Really want to be a MIP

So, I decided to end further ACCA studies as I really am not enjoying them (I see things as a sign) I have decided to reinstate my AAT membership and apply for full membership (£248 LATER....).. and then hopefully apply for MIP (a years time hopefully), which is what I have a few questions on, if anyone could help with?

So this is my work experience status at the moment:

• Multi-currency cash postings (GBP, EUR, AUD)
• Accounts receivable invoicing.
• Accounts Payable invoicing.
• International Credit control (Europe, South Africa, Australia)
• Monthly formal bank reconciliations for approval by financial controller.
• Monthly meetings with the sales team.
• Journals- accruals for promotional activities, sales rebates and marketing activity/
• Management of petty Cash.
• Weekly and monthly sales reporting against budget and forecast.
• Month end journals- regarding other sales, and ensuring costs are classified correctly.
• Accounts receivable month end closure procedures.
• Monthly Balance sheet reconciliations.
• HMRC Compliance- VAT Return, EC Sales and Intrstat.
• Management of Invoice discounting facility- from day to day through to month end and audits.
• Adhoc projects within finance and the business.
• Covering weekly payment runs for holidays.

So the services I would like to offer as a MIP would be:

Bookkeeping
Financial Accounting and Accounts Preparation
Budgeting and Forecasting
Management Accounting
Payroll
VAT
Personal Income Tax
Business Income Tax
Corporation Tax

I no my experience has been gained in industry rather than practice, the only main areas I don't have experience in, are the bold highlighted ones, but I have studied and passed exams in all of them (apart from payroll) which I am looking to do a sage payroll course or something..

So my question to anyone that is kind enough to advise me is, would do I need to do now '(work experience wise) in order to be approved a license, in a years time?
Is CPD in these areas enough?

thank you so much, sorry for the long post..

Stuart

Comments

  • Caroleol
    Caroleol Registered Posts: 5 New contributor ?
    Hi Stuart, I'm in a similar situation to you so look forward also to seeing comments on your post. ( I don't have practice experience either so mainly lacking payroll and VAT return experience, although I have been advised that these are quite straight forward, I do however have some sole trader accounts experience as well as private and public sector. Good luck I hope you find the information you need.
  • stuartander
    stuartander Registered Posts: 82 ? ? ?
    Thanks Carol, lets hope someone comes along with some advise :)
    Yes I have heard payroll is pretty easy to do, VAT is quite simple really also, I do it for an international baby food brand so I cant imagine any clients being any harder :)
    I have been contemplating this being a MIP for a very long time and haven't really done because of money and being put off because of my experience... but I can confident I would do a really good job :)
  • Moominyak
    Moominyak Registered Posts: 38 ? ? ?
    Hi Stuart and Carol(e?),

    Having never worked in practice before becoming a MIP, I was in a similar situation, particularly with regard to taxation services.

    When I was applying for my licence, I was advised by AAT that I could still offer services I'm not licensed for (i.e. Income tax / Corporation tax) as long as I have the work checked by a 'suitably qualified person', I think this can include QBE. I am also required to advise clients of this requirement so that they are fully aware that I'm not licensed, and the work wouldn't be covered by my PI either. I don't believe that CPD (as in, stand alone studying / research without any practical application) is sufficient for AAT to add the service(s) to your licence - making Tax quite a difficult area to get the necessary experience in IME.

    I did offer to give free time to any practice willing to give me a one-day a week placement but no luck there - but if you know somebody suitable who'd be willing to oversee your unlicensed work, they could then provide you with a reference stating that you are competent after 6 months or so (the guidance was a bit vague as to how many days' experience is required IIRC) and you could get these services added to your licence. In reality, I don't currently have any tax clients so it's not really an issue just now.

    Payroll is pretty straightforward - decent software helps a LOT, eg. Moneysoft Payroll Manager, or a lot of folk recommend 12Pay as well.

    HTH :)
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    I wouldn't bother with Sage. Moneysoft is the industry favourite for Payroll, and 12Pay is great (it's what we use).

    I got all my experience as a self employed person. Moominyak details the requirements. I traded alongside my studies, with a MAAT mentor to hold my hand, and qualified on that basis.
  • stuartander
    stuartander Registered Posts: 82 ? ? ?
    Hi Monsoon.. What is Moominyak? sorry
    Also what do you suggest to do.. I am currently setting my self up, even going down the registering with HMRC for MLR route to start and was going to fully for my full membership at the end of the month and hopefully be a registered MIP- obviously my bookkeeping work would have no reference to AAT. I feel a little stuck now from reading posts like this :(
  • stuartander
    stuartander Registered Posts: 82 ? ? ?
    Sorry I see WHO moominyak is :)
  • Londina
    Londina MAAT, AAT Licensed Accountant Posts: 814
Privacy Policy