What is the difference between an accountant and an actuary?
What does each do? I am thinking of these as possible career ideas but I don't know much about them. Any help appreciated! Thank you!
Financial Services - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
sorry your not bright enough to be either if you have to ask that question on here instead of going to web related sites for that kind of profession
Answer 2 :
An accountant is someone who works with money in a company to make everything work. They do things like assigning budgets to different departments, checking bills of expenses etc. This job is thought of as boring to most people, its mostly number crunching. An actuary is a business professional who deals with the financial impact of risk and uncertainty. They look at how likely it is that the customer won't pay back a loan, whether buying that new piece of equipment will make the company money, etc. it requires a deep and thourgh understanding of financial and statistical models. It is also one of the most highly paid professions in the world.
Answer 3 :
an accountant deals with financial accounting of a company to produce a profit and loss statement and an annual report of assets and liabilities. An actuary calculates risk for insurance policies etc.
Answer 4 :
Actuaries are people who found accountancy too exciting.
Answer 5 :
Actuaries are people who found accountancy too exciting.
Answer 6 :
Actuaries are actually good at math... haha sorry. Anyways, actuaries deal with calculating risks for companies like injury, disability, and even death. Accountants jobs can vary from whether or not you are working in a public or private firm. Generally the bottom line is that you're dealing with numbers and managing money.
Answer 7 :
Actuaries have to have a very good head for maths but accountants do not. Most the the work actuaries do relates to invesments - valuations and assessments of the risks of investment portfolios which means you have to understand statistics, calculus etc. Accountants don't need any math techniques above addition, subtraction, multiplication & division...and those you do using a calculator or spreadsheet. Actuaries used to get paid more because graduates of any subject can become accountants but only people good at math can become actuaries. However over the next couple of years the demand for actuaries will fall as they are so specialist to pensions & insurance whereas accountants may be laid off from financial services but can get work doing insolvency (winding down companies going bankrupt)
Answer 8 :
You have good query, ask your question to Training8m, Queensland, Australia, Training8m Corporate Technologies Pty Ltd., Australia
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Thursday, November 28, 2013
Thursday, November 14, 2013
How much does a good accountant cost in the London area on a monthly basis?
How much does a good accountant cost in the London area on a monthly basis?
Chartered would be preferable, but certified is fine so long as they are credible and have a good track record. How much would annual retainer cost whereby year end accounts and general ongoing advice and VAT returns are managed? Any advice would be much appreciated.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
there is no set fee for accountants, it also depends what area they and you are in, why not contact a few and ask?
Answer 2 :
What is your Turnover and Profit, are you a Limited Company, are you turning over in excess of £6.5 Million, do you have property Income, Interest, Foreign Business Income etc. Without this information it’s very hard to estimate what they would charge. By the way, why do you want a chartered/certified Accountant? They will only take as much money as they possibly can off of you for doing the same job as a non chartered/certified Accountant. It's 5-10 times the price and you don't get anything extra from them. I guess its personal choice, some people like to get their car serviced at the dealer and pay 3 times as much as a normal mechanics (even though a 16 year old apprentice will probably still be working on the car) You will probably struggle to find a chartered/certified Accountant in London for less than £1,000 a year, if you are VAT registered it will be more and if you want monthly book-keeping it will be more Hope this helps Richard
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Chartered would be preferable, but certified is fine so long as they are credible and have a good track record. How much would annual retainer cost whereby year end accounts and general ongoing advice and VAT returns are managed? Any advice would be much appreciated.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
there is no set fee for accountants, it also depends what area they and you are in, why not contact a few and ask?
Answer 2 :
What is your Turnover and Profit, are you a Limited Company, are you turning over in excess of £6.5 Million, do you have property Income, Interest, Foreign Business Income etc. Without this information it’s very hard to estimate what they would charge. By the way, why do you want a chartered/certified Accountant? They will only take as much money as they possibly can off of you for doing the same job as a non chartered/certified Accountant. It's 5-10 times the price and you don't get anything extra from them. I guess its personal choice, some people like to get their car serviced at the dealer and pay 3 times as much as a normal mechanics (even though a 16 year old apprentice will probably still be working on the car) You will probably struggle to find a chartered/certified Accountant in London for less than £1,000 a year, if you are VAT registered it will be more and if you want monthly book-keeping it will be more Hope this helps Richard
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Thursday, November 7, 2013
Can I get a job as an accountant with a bachelor's degree in English Philology and master in Finances and Acco?
Can I get a job as an accountant with a bachelor's degree in English Philology and master in Finances and Acco?
Hi! Can I get a job as an accountant (not a bookeeper) with a bachelor's degree in English Philology and master in Finances and Accounting? Is bachelor in Finances and Accounting or something similar needed?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It's usually enough that you have a degree. A related degree can give you exemption from some parts of your professional studies. My stepson had a degree in Psychology and was taken on as a trainee chartered accountant by one of the big firms. Good luck!
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Hi! Can I get a job as an accountant (not a bookeeper) with a bachelor's degree in English Philology and master in Finances and Accounting? Is bachelor in Finances and Accounting or something similar needed?
Other - Careers & Employment - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It's usually enough that you have a degree. A related degree can give you exemption from some parts of your professional studies. My stepson had a degree in Psychology and was taken on as a trainee chartered accountant by one of the big firms. Good luck!
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Friday, November 1, 2013
How much would an Accountant charge in Scotland for filing in a tax return?
How much would an Accountant charge in Scotland for filing in a tax return?
I have done all the year end stuff, just need someone to do the tax return.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Why don't you just pick up the telephone and ask an appropriate firm. Gather about three quotes to get a feel for the general cost of the service. ;)
Answer 2 :
Ranges between £100 - £200 depending on the complexity of the return...........For good accountancy firms !
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I have done all the year end stuff, just need someone to do the tax return.
United Kingdom - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Why don't you just pick up the telephone and ask an appropriate firm. Gather about three quotes to get a feel for the general cost of the service. ;)
Answer 2 :
Ranges between £100 - £200 depending on the complexity of the return...........For good accountancy firms !
Read more other entries :
Monday, October 28, 2013
Do I need an accountant to be self employed in UK?
Do I need an accountant to be self employed in UK?
I am doing building work (small jobs) for 1 month on my own and receive cash payments. I have all records of my income and expenses. I want to be self employed. Do i need an accountant for this OR i can be registered myself..... IF YES PLEASE GIVE ME STEPS OF PROCEDURE TO BE REGISTERED AS A SELF EMPLOYED. Many Thanks for your help and time.
United Kingdom - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
If its all cash, then don't bother. They will expect you to pay taxes. If you want to register, you need to call the business registry and get a business number. \You don't need an accountant. You can use simple tax software to do your own tax return.
Answer 2 :
Not at all! Firstly, if you are already keeping all your records of your income and expenditure then you are already doing the bulk of what you'd pay an accountant, or bookkeeper, for. If you contact your local tax office, they will happily send you out both any forms needed to register as self employed and the forms you'll need to make your tax return (these are what tend to scare people into getting an accountant, but they are really easy to fill in and come with a booklet explaining everything). A hint to avoid the common mistake of getting hit with a tax bill that you can't afford to pay is to put 25% of the profit that you make from each job into a separate bank account, so when your tax bill arrives, you'll have more than enough in that account to pay it (that's where many self employed people get themselves into trouble, by not setting anything aside for their tax bill and suddenly getting hit with a bill they can't afford to pay).
Answer 3 :
You don't need an accountant, but if you do this for more than one month, an accountant will almost certainly save you more than he costs. You don't need to register as self employed, but you do need to let the tax man (HMRC) know - you can earn £7475 a year before you have to pay any taxes.
Answer 4 :
To register - write to HMRC (address on their website), say you are doing this work and want to be set up in Self Assesment. They set up a record and notify you. You registr online, password by snail mail, you are now online and all set up. You must keep full records, you must have a separate business bank account, you must submit tacx return correctly and on time. You are urged to keep money back for the bill. Calcuator is online at the website again. If doing building work you might be required to register for the Construction Industry Scheme (CIS for short - a card lets you work for the big builder companies). An accountant might save a little but the website gives a lot of guidance.
Answer 5 :
You do not need one but when I was self employed I was glad I got one. He knew about tax allowances I had never heard of and saved me far more money than I paid him. He can also advise on VAT. For example it is not compulsory to register for VAT unless your turnover is above £73000 per year but you can register voluntarily. If you are not registered you pay VAT on what you buy but you cannot claim it back. It nay be beneficial to register voluntarily in order to claim back the VAT you pay.
Answer 6 :
Firstly, its too late to "want" to be self-employed. As soon as you do anything with a view to generating income you are self-employed. Clearly this happens when you actually do your first job, but if you have done (for example) advertising before that then you would have become self-employed then. All you need to do is to inform (you do not "register") HMRC that you are now self-employed. They will then arrange for you to pay regular Class 2 NI contributions (£2.50 per week) and for you to receive a tax self-assessment form at the appropriate time. At no stage do you need an accountant and you could trade for many years without using one. However, accountants will know all the tricks, allowances, reliefs, etc that will enable you to minimise the tax you have to pay, and keep your finances fully legal. There is nothing to stop you doing this research yourself, so whether (or when) you use an accountant is up to you. But in general the more money you are making the more likely it is that an accountant will actually pay for himself with what he saves you. Even if you do consult an accountant occassionally, I would suggest you don't pay him to do the simple things you could do yourself. IE don't ask him to register with HMRC for you, or keep your books on a daily basis, or fill in your self-assessment form, etc. Its not worth paying someone who charges £100s per hour to fill in forms.
Answer 7 :
First of all you must register with HMRC and you must pay tax on your income. You must register with them within 3 months of starting doing the self employed work. If you are OK with keeping your records - eg on an Excel spreadsheet then you don't really need an accountant so long as you keep things fairly simple. While they still exist contact Businesslink and get on their courses but be quick because they are being disbanded in November.
Answer 8 :
Read this: http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm You don't have to use an accountant, but I'd recommend you do as you obviously need some help.
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I am doing building work (small jobs) for 1 month on my own and receive cash payments. I have all records of my income and expenses. I want to be self employed. Do i need an accountant for this OR i can be registered myself..... IF YES PLEASE GIVE ME STEPS OF PROCEDURE TO BE REGISTERED AS A SELF EMPLOYED. Many Thanks for your help and time.
United Kingdom - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
If its all cash, then don't bother. They will expect you to pay taxes. If you want to register, you need to call the business registry and get a business number. \You don't need an accountant. You can use simple tax software to do your own tax return.
Answer 2 :
Not at all! Firstly, if you are already keeping all your records of your income and expenditure then you are already doing the bulk of what you'd pay an accountant, or bookkeeper, for. If you contact your local tax office, they will happily send you out both any forms needed to register as self employed and the forms you'll need to make your tax return (these are what tend to scare people into getting an accountant, but they are really easy to fill in and come with a booklet explaining everything). A hint to avoid the common mistake of getting hit with a tax bill that you can't afford to pay is to put 25% of the profit that you make from each job into a separate bank account, so when your tax bill arrives, you'll have more than enough in that account to pay it (that's where many self employed people get themselves into trouble, by not setting anything aside for their tax bill and suddenly getting hit with a bill they can't afford to pay).
Answer 3 :
You don't need an accountant, but if you do this for more than one month, an accountant will almost certainly save you more than he costs. You don't need to register as self employed, but you do need to let the tax man (HMRC) know - you can earn £7475 a year before you have to pay any taxes.
Answer 4 :
To register - write to HMRC (address on their website), say you are doing this work and want to be set up in Self Assesment. They set up a record and notify you. You registr online, password by snail mail, you are now online and all set up. You must keep full records, you must have a separate business bank account, you must submit tacx return correctly and on time. You are urged to keep money back for the bill. Calcuator is online at the website again. If doing building work you might be required to register for the Construction Industry Scheme (CIS for short - a card lets you work for the big builder companies). An accountant might save a little but the website gives a lot of guidance.
Answer 5 :
You do not need one but when I was self employed I was glad I got one. He knew about tax allowances I had never heard of and saved me far more money than I paid him. He can also advise on VAT. For example it is not compulsory to register for VAT unless your turnover is above £73000 per year but you can register voluntarily. If you are not registered you pay VAT on what you buy but you cannot claim it back. It nay be beneficial to register voluntarily in order to claim back the VAT you pay.
Answer 6 :
Firstly, its too late to "want" to be self-employed. As soon as you do anything with a view to generating income you are self-employed. Clearly this happens when you actually do your first job, but if you have done (for example) advertising before that then you would have become self-employed then. All you need to do is to inform (you do not "register") HMRC that you are now self-employed. They will then arrange for you to pay regular Class 2 NI contributions (£2.50 per week) and for you to receive a tax self-assessment form at the appropriate time. At no stage do you need an accountant and you could trade for many years without using one. However, accountants will know all the tricks, allowances, reliefs, etc that will enable you to minimise the tax you have to pay, and keep your finances fully legal. There is nothing to stop you doing this research yourself, so whether (or when) you use an accountant is up to you. But in general the more money you are making the more likely it is that an accountant will actually pay for himself with what he saves you. Even if you do consult an accountant occassionally, I would suggest you don't pay him to do the simple things you could do yourself. IE don't ask him to register with HMRC for you, or keep your books on a daily basis, or fill in your self-assessment form, etc. Its not worth paying someone who charges £100s per hour to fill in forms.
Answer 7 :
First of all you must register with HMRC and you must pay tax on your income. You must register with them within 3 months of starting doing the self employed work. If you are OK with keeping your records - eg on an Excel spreadsheet then you don't really need an accountant so long as you keep things fairly simple. While they still exist contact Businesslink and get on their courses but be quick because they are being disbanded in November.
Answer 8 :
Read this: http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm You don't have to use an accountant, but I'd recommend you do as you obviously need some help.
Read more other entries :
Monday, October 14, 2013
To become a chartered accountant, do you NEED a degree in Accountancy?
To become a chartered accountant, do you NEED a degree in Accountancy?
I'm doing a diploma in Accountancy on a home learning college course with the AAT, and I am also working towards a Master's Degree in Mathematics. So my question is, if I didn't study Accountancy in university, could I still become an accountant? Also, I achieved 2 Cs in English Language and English Literature in my GCSEs; I only got made to sit Foundation papers.
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Here's a good link which will help you. http://www.icaew.com/index.cfm/route/159081/icaew_ga/en/Qualifications/Train_for_the_ACA/Entry_routes/ACA_entry_routes
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I'm doing a diploma in Accountancy on a home learning college course with the AAT, and I am also working towards a Master's Degree in Mathematics. So my question is, if I didn't study Accountancy in university, could I still become an accountant? Also, I achieved 2 Cs in English Language and English Literature in my GCSEs; I only got made to sit Foundation papers.
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Here's a good link which will help you. http://www.icaew.com/index.cfm/route/159081/icaew_ga/en/Qualifications/Train_for_the_ACA/Entry_routes/ACA_entry_routes
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Monday, October 7, 2013
What is the difference between an accountant and a chartered accountant?
What is the difference between an accountant and a chartered accountant?
I'm wondering what the difference is.
Other - Taxes - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Anyone can call themselves an accountant. Only a Chartered Accountant can audit the books of a public company. Something like that.
Answer 2 :
I think Chartered reflects a higher level of achievement in the profession which is recognised by the standards committee
Answer 3 :
A 'chartered' accountant is a member/fellow of the Institute of Chartered Accountants in England and Wales who has passed the required examinations. Others are certified or just accountants (e.g. ACCA). All can practise as accountants in the UK, and many arts of the world.
Answer 4 :
Chartered Accountants are high level trained accountants. This gives them the authority to sign off company accounts to verify there accuracy and correct representation of trading. Anyone can practise accountancy, but there is a limit to the level they can work. The other main point if you are considering this as a career is that Chartered Accountants will earn way way way more than non qualified accountants
Answer 5 :
There are two registered types of accountants dependent on their qaulifications A chartered Accountant is the highest and most qualified and are governed by the Institute of Chartered Accountants Certified are the next in line and are memebers of the Certified Accountancy Then there are people who call themselves accountants who can do all what the above do but do not necessarily hold all of the qualifications That is the only difference
Answer 6 :
Any one who wishes to claim they are an accountant may do so. However a Chartered Accountant (CA) is the title used by members of a certain professional accountancy associations in the British Commonwealth countries and Ireland. The term chartered comes from the Royal Charter granted to the world's first professional body of accountants upon their establishment in 1854.
Answer 7 :
One is scheduled and the other is hired by the travel company?
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I'm wondering what the difference is.
Other - Taxes - 7 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Anyone can call themselves an accountant. Only a Chartered Accountant can audit the books of a public company. Something like that.
Answer 2 :
I think Chartered reflects a higher level of achievement in the profession which is recognised by the standards committee
Answer 3 :
A 'chartered' accountant is a member/fellow of the Institute of Chartered Accountants in England and Wales who has passed the required examinations. Others are certified or just accountants (e.g. ACCA). All can practise as accountants in the UK, and many arts of the world.
Answer 4 :
Chartered Accountants are high level trained accountants. This gives them the authority to sign off company accounts to verify there accuracy and correct representation of trading. Anyone can practise accountancy, but there is a limit to the level they can work. The other main point if you are considering this as a career is that Chartered Accountants will earn way way way more than non qualified accountants
Answer 5 :
There are two registered types of accountants dependent on their qaulifications A chartered Accountant is the highest and most qualified and are governed by the Institute of Chartered Accountants Certified are the next in line and are memebers of the Certified Accountancy Then there are people who call themselves accountants who can do all what the above do but do not necessarily hold all of the qualifications That is the only difference
Answer 6 :
Any one who wishes to claim they are an accountant may do so. However a Chartered Accountant (CA) is the title used by members of a certain professional accountancy associations in the British Commonwealth countries and Ireland. The term chartered comes from the Royal Charter granted to the world's first professional body of accountants upon their establishment in 1854.
Answer 7 :
One is scheduled and the other is hired by the travel company?
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