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MIP support

LetiziaLetizia Just JoinedRegistered Posts: 2
Hi all,

I have obtained MAAT status in 2009 and I am now actively studying ACCA.
I have just incorporated a limited company and I intend provide bookkeeping services, I don't yet have an MIP licence, but I would like to provide up to final accounts for small businesses.

Is anybody interested in a short term agreement to provide me with review and sign off of my potential clients?

I would also need back up of an MIP for my MIP licence application (once I get round to it).

Please get in touch,

Many Thanks,
Letizia

Comments

  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    Letizia wrote: »
    Hi all,

    I have obtained MAAT status in 2009 and I am now actively studying ACCA.
    I have just incorporated a limited company and I intend provide bookkeeping services, I don't yet have an MIP licence, but I would like to provide up to final accounts for small businesses.

    Is anybody interested in a short term agreement to provide me with review and sign off of my potential clients?

    I would also need back up of an MIP for my MIP licence application (once I get round to it).

    Please get in touch,

    Many Thanks,
    Letizia

    Are you allowed to have a limited company as an ACCA student and submit your limited company's accounts to Companies House and HMRC?

    Re: "sign off on my potential clients", as I'm sure you are aware the only person that needs to sign unaudited accounts is the director of the limited company (although I do think your idea re: short term agreement is a good one).
  • LetiziaLetizia Just Joined Registered Posts: 2
    Hi Reader,
    ACCA does not have any restrictions in regards to having a limited company.
    Anybody can have a limited company and be a director of it.
    Directors will need to sign their financial statements as ultimately they are responsible for the preparation and detection of errors within them.
    I would like to offer bookkeeping services (which i dont need anybody to review) and prepare p&l and balance sheet for an accountant to review my work (effectively subcontracting an accountant) until i obtain my MIP licence.

    Hope this helps,
    Letizia
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,441
    Letizia wrote: »
    Hi Reader,
    ACCA does not have any restrictions in regards to having a limited company.
    Anybody can have a limited company and be a director of it.
    Directors will need to sign their financial statements as ultimately they are responsible for the preparation and detection of errors within them.
    I would like to offer bookkeeping services (which i dont need anybody to review) and prepare p&l and balance sheet for an accountant to review my work (effectively subcontracting an accountant) until i obtain my MIP licence.

    Hope this helps,
    Letizia

    If you have not all ready I would seriously run this past the ACCA. My understanding of the ACCA rules are that if you are a director of a company providing more than bookkeeping to TB to members of the public or are seen to be then you are in breach of their rules. Not sure if subcontracting out the work is going to satisfy them as usually the end client would still be reliant on you and would claim against you PII should there be any reason to.
    Certainly the bookkeeping to TB part was the case several years back and I resigned from the ACCA over it.
    Regards,

    Burg
  • RASRAS Well-Known Registered Posts: 124
    Agree with Burg. Would be best to call ACCA to clarify whether what you plan to do would be in breach of their very strict rulings.
  • villapbvillapb Trusted Regular Registered Posts: 357
    ACCA would hate you to be earning more then you would tied to a practise to get three years signed off experience....acca want you to be grateful for your cheap labour.
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    Letizia wrote: »
    I would like to ........................ prepare p&l and balance sheet for an accountant to review my work (effectively subcontracting an accountant) until i obtain my MIP licence.

    Hope this helps,
    Letizia

    You won't be able to do this- you're only allowed to do bookkeeping if you are an ACCA student. In addition, I'm not sure how ACCA are going to feel about you submitting your limited company's account to Companies House for everyone to see. Like I say, you should only be doing bookkeeping. You wouldn't even be able to complete a 64-8 or attend a VAT investigation (even if you had done the VAT returns) as ACCA would see this as public practice (your client would have to go to their accountant/tax agent for representation).
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    villapb wrote: »
    ACCA would hate you to be earning more then you would tied to a practise to get three years signed off experience....acca want you to be grateful for your cheap labour.

    IMO it would be worth it in the end.

    3 years of experience + PER forms signed off + passes in all of the exams = membership
    3 years post-membership experience + application forms signed off = practising certificate

    Therefore 6 years in all- but I would argue that it is worth it in the end. Especially as the retirement age is always increasing!!!
  • villapbvillapb Trusted Regular Registered Posts: 357
    It is worth it it the end, but i do feel practise owners and acca seem to like the low pay you have to endure and be grateful until the day come you can turn the tables and get paid your worth. Reader i reckon you will be always in demand well done.
    I spoke to a hard working accountant yesterday who loves it.........and wont reire, he is 77 lol.
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