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MIP application form

awatson86awatson86 Feels At HomeMAAT, AAT Licensed Accountant Posts: 60
I am currently completing my application form for MIP. For the work experience & CPD section is the below enough detail?

Financial accounting & accounts preparation

Work Experience:
Preparation of both full and abbreviated annual accounts using the relevant accounting standards. I have completed annual accounts for clients who provide their records in a basic format as well as clients who provide their on accountancy packages such as Sage.

CPD:
I have kept up to date in this area by attending an annual meeting with my previous employer and colleagues. I then had discussions with colleagues about this area. I also regularly check the HMRC website for any changes in legislation.

Comments

  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    Do you only prepare accounts for limited companies? And checking HMRC for changes in legislsation would be applicable for tax areas but not for accounts prep.
  • awatson86awatson86 Feels At Home MAAT, AAT Licensed Accountant Posts: 60
    Also, sole traders, partnerships & LLP's.
  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    edited November 2014
    You might want to include that then, as full and abbreviated only apply to limited companies and other entities who need to submit statutory accounts. And I think you should expand on your CPD as the HMRC statement won't apply and basically 'I talked about it with colleagues' isn't really enough.
  • awatson86awatson86 Feels At Home MAAT, AAT Licensed Accountant Posts: 60
    Okay, will expand on what I have put for that section.

    For personal tax I have put - this has a bit more detail and hopefully will suffice.

    Work:
    My duties have involved calculating individual clients personal tax liabilities taking into account the relevant legislations. This included all sources of income - employment, savings & investment income, property income, business income, capital gains and any other income. My duties also involved explaining to clients the principles of income tax including tax rates & allowances. I also advised them on the mitigation of income tax. Submission of clients tax returns.

    CPD:
    Regularly viewed the HMRC website to keep up to date with tax rates and allowances. Regularly read online articles keeping me informed about property income & tax relief's. I also referred to my AAT books to keep me up to date in all personal tax areas.
  • DouglasDrDouglasDr Registered Posts: 1
    awatson86 said:

    I am currently completing my application form for MIP. For the work experience & CPD section is the below enough detail?

    Financial accounting & accounts preparation

    Work Experience:
    Preparation of both full and abbreviated annual accounts using the relevant accounting standards. I have completed annual accounts for clients who provide their records in a basic format as well as clients who provide their on accountancy packages such as Sage.

    CPD:
    I have kept up to date in this area by attending an annual meeting with my previous employer and colleagues. I then had discussions with colleagues about this area. I also regularly check the HMRC website for any changes in legislation.



    Can you simply prepare yourself is the reason for constrained firms? In addition to checking HMRC regarding modifications in legislsation would be relevant regarding taxes parts but not regarding company accounts preparation.


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  • awatson86awatson86 Feels At Home MAAT, AAT Licensed Accountant Posts: 60
    Thank you for responding to my colleagues email.



    For business tax it is in relation to sole trader or by partners.



    The following are our definition of the services:



    Business Income Tax (BT)

    Business Income Tax is the tax liability on the profits/losses of a business, operated either by a sole trader or by partners under Income Tax legislation, as distinct from Corporation Tax.



    This classification includes the completion of all relevant HMRC returns.



    A member practising in this area of work can be expected to provide their client with:

    · an explanation of the principles of Business Income Tax

    · calculations of the Business Income Tax due

    · advice on Business Tax planning.





    Corporation Tax (CT)

    Corporation Tax is the tax liability arising on the taxable profits of an incorporated business under the prevailing corporate tax legislation.



    This classification includes the completion of all relevant HMRC returns.



    A member practising in this area of work can be expected to provide their clients with:

    · an explanation of the principles of Corporation Tax

    · the calculations of the Corporation Tax due

    · advice on Corporation Tax planning.
  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    Sorry, what's the question?
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