Professional Nominee

KaelaH

I have reached a level now wherby I need to nominate someone as a Professional nominee for "Continuity of Practice" - how does everybody else go about this and what sort of contract do you use?

T.C.

I think most people find someone in their area. On the forum is a good place to start - where are you based?

deanshepherd

I think there is a standard contract in the MIP toolkit.

Monsoon

yes there is, there was a link to it in todays Professional email.

http://www.aat.org.uk/continuityofpractice/

KaelaH

Thanks for your replies, I do have a colleague whom I have worked closely with on and off over the years, he has agreed to be cover should anything happen. My first thought tho on looking at the sample contracts is that it's a very involved contract. Perhaps I am being flippant in not realising that this is as important as it would seem. I'm guessing that being landed with somebody else's practice if something happened would be a massive commitment and am not sure whether he'd want that as he's not far off retirement.
I'm based in MK but, apart from this colleague, I don't know any other accountants. Up until recently I've only offered basic book keeping so never gave it a thought.
Does everybody else have contracts or a less formal agreement? Thanks

payrollpro

The template supplied by AAT is only a suggestion, it is up to you to create your own agreement, and it does not have to be in writing. Bottom line is that if your nominee slips up its your business which has to count the cost, not theirs. If they don't carry licenses or insurance then you are the one who suffers, not them.

I think you have picked up the key issue in that you did not realise how important it is, not only to have a nominee, which is mandatory, but to have one who can take on the practice as if you were still there. My situation is easier, we are a partnership of three so we provide each others cover and there is enough spare capacity to do so.

On your own means a whole different set of rules. Go with your own agreement, or with a less formal one, by all means but think carefully about the implications before doing so.

Payrollpro