Registering as a MIP - HELP!!

Kate8115

I would like to start my own Accountancy business and register as a MIP but there is so much information on the website and I am a little overwhelmed. I have printed off all of the guidelines and information (have used half a tree) and I really don't know where to start. I have been on maternity leave for 5 months after 17 years in Finance and have MAAT status. I have not done any CPD (only qualified 2 years ago) and I am finding that overwhelming also as again, I don't know where to start!
Can anyone recommend where to start, how to go about it logically, who is the best person to speak to? I went to an AAT MIP event, although it was informative it didn't really go into detail about making the next step after deciding to become a MIP it was more about making the decision to take that leap into self employment.
I realise this is a lot to ask someone but if anyone out there has just done it or has any advice on the best route then I would be very grateful.
Thanks

burg

It's quite a few years since I had to apply but I would approach it like this.

1 - Decide what services you wish to offer
2 - Work out what evidence you have to prove your experience in each area
3 - Work out how you can improve your knowledge or your evidence for areas where you are not happy for 2
4 - Consider any services you may wish to offer in the future and how you can go about achieving that.
5 - Contact the AAT MIP helpline for guidance and advice
6 - Research Professional Indemnity Insurance and AML regs and look at how to register with the information commissioner
7 - Sort out a continuity of practice cover
8 - Maybe find a mentor to help you
9 - Consider the different types of software you may need.
10 - Get the application in and await the result

* The AAT MIP team were helpful when I was applying. They helped with what could be deemed suitable evidence for areas where I was unsure (i.e. a CV and/or job descriptions is useful).

Good luck

Kate8115

Thank you so much for your help, this is invaluable.
Kindest regards

Jawz

Can I just quickly say, Burg (Ian) is one the best mentors in this forum and I believe AAT as a professional body should show gratitude to such brilliant professionals. Without people like him, this forum wouldn't be worthwhile. Bravo to you Ian and all other mentors, you're very much appreciated in here. I certainly do!....Keep up the good work...

AJ

burg

Thank you for the kind words Ali (Jawz). I remember when I was the one starting out and the help I had back then from the more experienced members. Sometimes it can be a lack of knowledge and other times it can be re-assurance. All things that sometimes you just need that clarification and without other colleagues the AAT forums are a really good help. So just doing my bit really.

Ian

BCASL

Could I also suggest you consider coming along to a MIP Information morning (now called "Be Your Own Boss). AAT will be running 4 of these next year - they are a great source of information, all about the scheme and ideas from a current member in practice. They are also a great chance to network with colleagues who are thinking of doing the same thing.

Kate8115

Thank you BCASL, I have already been to one of them but will definitely go again as they are really informative. It's meow reassurance that you're not alone and that there are people out there that have "taken the plunge" so to speak. It's quite daunting, especially when I have a young family but I am determined!

burg

Kate, there are many out there like you who have taken the plunge. Some don't make it and some do. I am a firm believer that if you are yourself with lots of info and plan then you can make it with the right drive. My practice is myself and my wife. My wife started it in 2005 when our first child was due. I then joined in 2009 and we have grown the practice massively since then (from 20 clients to nearly 200). We have done that until recently with no/little help from staff and with having 4 children to raise.

It really can be done, so keep asking away until you are happy with what you are doing/need to do.

Gem7321

Hi Kate
I just want to add to Ian's brilliant advice that it would be best to get in to the 'CPD cycle' as soon as possible. As MAAT you should already be completing the CPD cycle yearly but as a MiP you will need to complete the cycle twice a year. You can use the AAT CPD record but personally I prefer to keep my own record in Excel and remember CPD doesn't have to be all courses and workshops, reading articles and listening to podcasts etc. all counts.
Best of luck.

hinezee

Hi Kate,

I recently went through the application process myself. I found simply printing the form (which at first sight looks long and scary). Spend a little time and prepare a draft just jotting down what you think you want to say in each of the areas. Leave it a for a little while then re-read it. It will help you think about what you want to put down on the form and to get it right.

I agree with the others that the MIP team are very helpful. I did attend a MIP introductory event and found that enormously helpful and motivating. I highly recommend it.

Nothing worthwhile is easy, so keep working at it. Learn by your mistakes and keep going at it.

I'm finding it challenging, stressful, but the end goal I hope to be rewarding in having my own business supporting other small businesses.

Good luck
Alan

Kate8115

Thank you for your comments Alan, they are very helpful. Everyone has been very helpful on here.
Alan - would you like to keep in touch? Perhaps we could help each other? It will be nice to know someone that is going through the same thing as me. And thank you for your words of wisdom, I have been working all Christmas.
- Kind regards

Pearce161

sorry to hi-jack your post a little I recently qualified and gained my MAAT. I too have briefly (for now) looked into registering MIP as I would like to work for myself, initially as a second income hopefully to grow into my main income.
My big worry is the evidence required to pass out for services, I currently, and have always, worked in industry rather than practice, now I had no problem demonstrating work experience for the MAAT, but does holding for example personal tax and business tax module class as enough evidence for say self assessments (bad example as I have done my own SA quite a lot in the past etc so have a bit more experience than just the AAT qualification but you hopefully get what I am saying).

MarieNoelle

@Pearce161‌
I don't think you would be able to offer these services if you do not have the practical experience.
A while ago, I called the MIP team as I wanted to add a service I had good theoretical knowledge on from my ATT studies but no practical experience. They asked me to find a mentor to review my work for 3-6 months (and I wasn't able to charge the client for this service).
You may be able to register for SA as it looks you have some experience; you may also find other transferable practical knowledge from your experience in industry (bookkeeping? VAT?).
I hope this helps.

JoKnapek

Hi Everyone. I gained MAAT status in November and am keen to get MIP. I have worked for charities all my career so I have initially contacted MIPs in my area to see if they would be interested in being my mentor as I go through the process. The first person I contacted has already said let's meet up for a coffee! Baby steps.

Kate8115

Thanks everyone, your comments have been helpful.
Regards

Pearce161

@MarieNoelle
That sounds a little disconcerting then. I best get looking into it and speak with the MIP team to see what services I would have enough experience to offer.