Advise please

MILLY21

Hi everyone, I'm afraid I have lost my way a bit here and hope one of you good people will help pick me up and dust me down.

I have completely Technican stage but cannt register MAAT/apply for MIP due to the fact that my project has not beend signed off so I'm a little in limbo. PLan is to go onto CIMA next year once I have the dosh to pay for it.

If I set up with licence/insruance ect does anyone know if I can still practive whilst studying CIMA? I understand if you were to do ACCA this is not allowed. Does anyone know please?

The other thing is I have been working in accounts/payroll for 15 years but I have never completed returns for self employed people/sole traders. I would like to do this as a second job if possible but of course I would need to have the relevant skills. We did not do personal taxation unit during our technician course.

I have been approached by a family friend who is working full time but is starting her own beautician business to run along side and wants my help. My sister in law has offered to do this work for me (she is chartered and all singing all dancing of course) to show me how to do this them, eventually when I become competant I can (CIMA willing of course) carry on and get more clients.

So basically whats would you advise? Should I obtain the course notes and book for personal taxation, familiarise myself with the process and watch and learn? In the mean time this friend has established all things necessary to start off her business, even attended a book keeping course so she has all the relevant bank accounts ect. She is currently training so will not be performing paid duties for a couple of months.

I told you I had lost my way, feel a bit of an idiot now putting this into print

Looking forward to any comments

Thomasl1

That's what the forum is there for, to give advice and guidance to people who have lost their way and im sure you're not the only one, far from it.

I am a full AAT member and have recently applied for my MIP license. I have also recently started studying CIMA via home study. I did check before studying and like you said, ACCA are very strict in what you can and cannot do whilst you're a student. CIMA are much more leaniant thankfully.

It could be worth brushing up on the personal tax units, however one of the CIMA units I am studying now (cant remember which one as I am studying three, it may be F1) covers business and personal tax. I assume you would cover the same information in depth with this as in the AAT module.

Hope this has been some help to you, any questions feel free to let me know.
Steve

burg

As tax is going to be one of the main parts of running a practice you may need more experience in this area. Learning from text books etc does help but it is nothing like doing the real thing.

When you apply for a licence to practice you have to request different areas such as personal tax, corporation tax, accounts production, bookkeeping, payroll, etc.

You then need to demonstrate some experience in the requested areas to be granted a licence for that area. You may fall down on this part as you don't have the experience.

MILLY21

Thank you both for your response, I do realise that you need to show competance ect, thats why im hoping to learn by example and observe along side it, I just didnt want to go into it blind. Thats why I though if I read up on it, observe the practice, practice with my accounts "chaperone" and once I feel confident I can then register to do self employed returns for example.

It was really a case of which foot do i put forward first, I suppose I am best speaking to my "chaperone" and getting it straight from the horses mouth hey.

Steve thank you for your kind words of encouragement, I do hope you do well with CIMA. I have noticed that sometimes the response people receive on here can be a little fierce so thank you for making my second posting a pleasant one!!

I think as well as lose my way I have lost some of my confidence. Daft really aint it.

MILLY21

P.S. Steve let me know how you get on with your homestudy, it was something I had considered due to the local colleges either not doing all modules and the agencys intown charging an arm and a leg!!

Thomasl1

No worries Milly and welcome to the forum.
Im a relative newcomer to the forum myself but I have had a good response from most people on here. They can be very helpful.

Its only natural to lose confidence, especially when it comes to making a big decision such as being a MIP and trying to do work on a self-employed basis. I'm lucky to be employed at the moment (but hating it due to my manager and the company I work for, dont get me started lol) but I'm trying to get MIP status so I can do some work on a part time basis with hope then that if I get enough clients/interest then I can take it up full time. Have you thought of volunteering in your spare time. That's what I did, became a treasurer for The Alzheimers Society on a voluntary basis and it gave me masses of confidence.

As for CIMA, I haven't long started it, I'm studying P1, E1 and F1 to sit the exams in May 2010. The books and guides are very concise and contain revision questions/examples, etc. However, I will say if you thinking of studying by home study then you need to be committed and you need to be very strict as to studying. I've found my studying falling behind because of other committments, it can be hard work. But it will be worth it in the end

clearaccounting100

Hi good luck with being a MIP and your CIMA studies. I am a MIP and thinking of doing ACCA in the new year. Does that mean that i cannot continue with my self employed work whilst studying ACCA? I wouldn't be mentioning ACCA in anyway on any of my business literature? Does anyone know please? x

deanshepherd

I believe you can only do bookkeeping and payroll whilst an ACCA student - best check with them to be certain.

burg

clearaccounting100 wrote: »

I am a MIP and thinking of doing ACCA in the new year. Does that mean that i cannot continue with my self employed work whilst studying ACCA? I wouldn't be mentioning ACCA in anyway on any of my business literature? Does anyone know please? x

I was studying ACCA before I became a MIP. You are restricted in what you can do by the ACCA. You are allowed to do anything up to trial balance. Which is basically bookkeeping. They have no consideration for the fact you may be an AAT MIP or whether you will be metioning them. I am afraid that is the rules of the ACCA and there is no way of getting around it.

You will be better looking at ICAEW, CIMA or ATT if you want to continue with your own practice.

MILLY21

It does seem strange that ACCA will not allow you to do this and yet other bodies will, especailly when you have provied yourself competent within your field of practice. Feels a little as though they don't trust their student not to extend their practice by what they are studying before they obtain their final ACCA staus?????

deanshepherd

It is to stop students trying to run before they can walk.

It is all very well suggesting that ACCA should show more respect to their students to only undertake work they are competent to do but it is quite clear to anyone watching these forums (and indeed others) that there are plenty of students from a variety of organisations trying to undertake work they are woefully unqualified to do.

It does of course cause problems for AAT MIPs but I think our annoyance is probably the lesser of two evils.

I remember being taught that a little bit of knowledge is a dangerous thing!

MILLY21

I accept your point of course but if you were an MAAT, MIP you would be foolish to practice outside of your given field. By restricting you from practiing all together, well I do not understand the point of that. It seems to me like having a licence to drive a car, then training to be a driving instructor and not being able to drive a car again until you have passed your instructor training.

My course of action will be through the CIMA pathway so I am not annoyed at this, mearly passing a comment.

Miss_HJ

burg wrote: »

I was studying ACCA before I became a MIP. You are restricted in what you can do by the ACCA. You are allowed to do anything up to trial balance. Which is basically bookkeeping. They have no consideration for the fact you may be an AAT MIP or whether you will be metioning them. I am afraid that is the rules of the ACCA and there is no way of getting around it.

You will be better looking at ICAEW, CIMA or ATT if you want to continue with your own practice.

im glad i read this!! I am on the final technician exam in dec and have been rpompted by my current work to do ACCA. however my plans for future are to move from industry within the yr and into practice, but from this i guess if i had started ACCA i would be hindering myself?

any help advice?

burg

From your message it is not clear whether you want to move to practice as an employee?

ACCA rules state you can only do up to trial balance if you are running your own practice. If you are moving to practice as an employee then that is fine and there are no restrictions that I am aware of.

A-Vic

burg wrote: »

From your message it is not clear whether you want to move to practice as an employee?

ACCA rules state you can only do up to trial balance if you are running your own practice. If you are moving to practice as an employee then that is fine and there are no restrictions that I am aware of.

My Manager has to have everything signed off by the chartered accountant by she works past TB and in her final two exams for ACCA (employee)

Miss_HJ

burg wrote: »

From your message it is not clear whether you want to move to practice as an employee?

ACCA rules state you can only do up to trial balance if you are running your own practice. If you are moving to practice as an employee then that is fine and there are no restrictions that I am aware of.

Yes as an employee - sorry should have been clearer!!

So If i was to move on to ACCA and transfer jobs it would not stop me only if i wanted to run my own practice whilst studying ACCA?

burg

Miss_HJ wrote: »

Yes as an employee - sorry should have been clearer!!

So If i was to move on to ACCA and transfer jobs it would not stop me only if i wanted to run my own practice whilst studying ACCA?

Correct, as far as I am aware. The only limit is if you run your own practice.

deanshepherd

MILLY21 wrote: »

It seems to me like having a licence to drive a car, then training to be a driving instructor and not being able to drive a car again until you have passed your instructor training.

A better analogy would be having taken some driving lessons and never passed the test yet still driving on the streets AND offering your services to paying customers as a HGV driver!

MILLY21

Do you now what Dean, I, like you, am entitled to my opinion. I see it differently, not necessarily inocrrectly as you would imply. This is the kind of thread which puts me off using this forum.

Bluewednesday

MILLY21 wrote: »

Do you now what Dean, I, like you, am entitled to my opinion. I see it differently, not necessarily inocrrectly as you would imply. This is the kind of thread which puts me off using this forum.

I didn't see Dean's thread as being critical, maybe you have taken it the wrong way?

MILLY21

Perhaps Bluewednesday, perhaps, although to be corrected twice in one thread has made me fell rather uncomfortable and - in my opinion - the comments seemed rather condescending.

deanshepherd

I have been accused of being condescending before so I do try to think before I write (no honestly I do!) but if you are offended by the two posts I have made in this thread then I have absolutley no sympathy for you.

You need a reality check.

blobbyh

I couldn't see what was the problem with Dean's posts either. If people are offended by a few critical comments on these forums - after they've gone looking for words of wisdom - they're gonna hear all sides including some they may not like. If they're also the weak, needy kind who gets easily upset by such comments then how would they react to an angry client with a genuine grievance? Maybe they should never go self employed and just continue working for others where there's always someone to fall back on and an occasional shoulder to cry on.

A-Vic

blobbyh wrote: »

I couldn't see what was the problem with Dean's posts either. If people are offended by a few critical comments on these forums - after they've gone looking for words of wisdom - they're gonna hear all sides including some they may not like. If they're also the weak, needy kind who gets easily upset by such comments then how would they react to an angry client with a genuine grievance? Maybe they should never go self employed and just continue working for others where there's always someone to fall back on and an occasional shoulder to cry on.

I quote boys from the black stuff oi robert "giz a job"

MILLY21

I do not need a reality check thank you very much. I think you need to check your tone and as for you blobbyh I am disgusted with your comments.

Weak, needy, trust me I am non of these. I am a very hard working, intelligent woman in a male dominated environment and I have the respect of the Directors, staff and clients I deal with all over the world. I have never cryed on anyones shoulder and do not intend to start. I am not upset, merely exasperated by them and as you have enjoyed voicing your opinion I have included mine.

Might I respectfully suggest if you have nothing of value or encouragement to say then do not say anything at all.

A-Vic

Milly you have to learn to take thinks on the chin and laugh it off good grief its only a forum for goodness sake and if you dont like the comments seek elsewhere

MILLY21

A Vic, honestly this thread has gone on longer than I would have liked it to and it is getting a little out of hand now.

I did not seek their comments and their comments where just rude, not constructive or helpful.

As I keep saying that is just my opinion.....opinions are like ar@#holes, everyones got one and they all stink

A-Vic

In your eyes they might have seemed rude but what people are trying to tell you is dean is abrupt with everyone and it isnt a personal attack on you, he just says it as he sees it not everyone is the same and people act and talk differently but it could mean the same thing.

MILLY21

fair enough a-vic, it would be a very boring world if we were all the same wouldnt it, tar

Thomasl1

See, I was nice, i gave helpful advice lol.

A-Vic

Thomasl1 wrote: »

See, I was nice, i gave helpful advice lol.

You did too ? wana hug (sorry now i am been condersending lmao) hehe