How many MIP are needed

noodles

If you have a limited company and the other director has their MIP certificate, does the other AAT qualified director need one too. Is is related to the person or the company. I called AAT and asked them and was told only one MIP certificate is required, does that not therefore mean that one only person has the certificate.
Any comments/views appreciated.

Monsoon

It is the person that has a practising certificate, not a firm. So my understanding is both directors need to be licenced. If a MAAT is working for themselves, whether as self employed or as a director of a ltd co they control, they need a members in practice certificate. Following that logic, both directors would therefore need one.

noodles

this does make sense but not what AAT told me. following this logic, if you had a large LTD practice or large partnership of accountants of maybe 20, you would have to pay out 20 times for the MIP certificate as each partner would need one? I think that I need to call them again to clarify.

deanshepherd

I'm with Monsoon.

It's the individual members responsibility to ensure they comply with the rules of 'their' professional body. The firm itself is not an MIP. If each partner is a member of AAT then each will have to register as an MIP.

Other professional bodies have rules about how many partners/directors need to be qualified in order to call themselves, for example, a firm of chartered tax advisers but I don't think AAT has an equivalent.

coojee

Maybe what the AAT meant was that he could still be a director without the certificate but any signing that needed doing would have to be done by the MIP. So answering your question literally, no he doesn't need one to be a director. But if he wants to sign anything off then he does need one.

noodles

had clarification today, MIP certificate is required as expected for all MAAT's in a practice.