Exemptions to needing an IFA practising certificate
The following IFA members are not required to hold an IFA practising certificate:
- A member who is employed to provide accountancy services to his or her employer does not need a practicing certificate, if the recipient of the accountancy services is in an employer/employee relationship.
- A member who acts as a director, trustee, treasurer or other officer of a not for profit organisation does not need a practicing certificate. Whether or not the office is remunerated is not a consideration.
- A member who gratuitously and not in anticipation of reward applies his or her skills for the benefit of others via an organisationsuch as a voluntary advice bureau does not need a practising certificate.
- A member does not need a practicing certificate if he or she gratuitously or for a nominal amount (which is in the nature of expenses and does not exceed £500 per appointment) provides accountancy services to a small charitable, community, religious or sporting body or to similar bodies of a non profit-making nature, whose income is less than £250,000, for example, undertaking voluntary independent examinations for charities with income below £250,000.
(The income limit is the point at which accruals accounting is currently required for charities andshould this change, the limit in this exemption would be changed.)
- A member who gratuitously and not in anticipation of reward applies his or her skills for the private benefit of friends or family.