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Further Steps to MIP

Good BoyGood Boy Settling In NicelyRegistered Posts: 18
in General accounting discussion
Dear All,

what can be the next step after MIP license and money laundering registration? can I just simply start working for clients, or do I have to register as a self employed with HMRC.

Please guide me with all procedure, it will be great help from you.

Thank you very much.

Good Boy

Comments

  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    If you are working an an MIP then you are self-employed...yes? Then you need to register as such with HMRC.
  • DcollinsDcollins Well-Known Registered Posts: 179
    Register with HMRC,
    Get PII and public liability insurance,
    Learn about your MLR responsibilities,
    Register as a data controller (ico.gov.uk),
    Make sure you know enough about your potential client base to be able to answer questions like the one you just asked (sorry, I'm not being arsy but you do need to know your stuff),
    Apply to HMRC for agent codes for each service you'll be offering,
    Plan your CPD, and get to work on it - starting as an MIP can be a huge learning curve,
    Network with accountants and other professionals, you never know when you'll need help,
    Use AATs services (helplines, templates, CCH Online, CPD, branch meetings, mastercourses etc.),
    Find some clients.

    Good luck
  • Good BoyGood Boy Settling In Nicely Registered Posts: 18
    Dcollins wrote: »
    Register with HMRC,
    Get PII and public liability insurance,
    Learn about your MLR responsibilities,
    Register as a data controller (ico.gov.uk),
    Make sure you know enough about your potential client base to be able to answer questions like the one you just asked (sorry, I'm not being arsy but you do need to know your stuff),
    Apply to HMRC for agent codes for each service you'll be offering,
    Plan your CPD, and get to work on it - starting as an MIP can be a huge learning curve,
    Network with accountants and other professionals, you never know when you'll need help,
    Use AATs services (helplines, templates, CCH Online, CPD, branch meetings, mastercourses etc.),
    Find some clients.

    Good luck

    Thank you very much, this is really big help from you.
  • Good BoyGood Boy Settling In Nicely Registered Posts: 18
    Yes, that's right but I am also employee of company.
  • Good BoyGood Boy Settling In Nicely Registered Posts: 18
    Mr Collins, Thank you very much for your help. I knew some steps from above you mentioned but I wanted to confirm it. Anyway I am working as an employee as well and I am looking forward to get some clients and I am going to work for couple of hours only.

    so do you still advising to register as a data controller.

    Thank you very much for coming back to me. I am really happy knowing that there are still some people who want to help others.

    Good Boy
  • DcollinsDcollins Well-Known Registered Posts: 179
    Registering as a data controller depends on the nature of your records, rather than how long you spend working.

    The ico website has a guide you can work through to see if you need to register, but as far as I know bookkeepers and accountants generally are data controllers. It only costs £35 per year.
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