MIP or Not?

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slackda
slackda Registered Posts: 460 Dedicated contributor 🦉
hi all hope you can help me,

So i have been a MAAT for the past twelve months, im looking to start out doing some freelance work, only basic items, book keeping, Tax returns Etc,
im not 100% sure on whether i need to be MIP, im in full time employment as a Management Accountant.

Do i need to Have PI cover? or if only if i become an MIP?

Thanks

Martin

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  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    If you are working on your own (as well as the employment) then you are a self-employed person and hence, I would suggest, an MIP and therefore PI cover is a must.
  • lorraine
    lorraine Registered Posts: 404 Dedicated contributor 🦉
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    I agree with T.C. that if you are a MAAT then to work as self-employed you need to be a MIP and to have PI cover.
  • slackda
    slackda Registered Posts: 460 Dedicated contributor 🦉
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    Guess i better get registered as a MIP then , any idea on what sort of cover i would need on the PI insurance i had a quick look yesterday and for £300 per year i can get £100,000 worth of cover, as im only going to be doing the basic's to begin with i would think this is more than enough cover? any advice on this would be great!..

    Thanks for your replies!
  • groundy
    groundy Registered Posts: 495 Dedicated contributor 🦉
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    AAT requires cover equal to 2 times or 2.5 times your turnover.
  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
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    Try www.trafalgar.uk.com - much cheaper. PI limit £100K, less than £100 a year.
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