Can I still practice without MIP and MAAT subscription?

dyziodyzio New MemberPosts: 35Registered, MAAT, AAT Licensed Accountant
Hi there,

I wonder if you can help me...
I became MAAT and MIP last year, and my subscriptions are due to be renewed. My situation has changed from last year and I can no longer afford to pay the fees (but I do earn more than £7,000 to apply for reduced fees). The total amount I will have to pay is just over £400 (£136 for MAAT membership, £193 for MIP and £80 for AML Supervision). I live in London, have two children and my husband does not work, so all money I earn must be enough for pay the rent and bills and so on. I provide bookkeeping services to two companies, and do little bits and pieces at home for friends and family, through my limited company. What will happen if I won't renew my subscription? Could I still privide services? I understand that I will not be able to use MAAT after my name, to be be honest, I have never used it anyway... Are there any problems I may face if I will not renew? Are there any legal issues I may face? Any answers will be greatly appreciated. Thanks.

Comments

  • JodieRJodieR Experienced Mentor Posts: 1,002Registered
    I don't think that what you're wanting to do is illegal, but I would suggest that you find out how this will affect your professional indemnity insurance premiums as I believe the premiums are lower for members of approved bodies.
  • dyziodyzio New Member Posts: 35Registered, MAAT, AAT Licensed Accountant
    Thanks Jodie,

    What about AML? Do I have to be registered to practice? Thanks again.
  • burgburg Experienced Mentor GloucesterPosts: 1,440Moderator, FMAAT, AAT Licensed Accountant
    As long as you do not mention the AAT in anyway and are not a member then you do not need to be registered as an MIP. PII may go up as a result and how difficult might it be to rejoin in the future??? In respect of AML, HMRC would have to be your supervisory body who also charge a similar fee so that would not be saved. Why not try speaking to AAT about your circumstances and see how they can help. You may be able to come to some agreement.
    Regards,

    Burg
  • wannabebeanwannabebean Feels At Home Posts: 72Registered
    HMRC can provide AML if you register with them. You can't practice without AML arrangements and Professional Indemnity insurance. If you don't pay your fees then you can't use AAT for AML and you can't use their name in any way.
  • Paul CPaul C Well-Known Posts: 193Registered
    edited October 2014
    A tough one for but for me the benefits that I get from AAT outweigh the costs (which can be costs claimed against my MIP income of course). PII very good value via AAT. I take huge advantage of the free CPD events that my three local branches put on. Also the people I have met via the branches have been great. AAT have also given some great AML advice with a client this year. Other CPD resources are great also. For me its worth the money - but I suppose I can afford to pay it (so far fingers crossed).
Sign In or Register to comment.