What to study usefully next for becoming a MIP

pirate
pirate Trusted RegularRegistered Posts: 469
Hi guys

have read a lot of the threads on this subject and appreciate it very much depends on what you want to achieve but I am quite new to accounting as I spent 4 years running my own business in which I learnt how to do the bookkeeping side, VAT and payroll but used an accountant for End of year accounts and Tax returns. I was always being asked by other companies and friends how to set up Sage, do VAT etc etc and I quite enjoyed it so decided that I would like to do more on the accountancy front and was advised by my accoutant that the AAT would be a good route to take and allow me to set up on my own doing accountancy and Tax. Then I went on to do Sales Consultancy whilst doing the AAT study. I have almost finished the AAT just the project to finish.
So I would definitely like to have my own small business offering accountancy and tax services to small businesses. It looks like a lot of you have done this and I am told there are branch sessions for starting as a MIP but havent found any yet (intend to call the AAT for more info).
Following all the threads on the subject there appears to be the option to do CIMA, ACCA and ICAEW as well as ATT studies.
I dont think I should do CIMA and ACCA although useful would probably prohibit me from starting up as a member in practice covering anything other than bookkeeping to Trial Balance (although this is fine I have been asked by a number of people to help do their tax returns)
But ATT looks good although hard by the sound of it and expensive

My question is is the AAT Tax stuff enough to allow you to do tax returns or would it be best to take some other study.
I have completed both the BTC and PTC. The Limited company accounts stuff scares me a little as there appears to be a lot of things to do and a lot broader than my studies in the subject. My current accountant basically charges a fortune for the end of year accounts and tax returns and hardly provides any advise and what he does provide is conflicting. This is for limited Accounts. I would like to offer a better service than this to my clients but am a little scared about the Limited Company side of things but dont want to restrict myself to just Sole Traders and Partnerships.

Anyway so the question is really
Can I offer all accountancy services when I am an MIP or are there any restrictions of what I can offer ie from what has been covered in the AAT.
What courses are useful to fill in the gaps on what is required, if any.
What extra courses are useful
What do members do when they have a piece of work that has a part in it that is a specialist area.

I apologise if this question has been asked in this way before but all my seraching hasnt found anything

many thanks for your advice in advance

P.S. Just wanted to add that I have read the Guidelines on the MIPs its more to do with the MIPs who have offered accoutancy services straight from doing the AAT if they found what the holes if any were.

Comments

  • andrewtdk
    andrewtdk Well-Known Registered Posts: 150
    Do you have any actual accounts experience other than doing your own bookkeeping?

    You can only become a licenced MIP in areas which you have experience and are competant so if you have done any taxation work for example aat wont licence you in this area so you wont be able to offer this service.
  • kazflan
    kazflan Feels At Home Registered Posts: 36
    Hi, I have been through the same dilemma having run a business and had an accountant do the actual year end accounts. I do not feel confident enough to do tax calcs for other people and was also looking for some sort of refresher course to get back into it. I qualified AAT in 2004 and have not really had chance to study further so feel I have forgotten quite alot. I have also considered ATT as I feel ACCA or CIMA will not be of any benefit to me now. I have worked for companies since I qualified but you only get to deal in certain areas and not others, it's the age old "if you don't use it you lose it" situation for me. If I get any helful advice I will let you know.
  • pirate
    pirate Trusted Regular Registered Posts: 469
    Hi guys

    just spoke to the AAT MIP department regarding the experience thing.
    So I have run my own business in which I did everything to do with the accounts, I had absolutely no knowledge of accounts when we started but I set up the accounts, VAT payroll etc managed the cash flow and budgeting and I have submitted in the past my own Tax returns which I did for year before this.
    I explained this to them and said I wanted to be able to offer bookeeping and accountancy and tax but didn't have the experience in tax from a working in practice point of view, they told me that as long as I felt comfortable to do so then I could practice.
    I did explain that I thought the document for MIP expected you to have experience in the area you are going to be offering but they said that it was ok I had to apply etc etc.

    I do feel I could offer Tax returns to Sole Traders and partnerships and also do the accounts. I am just not sure around the Limited company stuff as there seems to be such a lot that needs to be done. The whole reason I did the AAT was to practice as a member in Practice and I did discuss what my experience was and the extent of it and what I wanted to do both with the AAT and with my college before I started and they said that this was ok. I discussed it with my accountant at the time, and looked at other financial qualifications and felt this one was the best and it was the one mostly recommended for what I was trying to achieve.

    I dont want to do anything unethical and would never offer a service that I was not competent to provide, hence the reason for doing the qualification in the first place, but it does sort of imply in that document for MIP that you should have the experience to offer a service before you can offer it. I double checked it with the lady she didnt hestitate or consult with anyone so it would seem I can offer such services with my experience and qualifications.

    She also said that CPD and MIP offer a lot of events and courses on these subject which of course I can't see at the moment as I am a student and not a MAAT or MIP. So would welcome any comments on if these events do exist, if they are regular and are worth attending - on the subject of MIP, and so on.

    The dilemma I have is that if I go for the MIP and it turns out I can't do the tax pieces its quite hard I would have thought to advertise as I would only be able to advertise myself as a bookkeeper as if you start to talk about final accounts and so on the assumption from the client is the tax stuff, if they were doing their own bookkeeping they wouldn't come to someone like me for the final accounts and then someone else for tax.. Well I wouldn't anyway. Maybe a part time role in a practice would help to give me the experience and I use the other part of my time for building my business starting with bookkeeping. Theroetically may be easier said than done, most of the jobs I have seen to work in a practice expect you to have worked in a practice before or if they are trainees they are full time.

    I think for the further reading I have done the ATT looks like a good qualification to have for tax, just not sure if there are others.

    anyway if I find out anything else will post it.

    Thanks for the input so far makes me think
    and if anyone has any ideas/comments I would really welcome them.
  • andrewtdk
    andrewtdk Well-Known Registered Posts: 150
    I have only been to one branch event which was a budget update and it was very good especially as its free. When i look down the list of events there do seem to be loads all around the country so these should be good to help you increasse your knowledge.

    I would recommend increasing your knowledge before starting though because from being in practise ive noticed how many different situations seem to come up. The ATT is a very good qualification and this would certainly help you increase your tax knowledge.

    Whatever you decide to do i wish you luck and hope you go on to have your own practise at some stage.
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