MIP Status

wannabebean
wannabebean Registered Posts: 72 Regular contributor ⭐
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

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙‍♂️
    I would suggest that you contact AAT in the first instance. They will give you good advice.
  • Laura8192
    Laura8192 Registered Posts: 95 Epic contributor 🐘
    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
    mickwood83 Registered Posts: 12 Regular contributor ⭐
    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
    NeilH Registered Posts: 553 Epic contributor 🐘
    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
    wannabebean Registered Posts: 72 Regular contributor ⭐
    Thanks

    Thansk to all - Neil do you know how to register?
  • NeilH
    NeilH Registered Posts: 553 Epic contributor 🐘
    Hi

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

    Neil
  • wannabebean
    wannabebean Registered Posts: 72 Regular contributor ⭐
    Thanks

    Hello Neil

    I mean how to register with HMRC!
  • NeilH
    NeilH Registered Posts: 553 Epic contributor 🐘
    Ah.

    No, sorry I don't know how.
  • wannabebean
    wannabebean Registered Posts: 72 Regular contributor ⭐
    Thanks

    Hello Neil

    I mean how to register with HMRC!
  • Anne Boleyn
    Anne Boleyn Registered Posts: 196 Dedicated contributor 🦉
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