Financial Accountant Training

Accounts Preparation and Tax compliance is a statutory obligation on all Corporations and Sole Traders and is therefore part of the Year-End Processes, the sole purpose of which is to ensure that the Financial Statements (Profit & Loss, Balance Sheet, all the Tax Returns CT600, SA100, SA101,SA102, etc., Confirmation Statements and possibly others) are Reported to the Financial Authorities namely (Companies House & HMRC) as per the relevant Financial Standards such as (Financial Reporting Standards FRS102, FRS105 IFRS) and (UK Tax regulations). Companies House and HMRC allows the use of commercial software to be used for these purposes. There are various industry software’s used for this purpose, Taxfiler by (IRIS), SAGE Accounts Production Advanced, VT Accounts Production, DIGITA by (Reuters Thompson) etc. are a few of such software’s.

This training program is aimed at Accounts Assistants looking to improve their skills and job prospects, Aspiring Accountants and students who are studying towards (ACCA Finalists), ACA, CIMA, AAT Level 4 and FIA etc. Self Employed Accounting Practitioners looking to have a small portfolio of Accounting clients.

At Centre of Accountancy Careers & Training, the training programs is run by industry experts who are Fully Qualified Chartered Accountants and have years of experience in the Practise as well as industry. The focus of the training program is to develop the technical and practical skills required to inculcate the Financial Standards such IFRS, FRS 102, FRS 105 etc. and relevant industry regulations in the Accounts Production Process.

Why CAC Training

• Practical Accountancy Training & Work Experience
• Office based Personalise training sessions with industry professionals
• Flexible timing, you can make your own time table. Open 6 Days a Week
• Professional Experience and reference from reputed organisation
• Recruitment services i.e. CV, interviews and complete job hunting support
• Software support and installation
• ACCA/AAT PER support

Bookkeeping, VAT Returns

Software: Software: Sage 50 Accounts, Xero, QuickBooks, Excel

• Understand and maintaining purchase/sales ledger
• Setting up company on accounting software
• Update and choose the accounting period for the organisation as per UK Regulations.
• Setting up chart of accounts based on the organisational needs
• Understanding nominal code and nominal /general ledger
• Customising the nominal /general ledger
• Setting up Customer account in the accounting systems
• Generate and process customer invoices and credit notes
• Setting up Supplier account in the accounting systems
• Generate and process supplier invoices and credit notes
• Preparing reports for supplier / customer invoices
• Preparing aged debtors and aged creditors reports
• Understanding Construction Industry Scheme (CIS) deduction and calculations
• Domestic Reverse Charge in the Construction Industry
• Dealing with cash payments and receipts
• Dealing with Bank payments & Bank Receipts
• Performing Bank & Petty Cash Reconciliations
• Dealing with VAT Reverse Charges and VAT implications
• Understanding general VAT Principles
• Introduction to Making Tax Digital (MTD)
• Compliance with Multiple VAT Schemes such as Standard VAT Scheme, Cash VAT Scheme, Marginal VAT Scheme.
• Preparation, Reconciliation and HMRC Filing of VAT Return
• Administration and Record Keeping regarding VAT return
• European Community VAT Implications
• Foreign VAT Implications regarding Imports and exports

Payroll

Software: BrightPay

• Understanding Cyclical Payroll Run Procedure. (Monthly, Weekly)
• Setting up Salary Sacrifice Schemes
• Setting up Holiday year in the software.
• Setting up Pensions and Automatic Enrolment
• Setting up new starters and compliance with new starter checklist
• Understanding different Tax codes
• Ascertaining monthly gross pay, assuring the correct apportionment into PAYE, National Insurance and Pension elements as per HMRC regulations.
• Processing different types of payments e.g. (Commissions, Bonuses)
• Processing different types of Payment Streams (Monthly, Weekly, Hourly)
• Timesheet Record Keeping.
• Calculating and understating Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP), Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP).
• Processing of various types of deductions such as Payroll giving, Student Loans, Child Care Vouchers etc.
• Processing leaving employees and ensuring all leaver procedures are adhered to.
• Filing / Submission Compliance RTI Documentation (Payslips FPS, EPS, P32 etc.)
• Compliance with “Year End Procedures”. (Declarations and submissions)

Control Accounts & Year End Journals

Software: Sage 50 Accounts & Excel

• Understanding the Control Accounts Adjustments
• Preparation of Year End Journals from source documents
• Posting Yearly Journal Entries
• Fixed Assets, Depreciation, Accruals, Prepayments Adjustments.
• Reconciliation of Debtors & Creditors Control Accounts with the Subsidiary Ledgers (Sales Ledger and Purchases Ledgers)
• Cost of Sales and Stock Adjustments and Reconciliation
• Reconciling Balance Sheet Adjustments such as Wages Control Account, PAYE Control Account, VAT Control Accounts, Director Loans Account, Cash and General Loans
• Reconciliation and Clearing of the Suspense Accounts
• Preparation of Bad Debt provision
• Dividends Provision
• Maintaining Fixed Asset Register
• Documenting Changes to the Fixed Asset Register e.g. Disposals , Additions and Depreciations and Accumulated Depreciation.
• Data mapping and exporting procedures
• Preparation of Initial Trial Balance
• Preparation of Financial Statements from the Final Trial Balance.
• Running the year end procedures in Sage 50 Accounts to close the financial year and start a new financial year
• CIS Schemes preparing necessary documentation, verification of subcontractors, subcontractor statements, CIS Returns and submission to HMRC, Managing Sub-Contractors Liabilities.

Management Reports

• Quarterly Management Accounts
• Quarterly performance report (Profit & Loss)
• Quarterly Position Reports (Balance Sheet)
• Performance of Ratio Analysis
• Report Writing Skills
• Quarterly Journals Posting
• Quarterly Management Pack

Final Accounts

Software: Elements by IRIS

• Balance Sheet Reconciliations
• Year End Final Review of the Profit and Loss Figures
• Year End Final Review of the Balance Sheet Figures
• Drawing up Initial Trail Balance
• Drafting, Finalisation and Documentation of the Year End Journals
• Software navigation
• Preparation of Statutory Accounts as per UK GAAP (FRS 102 & FRS 105)
• Analysis and Interpretation of the Accounts as per UK GAAP (FRS 102 – FRS105)
• Drawing up of Working Papers also called as (Lead Schedules) to the Financial Statements
• Reconciling and Agreeing of Working Papers to the Financial Statements
• Drafting and the Review of the Notes and commentary to the Accounts
• Preparation and the agreement of the comparative data.
• Performing the Prior Period Adjustments.
• Treatment of the Brought Forward Balances
• Accumulating of Opening Balance, Initial Trial Balance, Journals and Final Trial Balance into a cohesive Extended Trial Balance
• Inculcating Ratio Analysis and Commentary into Final Financial Statements
• Assisting with the preparation of year-end accounts and audit process
• Submission of Final Accounts through Companies House IXBRL format.

Corporation Tax

Software: Elements by IRIS

• Rules and Principles governing Corporation Tax
• Understanding Basis Periods
• Long period of accounts
• Registration of Company for corporation tax purposes.
• Rates applicable to Corporation Tax
• Working out reliefs available to corporation entities.
• Adjustment pertaining to Taxable Profits
• Ascertaining of PCTCT for the application of Taxable Rates.
• Concept of Allowable and disallowable expenses
• Treatment of qualifying charitable donations
• Capital Allowances: Understanding, Formats and computations
• Annual Investment Allowance
• First Year Allowance
• Writing Down Allowance
• Research & Development Allowance etc.
• Effect of Losses on the Corporation Tax Workings.
• Review, Finalisation and Submission /Filing CT600 form
• Compliance Regulations surrounding Deadline / Payment Of Corporation Tax

Self-Assessments

Software: Elements by IRIS

• Rules and Principles governing Personal Income and Self-Assessments (SA)
• Basis of Assessment/ Basis Periods governing Self-Assessments (SA)
• Reliefs available to individuals under Self-Assessments (SA)
• Computation of Capital Gains Tax
• Concept of Allowable and Disallowable Expenses.
• Concept of Capital Allowances for Individuals.
• Self-Assessment Payments On Account.
• Understanding the use of MS Excel in formulating Self-Assessments.
• Understanding the use of Commercial Software to compute the Self-Assessment (SA) Liability and formulate Self-Assessment Return.
• Navigation of Commercial Self-Assessment (SA) Software
• National Insurance computations under Self-Assessments (SA)
• Calculation of Tax Liability and Tax Due
• Drafting and Finalisation of Self-Assessment Tax Returns (SA100)
• Drafting Supplementary Returns as per individual’s circumstances.
• Employment Income (SA102)
• Self-Employment (SA103)
• Property (SA105)

Anyone who is

• Anyone who wants to upgrade their skills for senior level jobs
• Have qualification but lack practical skills
• Or experience from abroad but lack UK based skills and experience

After course completion you can get a job as a

• Financial Accountant
• Financial Controller
• Finance Manager etc.