Mip

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CMS
CMS Registered Posts: 21 New contributor 🐸
I have just passed my final AAT Technician Exam and am now looking into the future. I am interested in working for myself even if on a limited basis as a Member In Practise. Does anyone know what services a MIP can offer and if there are any they can't?

Any info would be useful

Thanks
CMS

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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    CMS wrote: »
    I have just passed my final AAT Technician Exam and am now looking into the future. I am interested in working for myself even if on a limited basis as a Member In Practise. Does anyone know what services a MIP can offer and if there are any they can't?

    Any info would be useful

    Thanks
    CMS

    Congrats on passing your exams!

    You can't do Audit. That's about it. MiPs can complete Ltd Co accounts etc. Contact the AAT MiP team as you will have to register with them (there are reduced fees if your turnover is low). You will need Professional Indemnity Insurance and MLR supervision. The AAT can provide the latter and they provide a list of insurers for the former.

    You have to have experience though. Being a MiP is brilliant but without the relevant experience it will be a) very hard on you and b) unfair to your clients.

    The chartered bodies have very strict experience requirements before granting their members MiP status. The AAT have nothing near that which is good in some ways, but bad in others.
  • CMS
    CMS Registered Posts: 21 New contributor 🐸
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    Thanks for your information. I do Management Accounts at the moment involving everything from PL, SL, Nominal Ledger, Bank Rec's Depreciation, Accruals, Prepayments and the Month End Packs with some work on year end although the accountants so that. Do you think that is enough experience? I will contact the AAT aswell.

    Thanks very much
    CMS
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    CMS wrote: »
    Thanks for your information. I do Management Accounts at the moment involving everything from PL, SL, Nominal Ledger, Bank Rec's Depreciation, Accruals, Prepayments and the Month End Packs with some work on year end although the accountants so that. Do you think that is enough experience? I will contact the AAT aswell.

    Thanks very much
    CMS

    It depends what you want to do.
    For basic bookkeeping, you are probably ok. The AAT tend to approve things with only some experience.

    If you were looking to do tax returns, for example, this is where you really need the experience as the reality of dealing with HMRC etc isn't something you can learn at college. Did you do the tax modules?
  • CMS
    CMS Registered Posts: 21 New contributor 🐸
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    Unfortunately they were not offered as part of theTechnician level I did as it was an evening group and there wasnt enough time. I'm looking into it to see if I can find somewhere that will allow me to do just the tax units. I could study from home but prefer classroom based learning.

    CMS
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
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    Useful information, thank you Monsoon!

    I have two units (PEV & PCR) to take in the summer and, all being well, will qualify in August, so I've been contemplating becoming MIP.

    I found it interesting that you mentioned the tax units, too, as I decided to take both tax options. CMS I have done my entire course through Distance Learning and found the tax units the easiest to study at home, it's also much less expensive!

    Also, I was a secretary to an FCA in a small practice during for about 8 years so I gained lots of experience on the correspondence/admin side, before I even began this lark!

    Even with the qualification and experience, it's still a big step and I think I've still got some research to do before committing, so any advice is very helpful, thank you.

    I'm considering carrying on studying, maybe ACCA or ATT, but need to establish if I can be AAT MIP and still study.

    Decisions, decisions!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    anniem wrote: »
    I'm considering carrying on studying, maybe ACCA or ATT, but need to establish if I can be AAT MIP and still study.

    Decisions, decisions!

    Please be aware that ACCA will not allow you to offer your services further than producing a trial balance whilst you do not hold a practising certificate with them. Please do bear this in mind as many have only found out about it after already starting out as a MIP.

    Best of luck
    Regards,

    Burg
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    burg wrote: »
    Please be aware that ACCA will not allow you to offer your services further than producing a trial balance whilst you do not hold a practising certificate with them. Please do bear this in mind as many have only found out about it after already starting out as a MIP.

    Best of luck

    Burg i too hopefully complete in august and find myself wondering do i

    1 take a year out from study to either find a better job or apply for MIP and do some s/e work (which has been made an option)
    or
    2 stay in my current job and continue study and go for ACCA but not apply for MIP????

    This is all dependant on results tho
  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    Sorry but I think you know only you can answer that one.

    I can tell you what I did. That was a mixture of the two.

    I carried on after AAT onto ACCA. I did quite well at AAT so decided to take 3 exams (at each sitting) at ACCA. I passed the 2 of the first three. Re-sat one plus two others and passed all at the second sitting.

    There then became the talk of redundancy at the firm I worked at and I spent two months doing no chargeable work whatsoever. I knew I would be one of the options to go (I was the last in and knew I would be considered for being first out).

    2 opportunities came along in June 2009.

    1 - the offer of a job at a new firm that I thought would never materialise.
    2 - to take on 30 clients tax affairs and around 5 regular bookkeeping clients.

    I decided to go for option 2. It fitted with my young family and I knew it was where I wanted to end up. I now have around 80 clients and it is growing at around 2/3 new clients per month.

    But there are plenty on here who have not had such a good time since going self employed. Really the choice is down to you and what is right for you at the moment. I know I'm rather sitting on the fence but what was right for me might not be for you. I was confident I could make it work and that I would succeed.

    Whatever you decide in respect of your future career, at least make sure you are 100% happy and committed to it. I wish you the best of luck in whatever you decide. If you would like more guidance then feel free to pm me if you think I might be able to help.

    All the best.

    Ian
    Regards,

    Burg
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    burg wrote: »
    Sorry but I think you know only you can answer that one.

    I can tell you what I did. That was a mixture of the two.

    I carried on after AAT onto ACCA. I did quite well at AAT so decided to take 3 exams (at each sitting) at ACCA. I passed the 2 of the first three. Re-sat one plus two others and passed all at the second sitting.

    There then became the talk of redundancy at the firm I worked at and I spent two months doing no chargeable work whatsoever. I knew I would be one of the options to go (I was the last in and knew I would be considered for being first out).

    2 opportunities came along in June 2009.

    1 - the offer of a job at a new firm that I thought would never materialise.
    2 - to take on 30 clients tax affairs and around 5 regular bookkeeping clients.

    I decided to go for option 2. It fitted with my young family and I knew it was where I wanted to end up. I now have around 80 clients and it is growing at around 2/3 new clients per month.

    But there are plenty on here who have not had such a good time since going self employed. Really the choice is down to you and what is right for you at the moment. I know I'm rather sitting on the fence but what was right for me might not be for you. I was confident I could make it work and that I would succeed.

    Whatever you decide in respect of your future career, at least make sure you are 100% happy and committed to it. I wish you the best of luck in whatever you decide. If you would like more guidance then feel free to pm me if you think I might be able to help.

    All the best.

    Ian

    Thanks for the great responce Ian i guess for the meantime i will just carry on studying for the AAT and worry more when i reach that crossroads.
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Interesting website. Strange coding though.

    Did you know your homepage is entitled 'AAT CPD log'?

    Is this to fool the googlebots or was the template copied from the AATs own?
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