MIP whilst studying?

Thomasl1

Hi Everyone,
I recently became MAAT and am currently in the process of applying to be a MIP. I have over 7 years financial experience, and plan to cover a few different areas. My main query is that I plan to begin studying for the ACCA qualification in a few weeks. Does this mean I am not able to start my own sole trader company or am I limited as to what services I can provide?
Any help on this would be appreciated.
Many Thanks in advance
Steven

Anne Boleyn

MIP whilst studying

Hi Thomas

Unfortunately the ACCA are very strict in what they allow a student of theirs to do whilst studying, you'll probably be restricted to bookkeeping. Also, I believe, once you have passed all the exams you still need 3 years post qualifying experience. If I've got this wrong, I'm sure others will correct me.

Bloater

Spot On

Anne is spot on - ACCA regulations are a joke. They only allow you to practice whilst studying if you are already a MIP under ICAEW, CIMA etc.

They don't recognise AAT! and that's why I have given up ACCA membership!

My advice is that if you want to run a small practice, become an AAT MIP, then study the tax exams, as these will be far more practical for most clients needs.

As long as you can accurately prepare accounts, which AAT and relevant experience will enable you to do, the main questions raised by clients are tax related.

Hope this helps.

lorraine

Hi Bloater, by studying the Tax Units, does that mean taking the exams officially or will reading and understanding the Tax Units be enough to be able to carry this out for clients.

Also I will be getting any work I do re: tax and final acs checked by a fully competent accountant as I am new to this area of work.

Bloater

PM

I'll PM you this afternoon.

mc25

Bloater, i would be interested in knowing more about understanding the Tax too. I was looking at studying tax at one time but i still haven't figured out the best option. Pls if you have any hints share it pleaaaase :blushing:

Bloater

Tax (doesn't have to be taxing!!!)

MC25

If you have studied the tax exams in AAT and have relevant experience, this will be sufficient to gain authorisation under the AAT MIP scheme. The experience is really the key. You must have the knowledge, but being able to apply that knowledge is the relevant issue, hence my earlier comment regarding being able to prepare the accounts.

I advised the Thomas1 to study the tax exams (ATT and CTA) as, I believe, that these are more relevant when dealing with clients, in a small practice environment, than the plethora of largely irrelevant information that you will have to learn by going through ACCA, ICAEW etc.

Hope this helps.

Regards

mc25

Bloater thanks alot for your reply. Very much appreciated:thumbup: