MIP earnings below £1000

jow774
jow774 Registered Posts: 465 Dedicated contributor 🦉
I am currently deciding whether to become mip. I have 15 years experience of accounts from both practice and industry so am hoping I should be ok on that side. My question is how did any other mip's start off. Did they start as exempt (earnings below £1000) or just go straight for mip? And if they did go mip exempt how did they advertise themselves, as stationery looks a bit limp without any mention of a professional body?

Comments

  • dantray
    dantray Registered Posts: 72 Regular contributor ⭐
    I'm in a similar position as you: i'll be applying for MIP as soon as a project i'm working on in work is complete.

    i'm unsure as to the kind of turnover i'll be generating in the first year but i'll be registering as MIP anyway. -

    If you anticipate your turnover to be less than £6k you can pay a reduced MIP fee of £35 (i think), which is probably not far off the amount it will cost you to replace all your stationery should your turnover exceed the £1000 and registration becomes compulsary. (there are also additional costs such as money laundering, PII to take into consideration but you catch my drift).

    having the backing of a professional organisation will also give you extra credibilty when trying to get those first few clients.

    best of luck!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    jow774 wrote: »
    I am currently deciding whether to become mip. I have 15 years experience of accounts from both practice and industry so am hoping I should be ok on that side. My question is how did any other mip's start off. Did they start as exempt (earnings below £1000) or just go straight for mip? And if they did go mip exempt how did they advertise themselves, as stationery looks a bit limp without any mention of a professional body?

    No it doesnt :)
    There is a misconception in the eyes of the public that if you're offering accountancy services, you must be qualified. Sometimes this works in your favour! Seriously, 99% of people never ask. Our adverts in local literature don't reference our qualifications, even though we have plenty between us.

    I still swear by a professional looking ad in the local parish magazine, I got a lot of work from that (or rather, from the subsequent word of mouth after I got a couple of clients from the ad).

    I was trading before I qualified, and when I qualified nothing changed except my business cards got redone with MAAT after my name. My clients didn't notice any different.

    As I was already trading, I went straight for MIP when I made MAAT.
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