ICB Level 3 Course Package PLUS Self Assessment Tax Returns *Exams Included*

Our Level 3 package now contains even more materials, lessons, examples and activities than ever before.

  • ICB exam fees, in-house mock exams and registration fees to the value of £550 are all included with this package.

Complies fully with the ICB Syllabus plus Full Exam Preparation as well as our Self Assessment Tax Returns course.

*Price Guarantee* If you can find a course or package with same standards and additional content available elsewhere for a better price we will provide your courses for free.

Payment Plans

Finance available – provided by divido

Deposit of £116.00 followed by:

  • 12 monthly payments of £84.50 at 0% finance
  • 24 monthly payments of £46.74 at 9.9% finance

For alternative payment plans, please Contact Us

Clear
Contact Us
    Please tick the box above if you agree that Training Link may collect and use your personal data which you have provided in this form, for providing the information that you have agreed to receive, in accordance with our terms and conditions and General Data Protection Regulations.
  • This field is for validation purposes and should be left unchanged.

Level 3 course PLUS Self Assessment Tax Returns Package

This course package is for ICB members who have already taken and passed the ICB Level 2 Certificate in Bookkeeping and wish to upgrade to Level 3, and thereby be awarded the designatory letters ‘MICB’.

Course fees include:

  • In-house mock exams, ICB exams and all associated booking fees to the value of £550
  • Printed Workbooks containing lessons, examples, activities and assessments, plus Model Answers Workbooks all to the value of £520
  • Enhanced Learning (Fast Track)
  • 24/7 Online ROGO Assessments
  • Tutor Marked Assignments
  • Up to 21 months award winning expert subject tutor support by e-mail and telephone
  • Guaranteed same day assignment marking
  • New ROGO Online ICB exam simulation tests with tutor feedback
  • FREE repeat lessons
  • Free Postage and Packaging within the UK
  • FREE access to ICB’s award-winning membership benefits scheme, ICBenefits

Registration and exam fees are included at no extra cost.

Duration

You will have up to 21 months with full tutor support to complete this course, although it can be completed much quicker if you wish.

On average, it takes approximately 175 to 205 hours average study time with Enhanced Learning. This equates to roughly 3.5 hours of study per week if aiming for completion within 12 months.

If you’re not sure if this is the correct package for you, or if have any questions or queries, feel free to contact us.

This package includes:

  • Level 3 Bookkeeping and Accounting ‘M4’ Year End Sole Traders.
  • Level 3 Bookkeeping and Accounting ‘M5’ and ‘M6’ combined Year End Partnerships and Not for Profit Organisations.
  • Level 3 Bookkeeping and Accounting ‘M7’ Limited Companies and Performance Indicator Ratios.
  • ‘M8’ is an external exam and covers the entire Level 3 syllabus. This used to be taken at a Pearson VUE testing centre, but can now be completed remotely.
  • Level 4 Self Assessment Tax Returns

Registration and exam fees are included at no additional cost.

‘M4’ Course content in detail (please scroll down for additional units)

  • Legislation and ethics
  • The Data Protection Act
  • Money Laundering
  • The Proceeds of Crime Act 2002 (POCA)
  • The Money Laundering Offences
  • The Bribery Act
  • Codes of ethics and practice
  • Reporting suspicious behaviour
  • Accounting Concepts
  • Going Concern
  • Consistency
  • Prudence
  • Accruals (or Matching Concept)
  • Supplier and Customer Reconciliation
  • Control Accounts
  • Purchase and Sales Ledger Control Accounts
  • Set offs
  • Dishonoured payments and receipts
  • VAT Returns
  • VAT periods
  • Filling out the VAT return
  • Submitting the return
  • Ledger entries to record the payment or refund of vat
  • The end of paper VAT returns
  • Postage and packing charges
  • Bad Debts and VAT
  • Cash Accounting
  • Who can use the scheme?
  • Transactions with customer and suppliers based outside the UK (Imports & Exports)
  • Summary of VAT Return entries
  • Other VAT Schemes
  • The Flat Rate Scheme
  • Retail Schemes
  • The Margin Scheme for Second Hand Goods
  • Filling in the VAT return
  • Partial Exemption
  • Correction of Errors
  • The Journal
  • Aide memoire
  • Errors that will affect the trial balance
  • The suspense account
  • Introduction to Final Accounts
  • An introduction to profit
  • Gross profit
  • Stock Valuation
  • Net profit
  • Items of additional income
  • Discounts allowed and received
  • Non-trading businesses
  • Subsequent years trading
  • The Balance Sheet
  • The Accounting Equation
  • Developing the balance sheet
  • Working Capital
  • VAT registered businesses
  • Long Term Loans
  • Accruals and Prepayments
  • Disposal of Assets
  • Corrections to Final Accounts
  • Cash Budgets

‘M5’

  • Legislation and Ethics
  • Manual Partnerships
  • Working in a partnership
  • Bookkeeping entries for Partnership accounts
  • Capital Accounts
  • Partnership sharing ratios
  • Partnership Appropriation Account
  • Interest on Capital
  • Interest on Drawings
  • Salaries
  • Share of profit
  • Drawings
  • Balance Sheet
  • Revaluation of Assets
  • Changes in the partnership during the year
  • Goodwill
  • Admission of a new partner
  • Retirement of an existing partner

‘M6’

  • Legislation
  • Statement of Assets and Liabilities
  • The Receipts and Payments Account
  • Income
  • Subscriptions
  • Accrued subscriptions brought forward
  • Prepaid subscriptions brought forward
  • Carried forward balances at the end of the year
  • Written off subscriptions
  • Life Member Subscriptions
  • Event Income
  • Insurance claims
  • Fund raising events
  • Donations and Bequests
  • Gift Aid
  • Loans from members
  • Prepaid expenses – brought forward and carried forward
  • Accrued expenses – brought forward and carried forward
  • Other adjustments

‘M7’

  • Limited Companies
    • Shareholders and Directors
    • Shareholders
    • Directors
    • Executive Directors
    • Non-Executive Directors
    • The Administrative Requirements of a Limited Company
    • The Memorandum of Association and the Articles of Association
    • The Company Secretary
    • Private Limited Companies
    • Public Limited Companies
    • Types of Share
    • Ordinary Shares
    • Preference Shares
    • Loans and Debentures
    • Accounting for Shares Issues
    • The Share Premium Account
    • The Distribution of Profits and Retained Earnings
    • Distribution of Profits
    • Retained Profits
    • Limited Company Financial Statements
    • The Profit and Loss Account
    • The Balance Sheet
    • Dividends
    • Directors’ Loan Accounts
    • Reserves
    • Revenue (or Distributable) Reserves
    • Capital (or Non-Distributable) Reserves
    • Debentures and the Payment of Interest
  • Limited Liability Partnerships
    • Employment Status in LLP’s
    • Final Accounts for a LLP
    • Interest on Capital
  • Mark-up & Margin Calculations
    • Mark-up and Margin
    • Profit Calculated as the Difference Between Cost Price and Selling Price
    • Profit Calculated as a Percentage Increase on the Cost Price
    • Calculation of Profit Using Percentages
    • Expressing Mark-up as a Fraction Rather Than a Percentage
    • Margin (also known as Profit Margin or Sales Margin)
  • Ratios and Performance Indicators
    • Different Measures
    • What is a Ratio?
    • What is a Percentage?
    • The Financial Statements
    • The Financial Ratios
    • The Profitability Ratios
    • The Liquidity Ratios
    • Financial Position Ratios
  • Cash Budgets
    • The Cash Budget
    • Including the Bank Balance in the Cash Budget
    • Preparing a Cash Budget Using Changes in the Balance Sheet

Self Assessment Tax Returns

The Level 4 Certificate in Self-Assessment Taxation is made up of six topics:

  1. Underpinning Knowledge
  2. Entering Details of Personal Income onto a Self-Assessment Return
  3. Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns
  4. Chargeable Gains
  5. Calculate Tax and National Insurance Contributions due and File Returns
  6. Foreign Income and Residence Basis

The learning outcomes for each topic are listed below:

Topic 1 – Underpinning Knowledge

Learning Outcomes:
1.1 Duties and Responsibilities of the Bookkeeper / Tax Agent
1.2 Explain what is meant by the terms: Income Tax, Capital Gains Tax
1.3 Explain the principles of taxation appropriate to individuals, Sole Traders and Partnerships
1.4 Identify the main sources of Income and reliefs for an individual
1.5 Identify the types of returns that may be completed
1.6 Identify sources of assistance

Topic 2 – Entering Details of Personal Income onto a Self-Assessment Return

Learning Outcome:
2.1 Identify the main sources of personal income
2.2 Identify the various types of tax reliefs that can be claimed
2.3 Identify the elements of Employment Income and allowable expenses, and complete the relevant pages
2.4 Explain the types of Income from property and allowable expenditure and complete the relevant pages

Topic 3 – Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns

Learning Outcome:
3.1 Identify the returns that need to be completed by sole traders and partners
3.2 Explain the principle of basis periods applicable to sole traders and partnerships
3.3 Explain the purpose of, and determine, adjusted trading profits for sole traders and partnerships
3.4 Explain the purpose of Capital Allowances (Equipment, Motor Vehicles and Other)
3.5 Identify trading losses for individuals and partnerships
3.6 Complete the partnership return and the relevant section of the self-assessment return
3.7 Complete the relevant sections of the self-assessment return
3.8 Explain the purpose of Simpler Income Tax for the Simplest Small Business and complete the Self-Assessment Return

Topic 4 – Chargeable Gains

Learning Outcome:
4.1 Explain the elements of capital gains tax
4.2 Apply relief’s deferrals and exemptions
4.3 Explain the treatment of gains and losses

Topic 5 – Calculate Tax and National Insurance Contributions due and File Returns

Learning Outcome:
5.1 Determine taxable income and tax payable
5.2 Identify NI Contributions payable
5.3 Explain the procedure for payment and administration

Topic 6 – Foreign Income and Residence Basis

Learning Outcome:
6.1 Explain how to treat foreign income
6.2 Explain the criteria for residence and remittance

Exams

All Exam fees are included

Papers ‘M4’, ‘M5’, ‘M6’ and ‘M7’ are online examinations and ‘M8’ is taken externally at a Pearson VUE testing centre. Click here to locate your nearest centre for the ‘M8’ Certification exam.

The Self-Assessment Tax Returns exam will comprise of one online assessment (included in this package), taken in the candidate’s home or place of work.

The cost of exams can increase at the discretion of the awarding body (ICB). We will pay for all exam fees up to the agreed value at the time of purchase, but any increase in exam fees will need to be paid for by the student.

Assessment

The testing of knowledge and skills for the qualification will comprise of a number of online assessments, all of which are taken in the candidate’s home or place of work plus one assessment taken at an external ICB centre. Note: the assessment may also test elements of the Level 2 Certificate in Bookkeeping.

Paper M4 – reconciliations and final accounts of a sole trader:

Home / place of work based assessment to include:

  • Underpinning knowledge
  • Reconciliation and correction of errors (customer and supplier reconciliations, bank reconciliation, correction of errors including the clearance of a suspense account balance)
  • The calculation of summary figures for control accounts
  • VAT Returns (cash and standard VAT returns only)
  • Posting adjustments including disposal and acquisition of fixed assets
  • Revaluation of assets
  • Final accounts of a sole trader (profit and loss account and balance sheet)

Paper M5 – final accounts of a partnership

Home / place of work based covering knowledge and skills assessment to include:

  • All of the requirements for paper M4 but set in a partnership scenario plus:
  • Underpinning knowledge
  • Ethical considerations
  • Underpinning knowledge of the legal requirements for a partnership
  • Final accounts of a partnership including the appropriation account and production of partners’ current accounts
  • Calculations and bookkeeping entries to record a change of partnership (partnership ratios, goodwill, the effect on capital and current accounts etc.)

Paper M6 – final accounts of a not-for-profit organisation

Home / place of work based knowledge and skills assessment to include:

  • All of the requirements of paper M4 but set in a not-for profit scenario plus:
  • Underpinning knowledge regarding not-for-profit organisations
  • Understanding the different requirements of a chart of accounts for such an organisation
  • Understand the concepts of the different forms of income for not-for-profit organisations including a subscriptions account
  • Posting adjustments including the subscriptions account and disposal and acquisition of fixed assets
  • Final accounts of a not-for-profit organisation

Paper M7 – Management accounts of incorporated businesses

Home /place of work based assessment to include:

  • Final accounts including adjustments for a limited company (internal management accounts format only)
  • Limited liability partnerships
  • calculation and interpretation of ratios

Paper M8 – Level 3 External Assessment

This is a single assessment to be taken at an ICB examination centre. The assessment will be a mixture of multi-choice and data entry questions which will cover all elements of the syllabus.

Self-Assessment Tax Returns

The testing of knowledge and skills for the qualification will comprise one online assessment, taken in the candidate’s home or place of work. The assessment will be available to complete for a period of forty-eight hours. The exam will consist of a series of tasks, some of which will involve entering amounts into screens that closely replicate screens from an on-line self-assessment return. Other tasks involve calculations that demonstrate an understanding of the nature of the calculation of tax, National Insurance Contributions, Capital Allowances, Capital Gains Tax and adjusted net profit.

Grading

The full qualification will be graded at Distinction with Honours, Distinction, Merit or Pass

All assessments must be successfully achieved to gain the full qualification. Each assessment will generate a separate accreditation notification.

The home or work place based assessments will be graded as follows:

  • Distinction 95-100%
  • Merit 90-94%
  • Pass 85-89%
  • Fail 0-84%

The assessment taken at an external ICB centre will be graded as follows:

  • Distinction 90-100%
  • Merit 80-89%
  • Pass 70-79%
  • Fail 0-69%

Once all assessments have been successfully completed a final certificate will be awarded which will be graded at Distinction with Honours, Distinction, Merit or Pass. Unit percentage results will be averaged. The following average % marks show an example of how the final grade might be awarded (note the same range of marks may give a different overall result depending on the number of Passes, Merits and Distinctions achieved):

  • Distinction with Honours – 98% and above (with all five papers being graded at Distinction)
  • Distinction – 95-97% overall (with all papers graded at least at Merit or Distinction)
  • Merit – 90-94% (can be a mixture of individual grades)
  • Pass – 80-89% (can be a mixture of individual grades)

Multi Award-Winning ICB Training

You can maximise your chances of success by choosing to study an ICB course with Training Link. And that’s reflected by the number of awards we’ve won that recognise our exceptional standards of educational excellence and tutor support.

We have been named ICB Training Provider of the Year eight years in a row, ICB Tutor of the Year three times, and ICB Student of the Year three times.