Getting Started

essex girl

Hi Everyone.

I'm new to this forum so please forgive me if I have posted in the wrong section.

I have been a full AAT member for about 6 years and have up until recently been employed as an Accounts Manager preparing management accounts. Anyway, now unemployed and not wishing to return to full time employment, I am considering self-employment. I would want to be involved with sole traders and small limited companies.

I have had a look through the forum and see that a Member in Practise needs a licence to be self employed.

Can anyone give me anymore details on this such as what the license allows you to do, do you have to specialise in a particular area, how much it costs and is it a legal necessity, and how do you get one. In short - what is it??

Many thanks

Monsoon

If you're a self employed MAAT or FMAAT then you HAVE to have a Members in Practice certificate, it's the AAT rules. It's about £85, or less if you turnover under £5000 a year.

To get the certificate you have to have experience in the areas you wish to work (eg personal tax, corporation tax etc) and you have to have Professional Indemnity Insurance. Like all AAT members you also have to maintain your CPD.

Have a look at the MiP section of the AAT website and have a read through the application form.

EDIT: Also if you work for yourself you have to be regulated for Money Laundering. Apply for this with your MiP application. This is the law. The alternative is to pay £95 to be registered with HMRC but there's no point if you're going to be an AAT MiP

essex girl

Thanks for the advice Faerie9. I will look in the MIP section too. :001_smile:

essex girl

WHAT?????:huh::huh: