The Institute has a qualification in the Completion of Self Assessment Tax Returns which when completed will extend your membership to cover you to offer this service.
The Institute is also looking into...
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09 October 2007
Postal problems cause further delays
Although the offical postal strikes ended on the 11th of October, we understand there are several 'Wildcat' strikes still in action and obviously there is a considerable backlog of post still being dealt with. These problems are affecting the time it takes mail to arrive at our offices.
1st class post is taking anywhere between 2 days and 10 days to arrive. Our daily delivery has changed from 10am to after 12. This means that we are receiving the mail later in the day, therefore it is later in the day before we can process the mail.
Students...
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04 October 2007
Member's Newsletter: Investment Appraisal
Hawsker Feeds Case Study
The following appraisal has been prepared using the methods listed below:
Average return on capital
Payback period
Discounted Cash Flow (NPV method)
Average return on Capital
Projects
Fleet of Delivery Vehicles
Grinding Mill Modification
Grain Dryer
£
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03 October 2007
Students Testzone: Accruals and Pre-payments
To view this months Testzone please follow the link below:
Testzone (opens a new window)
Regards
Dr Philip Dunn
Editor ...
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14 September 2007
Volunteers Needed To Act As Regional Chairmen For North East England And Scotland
The Institute would like to hear from you if you would like to take on the role of regional chairman in either Scotland or the North East of England.
The Institute has established a Regional Council comprising twelve regions – North West, North East, Yorkshire and Humberside, West Midlands, East Midlands, Eastern, South West, South East, London, Scotland, Wales and Northern Ireland. Each region will have a regional chairman, who will assist the Institute with organising events, seminars and the CPD programme. Within each region there will be the opportunity for members to form an area group...
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05 September 2007
New Software Accreditation: TWD Online
Visit Website
Preface
This evaluation report was carried out on the Premium Trial package online which allows VAT transactions and full invoicing facilities, using a general business type, sole trader and on an accruals basis cash and credit terms.
The evaluation was based on the following criteria:
Ease of general usability
Features and benefits
End product
The market comparability
Value for money
Contents
Home page
My Details
Income
Expenses
Banking
Accountant
Cars/ Equip
Personal
VAT
Reports
Messages
Conclusion
Features and Benefits
End product
The market...
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05 September 2007
Institute Member takes top business prize in Australia
Congratulations to ICBAustralia Member, Rob Marshall, and all the team at EBiz Solutions in Australind South West, Western Australia, on winning the highly prized WA Micro Small Business of the Year award at the Telstra Small Business Awards ceremony, which was held in Perth last week. He now goes forward into the national awards.
“Matthew, Helen and the ICB team in Australia are doing big things for the Institute. Membership numbers and recognition are growing on a daily basis thanks to their hard work and belief in what they are doing” commented Garry Carter, ICBGlobal chief executive. “Many...
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28 August 2007
New National Bookkeeping Franchise Launched - Only The Best Need Apply
The bookkeeping revolution begins, only the best bookkeepers required!
A business opportunity has been launched this month for the thousands of bookkeeping businesses across the country to join the nation’s first professional bookkeeping franchise initiative, with the aim of removing the sales and marketing headache experienced by many start-up businesses.
The ground-breaking scheme being unveiled will offer trained and qualified bookkeeping professionals, who might be already trading as bookkeepers, with the chance to develop their existing business. This opportunity will offer a proven method of developing their business, enabling a better...
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09 August 2007
Examiner's Report for Computerised Papers
Level II Computerised Bookkeeping
Most of the candidates undertaking this exam are using Sage Instant Accounts or Line 50 software but there have been a few candidates using Quick Books and alternative accounting software.
The overall standard for this exam is high, with a high percentage of candidates achieving a Distinction.
As an examiner for this paper I have found a couple of problem areas, where it is apparent that quite a few candidates do not understand how to perform closing stock when there is an existing...
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09 August 2007
Student Test Zone - Terminology
Last month we focussed on terminology and the Ltd Company Balance Sheet.
This month I have put together some Multi-Choice Questions on the ICB's TestZone for you to test your knowledge.
To take the test visit TestZone
The test is for your information only, the Institute will not receive your marks. ...
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06 August 2007
Investment Appraisal
Editorial
As a follow up to the CDP paper on Investment Appraisal published last month we present a mini case study on the topic for your consideration.
The suggested answer to the case will be published next month, I hope you find the case material a useful exercise.
Dr Philip Dunn
Head of Education
This Case Study is based on the business of Hawsker Feeds Ltd an SME that manufactures Animal Feeds.
Its turnover for the current year is budgeted as £1.5m and its budgeted net profit is...
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25 July 2007
TREASURY AWARDS THE INSTITUTE SUPERVISORY BODY STATUS
HM Treasury has appointed the Institute of Certified Bookkeepers as a Supervisory Body under the Money Laundering Regulations 2007.
Under the latest extension to the legislation, bookkeeping is listed as a regulated profession, which means that bookkeepers must be supervised to ensure that they remain compliant. Where people are not members of a Treasury appointed supervisory body they will be regulated directly by HMRC.
Institute chief executive, Garry Carter, heralded the appointment as a major day in the history of the Institute. "This is a fantastic achievement of which every single member should...
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12 July 2007
Examiner's Report for June 2007 Papers
Level II Certificate in Manual Bookkeeping
Once again may I congratulate the successful candidates on such a high standard of competence demonstrated in the papers.
The major 30 mark question (1) was answered with a high level of competence overall. However, some candidates still continue to post individual items to both the VAT account and the Sales account from the Sales Day Book rather than the batch totals. Also...
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10 July 2007
ICB beats postal strikes: Examination results available Online!
Royal Mail have announced another set of strikes to take place on Thursday 12th, Friday 13th and Monday the 16th of July.
The results to the June examinations were to have been posted out on Friday the 13th, exactly one calander month after the date of the examinations.
Obviously the Institute does not want to allow strike action to dissapoint the many students who are eagerly awaiting their results. It is therefore urging everyone who is waiting for examination results to access the Institute's newly developed online results system.
The new system, developed by the Institute's own head of IT,...
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28 June 2007
Accounting Terminology
Editorial
This article covers important terminology embedded in the Level 3 Diploma syllabus although parts of it will be relevant to all our students.
The final question on recent level 3 diploma papers has focussed on accounting terminology.
Firstly let us consider the layout of a Balance Sheet of a Limited Company.
Balance Sheet of Crescent Feeds Ltd
as at 31 December 2006 (not in published format)
Fixed Assets
xx
Intangible Asset
xx
Current Assets
Stocks
xx
Debtors and pre-payments
xx
Cash
xx
---
xx
Less:
Current Liabilities
Creditors and accruals
xx
---
Net Current Assets
xx
---
Total Assets Less Current Liabilities
xx
Less Long...
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27 June 2007
Capital Investment Appraisal Techniques
To download this article in printable format click here
A practising Bookkeeper asked me recently how and by what methods one would appraise a proposed investment in new or replacement assets.
My response to this is contained in the technical article below.
This short article covers the following concepts:
Average return on investment
Payback period
Discounted cash flow – NPV, Net Present Value Method
IRR – Internal Rate of Return
Those advising small businesses owe it to themselves, the business owners and the employees to see that the approach to the investment...
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22 June 2007
Postal strike affects examinations
Due to the national postal strike announced to take place next Friday 29th June, the Institute will not issue any examinations that week.
The next examinations will be issued on Friday 6th July. Examinations will be sent out today Friday 22nd as normal.
...
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