MIP Application

Hi everyone,

Just need some advice in 2 areas of the Licensed Accountant application form.

I have previously worked in practice firm of accountants (approx. 6-7 years) but since last year have moved, working for local government.

Whilst working in practice I covered pretty much all areas such as
- Bookkeeping
- Financial accounting and accounts preparation for sole traders and partnerships
- Financial accounting and accounts preparation for statutory purposes
- Management accounting
- Payroll
- Value Added Tax
- Personal income tax
- Business income tax
- Corporation tax
- Capital Gains Tax (some works in this area)

I haven't been updating my CPD over the years does this affect my application? Can I back date and write what I've been doing (or think I've done in certain areas)?


I'm finding it difficult to complete the "Practice management" section. I haven't had much involvement in these areas but I believe I know the processes involved in most of the areas such as
- Conduct of work - Client engagement and disengagement procedures, fees and commission, quality control of client work, ownership of books and records.
- Strategic planning - Business plans, self-employed guide, corporate social responsibility.
- Staff appraisal and development (if applicable) Managing staff recruitment process, identifying learning and development needs for staff, conducting employee appraisals, employee relations.

But don't know what to write on the other areas..
- Legal and regulation Money Laundering Regulations 2007 Data Protection Act 1998 Provision of Services Regulations 2009 Money Laundering Regulations 2007 Equality Act 2010 Bribery Act 2010
- IT policy IT procedures and security, data retention and destruction, Data Protection Act.
- Quality assurance Complaints management, resolving ethical conflicts, Professional Indemnity Insurance.
- Clients’ money Handling client monies and operating a client’s bank account.

Could anyone shed some light? what did you guys write in these areas..

Any advice will be highly appreciated!

Many thanks!

Best Answer

Answers

  • StefHoStefHo West YorkshirePosts: 11Registered
    Hello M ZAK,

    Will you be providing all these services?

    I have just received my approval for my licence last month and for CPD I just created new CPD this is on going which you will need to keep up dated.

    If this helps

    Stef Ho
    HoKa Accountancy Services
    M_Zak
  • M_ZakM_Zak Posts: 6Registered
    Thanks StefHo :)
  • M_ZakM_Zak Posts: 6Registered
    Thanks StefHo :)
  • burgburg Experienced Mentor GloucesterPosts: 1,440Moderator, FMAAT, AAT Licensed Accountant
    mrme89 said:

    But tax refunds often hit an accountants client account, with the accountants fee deducted before handing what's left to he client.

    Much more difficult to get sorted these days. I work on the basis of full payment before we will file to HMRC. Client account is then not needed and saves a whole load of hassle.
    Regards,

    Burg
    MarieNoelle
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