Accountancy qualifications

starving_artist

I'm looking for an accountant and have been recommended someone with an ATT qualification.  Is it suitable for basic tax returns only or is it a full blown qualification covering more complex circumstances? 

Speedbird676

Do you mean AAT (Association of Accounting Technicians) or ATT (Association of Tax Technicians)?

starving_artist

ATT. 

Is one better than the other?

comeandgo

They are only Technicians of accountancy, not fully fledged accountants.

[Deleted User]

ATT is a tax qualification - an entry level to CTA. It is not an accountancy qualification - I had both for many years.

starving_artist

comeandgo said:

They are only Technicians of accountancy, not fully fledged accountants.

Apologies for my ignorance but would you be able to explain the difference between the two in terms of the kind of work they are competent to handle?

Pennywise

starving_artist said:

Apologies for my ignorance but would you be able to explain the difference between the two in terms of the kind of work they are competent to handle?

Competence will come from their experience.  There will be ATTs who are perfectly competent to do complex tax planning, not because of their qualification, but because of their "on the job" training.  Others who have little/limited experience will be competent at mostly basic stuff like basic tax returns.  Qualifications are only half the story - on the job experience is just as important.  So it's impossible to say on an individual basis.  Someone with the qualification but no experience will probably be barely competent to do much at all. 

The classroom is very different to real life.  As an example, when I did my tax exams 30 odd years ago, we spent a year and had an exam on Capital Transfer Tax.  At the time of taking the exam, it had been scrapped and replaced by Inheritance Tax, so the knowledge and exam were redundant but we still had to do it and then had to learn the new Inheritance tax laws before we could do any IHT work or returns!

whizzywoo

starving_artist said:

comeandgo said:

They are only Technicians of accountancy, not fully fledged accountants.

Apologies for my ignorance but would you be able to explain the difference between the two in terms of the kind of work they are competent to handle?

AAT = Association of Accounting Technicians.  I was one of these for most of my working life from 17 years old until I retired aged 65 years.  Although I didn't qualify as such until I was in my forties.  Always worked in practice under the supervision of a partner who was normally a Chartered Accountant.
Competent to produce self-employed profit and loss accounts, balance sheets and complete simple self assessment tax returns. 
Competent to produce simple management accounts and simple limited company accounts and balance sheets and simple corporation tax returns.
Competent to do double entry book-keeping, produce non-complicated VAT returns and most PAYE and CIS payrolls.
Most well experienced AAT professionals would be quite capable of producing more complicated accounts and taxation work but would normally be working under the supervision of a Chartered Accountant.
See https://www.aat.org.uk/ 

ATT = Association of Taxation Technicians.  More concerned with business and personal taxation.  Not completely sure of the breadth of their knowledge but presumably can produce simple accounts and do bookkeeping etc as well as taxation work. 

starving_artist

Thanks for your helpful responses.  It's good to be aware of the differences especially since the acronyms are so similar!

mekaljohn

Both Accountancy Qualifications, AAT and ACCA capability are, to a great extent, perceived by UK managers and endorsed by worldwide bookkeeping administrative associations and HMRC. It is challenging to choose whether AAT or ACCA is directly for you. The significant thing to note when contrasting these two qualifications is that they're both respectable in their own right; they're focused on various sorts of individuals

Jeremy535897

Word of mouth recommendation is often the best bet. As a chartered accountant of nearly 40 years' standing (the senior qualification to AAT), and a CTA for about the same length of time (chartered tax adviser, the senior qualification to ATT), I can  say that I have met, employed and dealt with many chartered accountants and chartered tax advisers, some of whom were, frankly, hopeless, as well as AATs and ATTs, many of whom knew what they were doing.