Institutes launch new route to two Chartered qualifications for Owner Managed Business advisers

The Chartered Institute of Taxation (CIOT) and the Institute of Chartered Accountants in England and Wales (ICAEW) launched the much anticipated ACA CTA Joint Programme Owner-Managed or Private Businesses (OMB) specialism today.

Owner-Managed or Private Businesses is one of three tax specialisations for employers and students on the innovative ACA CTA Joint Programme, with the others being tax of major corporates and Indirect tax.  The Owner-Managed or Private Businesses Joint Programme is designed for students specialising in the tax affairs of owner-managed or private businesses from the start of their training.

Chris Jones, President of the CIOT, said:

“We are delighted to launch the Owner-Managed or Private Businesses specialism, which will meet the needs of not only the larger financial services firms but also that of the wider accountancy community. It feels great to deliver a route which has been the subject of so much interest from major accounting firms which are keen to give their clients an excellent service.

“The specialism covers incorporated and unincorporated businesses and the focus is on the tax consequences of actions for owner-managed or private businesses in adhering to the requirements of tax statues and relevant questions.

“The entrepreneurial endeavour and skills of owner-managed and private businesses are the engine of the UK economy so it is crucial that the people who support them with their financial planning have a good grasp of their requirements and the challenges that they face.”

The key benefits for employers and students of the Owner Managed or Private Businesses specialism are: recruitment attraction, flexibility, tax specialism facilitated, faster client contribution, optimised study time and cost efficiency.

ICAEW Director, Hazel Garvey, said:

"We are thrilled that students specialising in tax of owner-managed businesses can take a joint programme towards both ACA and CTA qualifications. They can be sure that they are taking a high-quality programme that benefits from a special relationship between ICAEW and CIOT, ensuring advisers are trained to the highest professional and ethical standard. We wish students the best of luck in their training."

Students on the Joint Programme work towards ICAEW’s chartered accountant qualification, ACA, and CIOT’s Chartered Tax Adviser (CTA). It was developed jointly by both the CIOT and ICAEW to meet the needs of the accountancy firms and businesses throughout the UK.


Note to editors

1. For more information about the Joint Programme and how the OMB specialism works click here.

2. The Chartered Institute of Taxation (CIOT)

The CIOT is the leading professional body in the United Kingdom concerned solely with taxation. The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through our Low Incomes Tax Reform Group (LITRG), the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.

The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries. The CIOT’s comments and recommendations on tax issues are made in line with our charitable objectives: we are politically neutral in our work.
The CIOT’s 17,500 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.

ICAEW

ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. The ICAEW provide qualifications and professional development, share knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession.