MIP License

jalalsyed

Today I have just became a MAAT member and they confirmed it in the AAT site. Now that I became a MAAT member, how do I process application forms to become and apply for a MIP license? How much money does it involve to receive a MIP license? I forked out a lot of money into my MAAT and I'm not too keen in spending anymore money. Any help would be much appreciated. thanks

ademoore

Hi,
Congratulations on becoming a member, a great milestone to achieve!

Most of your questions can be answered here - http://www.aat.org.uk/membership/about-member-practice-scheme

There are reduced MiP rates for those with lower client bases, so good for starting out.

You will need Insurance too, but that doesnt have to cost a lot of money, shop around like you would any insurance.

You will need to prove competency in the areas you wish to work in, i.e. paye, vat, ct, etc - but that just entails writing it all down and getting it verified by someone who has seen your work.

You may wish to have a mentor to see you through the initial setting up stages, and there are plenty of friendly folk on here who are happy to help out, you just have to ask.

You will also need to set up a continuity agreement, but again, plenty of people here who would be willing to help out.

Good luck!

jalalsyed

ademoore wrote: »

Hi,
Congratulations on becoming a member, a great milestone to achieve!

Most of your questions can be answered here - http://www.aat.org.uk/membership/about-member-practice-scheme

There are reduced MiP rates for those with lower client bases, so good for starting out.

You will need Insurance too, but that doesnt have to cost a lot of money, shop around like you would any insurance.

You will need to prove competency in the areas you wish to work in, i.e. paye, vat, ct, etc - but that just entails writing it all down and getting it verified by someone who has seen your work.

You may wish to have a mentor to see you through the initial setting up stages, and there are plenty of friendly folk on here who are happy to help out, you just have to ask.

You will also need to set up a continuity agreement, but again, plenty of people here who would be willing to help out.

Good luck!

Thanks for answering.
I have few questions to reply back to you.

"There are reduced MiP rates for those with lower client bases", you say this bit about the client base. Right now, I only got my MAAT and I have no client at the moment because I haven't got my license yet. So,now that you know I have no client base, what does this mean? Especially about the MiP rates

Once, I get my MiP license. How do I start out? Shall I go around shops advertising myself first? I know this is stupid but I am an amateur at this and I would need a little advice on how I should start out once I get my license.

Thanks

Paul C

Well done and congratulations.

(I agree, the reduced MIP rates starting out are a godsend)

jalalsyed

Bump

1. "There are reduced MiP rates for those with lower client bases", you say this bit about the client base. Right now, I only got my MAAT and I have no client at the moment because I haven't got my license yet. So,now that you know I have no client base, what does this mean? Especially about the MiP rates

Once, I get my MiP license. How do I start out? Shall I go around shops advertising myself first? I know this is stupid but I am an amateur at this and I would need a little advice on how I should start out once I get my license.

2. Where exactly do I get or find the application form I need to fill in to apply for MiP?

ademoore

if you email the MiP team - membersinpractice@aat.org.uk I'm sure they will send you the forms you need, and be able to fill you in/confirm about the fees.

As for finding new clients - we often cover this in these forums, so please have a look around, and you'll probably pick up some other great tips just doing general research! Take this one recently, for example - http://forums.aat.org.uk/showthread.php?34665-Advertising-What-Wheres-best-strategy
Also, take a look at this - http://www.accountingweb.co.uk/article/how-get-your-first-clients/524319 which gives a list of ideas not too dissimilar to what has been covered on previous topics.

Good luck on your MIP journey!:thumbup1:

jalalsyed

What software will I need to use for practicing? Like bookkeeping, accounting and such? Sage line 50?