MIP Status

wannabebean

Hello

I have read all the relevant posts and information out there but there does seem to be conflicting information.

When studying for AAT (waiting on last exam result) you are allowed to offer services "to hold yourself out to be in practice" as long as you do NOT use the AAT name (fair enough). However, is it not the case that your awarding body for Accountancy will also be your supervisory body for Money Laundering purposes? I have PI Insurance but don't understand how you can practice without being regulated for money laundering? Indeed the AAT have disciplined people for this in the past?

Does anyone know the answer to this conundrum?

I am aware that HMRC can regulate you - but I don't think they will do unless you can prove you are qualified? Is this the case? If so that's catch 22 is it not?

Does anyone know who or WHAT at the mighty HMRC I should contact?

Regards

T.C.

I would suggest that you contact AAT in the first instance. They will give you good advice.

Laura8192

It is the opposite with HMRC, HMRC will only regulate you if you are NOT a member of any Accountancy Body, if you are a member, then that body should regulate you.

Students are allowed to offer practice services, but as TC stays, phone the MIP team at AAT, they are very helpful.

mickwood83

I was under the impression that you can not be a registered or licenced member in practice without 1st having full membership (MAAT). The AAT will be your supervisory body for Money Laundering if you go through the MIP route but otherwise I don't see how they can?

Also, not sure whether you should be charging for services without being a MIP, (maybe that's why you can't use the AAT name).

But yes, I'd contact the AAT. If you are after a quick answer then avoid the generic membership support email address as you get an email straight back saying it will take 10 days to process anything.
I was lucky enough to get a direct email address of somebody that was very helpful, also it's harder to ignore you when you have their direct contact!!

NeilH

Hi

You can practice whislt a student, but you mustn't mention your association with the AAT.

AAT's MLR supervision only applies to those who are full members, it does not cover students. In this instance you would need to register with HMRC.

Neil

wannabebean

Thanks

Thansk to all - Neil do you know how to register?

NeilH

Hi

I don't believe you need to register to practice whilst a student, just obey the rules.

Neil

wannabebean

Thanks

Hello Neil

I mean how to register with HMRC!

NeilH

Ah.

No, sorry I don't know how.

wannabebean

Thanks

Hello Neil

I mean how to register with HMRC!

Anne Boleyn

This link may help.

http://www.hmrc.gov.uk/mlr/getstarted/register/index.htm