MIP earnings below £1000

jow774

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?

dantray

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

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.