ONLINE ANNUAL RETURN FAQs

ONLINE ANNUAL RETURN FAQs
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Why is ICAEW moving to an electronic online return? ........................................................... 2
Why do I need to complete an annual return? ........................................................................ 2
Can I complete the sections of the annual return in any order? .............................................. 2
When User A is entering data, will the system allow other users at the firm to complete their
sections? ............................................................................................................................... 2
What should I do if the standing data is inaccurate? .............................................................. 2
What should I consider when completing the variable data sections? .................................... 2
Can I make changes to member or firm records using the online system; or amend
information ICAEW has filled in on the annual return (eg, details of RIs, principals)? ............. 2
How do I make changes after submission? ............................................................................ 3
I used to receive separate anti-money laundering supervision and insolvency annual returns.
Will I still receive two separate returns? ................................................................................. 3
Can I save data as I fill it in? .................................................................................................. 3
How do I know the online system is secure? .......................................................................... 3
Who has access to the annual return? ................................................................................... 3
Can I change access rights for authorised colleagues? ......................................................... 3
I’ve forgotten my password and username. What should I do? .............................................. 3
Can I change my password?.................................................................................................. 3
I’m the compliance principal for more than one firm. Can I use the same password for all
these firms? ........................................................................................................................... 4
Can I upload additional information relating to my annual return? .......................................... 4
Can I get an extension to the deadline for submitting my firm’s return?.................................. 4
How do I know that ICAEW has received my annual return? ................................................. 4
I’m not a member firm? Why have I received an annual return?............................................. 4
I’m no longer the contact or compliance principal for the annual return. What should I do?.... 5
Can I print a copy of the completed annual return? ................................................................ 5
I don’t think I’m engaged in public practice. Do I still need to complete an annual return? ..... 5
I’m about to cease practising or merge with another firm. Do I still need to complete an
annual return?........................................................................................................................ 5
Will the annual return questions change? .............................................................................. 5
Will you be launching the online annual return in January 2014 when I’m busy? ........... Error!
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When will the online annual return be live? ............................................................................ 5
Will I need to fill in two annual returns next year, one paper, one online? .............................. 5
I like the paper version. Can I stick with this rather than move to the online version?............. 5
Once I get my login details, will I be able to access the annual return 24/7? .......................... 5
What should I do if I need help completing the annual return? ............................................... 6
If I have a question that’s not answered by these FAQs, who can I direct it to? ..................... 6
I’ve clicked ‘Add new’ by mistake. I get an error message to say the field is empty and I need
to type in data. ....................................................................................................................... 7
How should I enter financial information on the annual return? .............................................. 7
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Why is ICAEW moving to an electronic online return?
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To meet the demands of ICAEW’s oversight bodies, implement industry process
improvements and raise standards.
To support QAD's strategy to deliver material electronically, in line with industry standards
and best business practices.
To meet the expectations of firms; most practices expect to communicate information
electronically.
To give firms easier access to information.
To improve firms’ experience with ICAEW and the way ICAEW manages regulatory changes.
To generate efficiencies and enable staff to support firms directly.
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Why do I need to complete an annual return?
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ICAEW’s Audit Regulations and Guidance require all firms registered with ICAEW for audit to
provide such returns, statements or other information as considered necessary and in a form
decided by the Registration Committee.
Rule 2.07h of the DPB Handbook requires firms to respond, when required, to enquiries made by
the Institute or its agent(s) (whether by writing, visiting the firm’s offices, using a periodic return,
or any other method) about the firm's application, its activities as a licensed firm, or any of its client
records.
The Practice Assurance regulations require member firms and PC holders to supply any
information requested by ICAEW under the Practice Assurance scheme (whether in the annual
return or otherwise) promptly and in accordance with the terms specified.
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Can I complete the sections of the annual return in any order?
Yes, but you must complete page 1 first as this page determines the questions you see on
subsequent pages. This is particularly important if you authorise more than one colleague to use
the system. They will need to complete their sections in the right sequence. Once page 1 is
complete, you can complete subsequent pages in any order.
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When User A is entering data, will the system allow other users at the firm to complete their
sections?
The system will not allow another person to enter information into that section of the return. This is
to safeguard the data and avoid information being lost.
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What should I do if the standing data is inaccurate?
The standing data reflects data held by ICAEW on the issue date of the annual return. If you’ve
notified us of changes since the annual return issue date (for example, you’ve told us about the
addition of a new principal), there’s no need to tell us again. You must notify ICAEW of changes
separately and within the number of days specified by the regulations. The annual return is not a
mechanism for notifying changes.
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What should I consider when completing the variable data sections?
It’s important that the data you enter corresponds to data in publicly filed accounts.
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Can I make changes to member or firm records using the online system; or amend
information ICAEW has filled in on the annual return (eg, details of RIs, principals)?
The annual return provides a snapshot of the firm on a particular date. It’s not a mechanism for
notifying ICAEW about changes within the firm. You must continue to notify us about changes
within the firm separately and in writing. You may not use the annual return to notify changes.
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The Audit Regulations require changes to be notified within 10 days.
The Practice Assurance Regulations require some changes to be notified within 10 business
days and others to be notified within 20 business days of the change taking effect.
The DPB Handbook requires changes to be notified within 10 days.
The Insolvency Regulations require changes to be notified as soon as possible.
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Unregulated firms should email [email protected]; regulated firms should email
[email protected]
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How do I make changes after submission?
You won’t be able to make any changes once you’ve pressed ‘Submit’. If something needs to be
changed, please call the annual returns team on +44 (0)1908 546 335.
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I used to receive separate anti-money laundering supervision and insolvency annual returns.
Will I still receive two separate returns?
Firms registered for both anti-money laundering supervision and insolvency will receive a single
annual return as part of our main return process. This means only one return will be received each
year.
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Can I save data as I fill it in?
Yes, you can complete the annual return in stages and save information as you go along.
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How do I know the online system is secure?
The annual return site will be subject to the same security controls and standards as the corporate
website, icaew.com. We will undertake regular security tests as is standard on all ICAEW’s
websites. Access to the site will be controlled by usernames and passwords.
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Who has access to the annual return?
We will issue each firm with a single annual return login.
We will send a unique login to:
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the audit compliance principal if the firm is registered for audit with ICAEW;
the DPB principal if the firm is not registered for audit but holds an ICAEW DPB licence; or
the Practice Assurance principal if the firm is neither registered for audit nor licensed for DPB
activities.
The main user can decide who else in the firm should have access to the annual return. You can
give access to others using the ‘Authorise my colleague’ function.
Once you receive the return and have logged in, the main user can use the ‘Authorise my
colleague’ function to nominate other users in your firm to enter details on the annual return.
The authorised signatory is responsible for checking the completed return and is the only person
who may submit it to ICAEW
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Can I change access rights for authorised colleagues?
Yes. You can use the ‘Authorise my colleague’ function at any time to cancel a colleague’s access
to the system or to nominate a new user.
The authorised signatory is responsible for checking the completed return and is the only person
who may submit it to ICAEW. Only ICAEW can change the authorised signatory.
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I’ve forgotten my password and username. What should I do?
You can use the system to ask for a new password or to be reminded of your user name.
You can also call our helpline on +44 (0)1908 546 335 and we’ll be happy to help.
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Can I change my password?
You can change the password by accessing the settings icon in the top right hand corner of the
screen.
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I’m the compliance principal for more than one firm. Can I use the same password for all
these firms?
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Each annual return will have a unique username which identifies the firm. This cannot be changed.
You can change your password.
For security reasons, it’s advisable to have a different password for each firm although it is
possible to use the same password.
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Can I upload additional information relating to my annual return?
The system allows you to upload additional documents such as supplementary data or PII
documentation as attachments.
Can I get an extension to the deadline for submitting my firm’s return?
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It’s important that you submit the annual return by the deadline.
In exceptional cases you may need to ask for an extension.
Please call our helpIine on +44 (0)1908 546 335. If your request meets the criteria for an
extension, we will see how we can help.
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How do I know that ICAEW has received my annual return?
When you submit your firm’s completed annual return, its status will change to ‘Pending ICAEW’.
When it has been reviewed and accepted by ICAEW, its status will change to ‘Completed’.
I’m not a member firm? Why have I received an annual return?
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Practice Assurance applies to all practising certificate (PC) holders in public practice. The Practice
Assurance regulations require member firms and PC holders to supply any information requested
by ICAEW under the Practice Assurance scheme (whether in the annual return or otherwise)
promptly and in accordance with the terms specified.
If you’re a PC holder in a non-member firm (ie, one that is not controlled by chartered
accountants), please complete as much of the return as possible. As a minimum, this involves
confirming the standing data section and the PII section.
If you’re a principal in a member firm, you need to complete all sections of the annual return.
The definition of ‘member firm’ is set out below.
Member Firm shall mean:
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a member of the Institute engaged in public practice as a sole practitioner; or
a partnership engaged in public practice of which more than 50 per cent of the rights to vote on all, or
substantially all, matters of substance at meetings of the partnership are held by Chartered Accountants or by
another member firm(s); or
a limited liability partnership engaged in public practice of which more than 50 per cent of the rights to vote on
all, or substantially all, matters of substance at meetings of the partnership are held by Chartered Accountants
or by another member firm(s); or
any body corporate (other than a limited liability partnership) engaged in public practice of which: (i) 50 per cent
or more of the directors are Chartered Accountants or another member firm(s); and (ii) more than 50 per cent of
the nominal value of the voting shares is held by Chartered Accountants or by another member firm(s); and (iii)
more than 50 per cent of the aggregate in nominal value of the voting and non-voting shares is held by
Chartered Accountants or by another member firm(s); and
provided that in the case of a firm that is a parent entity, more than 50% of the income of the group is derived
from public practice and, in the case of a firm that is a subsidiary entity, more than 50% of the income of the
group is derived from public practice and the subsidiary entity is engaged in public practice.
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I’m no longer the contact or compliance principal for the annual return. What should I do?
If your firm is not registered for audit or licensed for DPB activities, email details of the new
Practice Assurance principal to [email protected]
If your firm is registered for audit or licensed for DPB activities email details of the new compliance
principal to [email protected] within 10 days of the change taking effect.
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Can I print a copy of the completed annual return?
Yes, you can print a copy of your completed annual return by clicking on ‘create a PDF document’
within the form tab in ‘Annual Return Form’. Depending on your choice of browser (eg, Windows
Explorer, Google Chrome, Firefox, Safari) it may take up to two minutes to download. The PDF
may appear as a file to save or in a download tray or folder on screen.
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I don’t think I’m engaged in public practice. Do I still need to complete an annual return?
To determine whether you’re engaged in public practice, you should consult the Council statement
on engaging in public practice or call Advisory Services on +44 (0)1908 248 250. There’s no
minimum fee level or minimum number of clients as a condition for holding a practising certificate.
If you’re certain that you are not engaged in public practice, please inform us in writing and we
may be able to cancel the annual return.
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I’m about to cease practising or merge with another firm. Do I still need to complete an
annual return?
If you cease to practise, or if your firm merges with another firm, please complete an annual return.
We still need information about the practice over the previous 12 months.
Regulations 2.7 and 2.8 of the Professional indemnity insurance regulations and guidance require
you to arrange run-off cover after ceasing to practise and you should confirm this in a covering
letter with your annual return. Additional guidance on run-off cover is given in paragraphs 6.29 6.31 inclusive.
Please confirm contact details for individuals in the new firm so that we can update our records.
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Will the annual return questions change?
There are a few additional questions but, broadly, the online annual return is the same as the
current paper version.
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When will the online annual return be live?
We expect to be launching the online annual return in Q3, 2014. There will be regular updates and
we’ll communicate the live date well in advance.
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Will I need to fill in two annual returns next year, one paper, one online?
No, you will not.
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I like the paper version. Can I stick with this rather than move to the online version?
No, the annual return will be online in future.
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Once I get my login details, will I be able to access the annual return 24/7?
When your annual return is available for completion, we’ll send you a web link and a deadline date
for submission. Once you’ve submitted your annual return, you’ll be able to access the system at
any time to review or print the submitted return.
Once the online system is established, you’ll also be able to review online returns from previous
years (but not earlier paper returns).
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What should I do if I need help completing the annual return?
First consult the guidance notes that support the annual return. They explain how to answer the
questions.
If you still need help, call our annual return helpIine on +44 (0)1908 546 335. We will be happy to
help.
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If I have a question that’s not answered by these FAQs, who can I direct it to?
Please email your question to [email protected]
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QUESTIONS ABOUT FILLING IN THE FORM
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I’ve clicked ‘Add new’ by mistake. I get an error message to say the field is empty and I need
to type in data.
Only use ‘Add new’ (in any section) to add data to that section, for example, a new principal, alternate, office
or shareholder. If you click the button by mistake and don’t have data to add, click ‘Delete section’ at the top
of the section you’re on. You’ll be able to finish the page and move on.
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How should I enter financial information on the annual return?
The online annual return will add up the financial fields in a section to give a total, for example:
You should always give amounts of money in GBP. The sum box uses a comma to separate thousands of
pounds and a decimal point to separate pounds from pence.
Please follow the examples below when you enter an amount of money.
1.00
10.00
100.00
1,000.00
10,000.00
100,000.00
1,000,000.00
10,000,000.00
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