When completed Level 4 - What am I??

SammyRPA
SammyRPA Settling In NicelyRegistered Posts: 26
Hi!

Probably the most ridiculous question of all, but I'm curious - When I've completed Level 4 (only 1 exam to go!!), what am I to the outside world? When talking about my studies, people keep asking me "So what will that make you?"....And I honestly have no idea hahaha! :lol:

I'm just about to add AATQB membership so I can look to start doing bookkeeping work from home for other people as a little extra income, and I know I can apply for the MAAT status when I get that final 'Competent' result which is exciting!


TIA :):)

Comments

  • JayB2606
    JayB2606 StaffordshireFMAAT, AAT Licensed Accountant Posts: 36
    You could open a can of worms with this question:

    Some will say one of the following:

    - Accountant
    - Accounting Technician
    - AAT Qualified

    or all of the above
    ACCA, FMAAT, Licenced Accountant and ACCA Practising Certificate
    SammyRPA
  • SammyRPA
    SammyRPA Settling In Nicely Registered Posts: 26
    Ah, I see, I didn't realise I could actually say 'Accountant' I thought that was once I had completed ACCA or CIMA after AAT

    Thank you JayB2606 :)
  • JayB2606
    JayB2606 StaffordshireFMAAT, AAT Licensed Accountant Posts: 36
    Accountant is not a restricted term only the word Chartered
    ACCA, FMAAT, Licenced Accountant and ACCA Practising Certificate
    SammyRPA
  • David Ballantyne
    David Ballantyne DurhamRegistered Posts: 112
    I believe that your actual membership grade would be "Affiliate" until you satisfy the experience requirements for "Full" membership.

    In its marketing material, the AAT refers to full members as AAT Accountants so you could yourself this.
    David Ballantyne
    Connect with me on LinkedIn!
    Ballantyne Accountants
    SammyRPA
  • SammyRPA
    SammyRPA Settling In Nicely Registered Posts: 26
    Thank you David & Mickdundee

    @Mickdundee I completely agree with your views on it, I'm in a 'Finance Manager' position currently but know I need to gain a lot more experience before calling myself a Finance Director or Accountant - Hence why I want to do the bookkeeping from home to get the real hands on experience, as well as progressing experience in my current position. Hopefully therefore gaining experience and complete understanding from both angles so to say.

    It just struck me curious as to what everyone labels themselves as when qualifying, when you qualify in pretty much any other profession you get that automatic title, whereas it seems to be a grey area with Accountancy as you progress; there doesn't seem to be a right or wrong title

    Thanks :+1:
  • MarieNoelle
    MarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,433
    Never doubted you @Mickdundee ;)
  • BeccaLouJ9
    BeccaLouJ9 Experienced Mentor DevonFMAAT Posts: 1,022
    Did someone say Christmas?...... :)

    I think I've missed something, Scotland? I will try to catch up when I'm back from majorca!!!

    B x
  • Bertie
    Bertie West Midlands Registered Posts: 376
    Expect to spend two years as an assistant.

    Dependant upon the set-up; you'll learn how to prepare accounts, properly, and most elements of basic tax.

    After this period you'll either progress or stay in that position.

    If you progress you'll be finding your own clients, getting a share of the fees.

    My time in practice was spent that way.

    Basic was shocking, but 50/50 income split at an ICAEW price range more than made up for it.

    Can work well.

    One guy, AAT, (admittedly past HMRC inspector) was bringing in £200k in fees.

    It's rare and it definitely does not come easy.
    SammyRPA
  • Marcella13
    Marcella13 Registered Posts: 16
    edited December 2017
    Hi everyone,

    I am nearing the end of level 4, but have only just stumbled across the AATQB status and what I can do with it.

    I completed level 3 in 2013 standards does this mean I can apply for the AATQB? Also I want to do the books for some sole traders from home, as I have a lot of people asking, but thought I could only do this after level 4. Upon reading it seems I can do this after level 3 if I apply for the AATQB and get the correct license. Does anybody have any advise or a starting point for setting up on my own, I work part time do this will be just to make my hours up. But I want to make sure I do it right.

    I know I will have to register as a sole trader, is the anti money laundering supervision covered by aat or will I have to apply to hmrc?

    Any pointers in the right direction would be greatly appreciated!

    TIA
  • KoopaCooper
    KoopaCooper London, UKMAAT, AATQB Posts: 226

    Hi everyone,

    I am nearing the end of level 4....

    @Marcella13 - I started a similar thread a little while back actually, and got some decent advice out of it. Here's a link to mine:

    https://forums.aat.org.uk/Forum/discussion/445817/setting-up-one-man-bookkeeping-firm-advice

    Yes, you can apply for AATQB status, get a bookkeeping license and your insurances in place, and go. Your AATQB license should cover you for anti-money-laundering purposes as well, but maybe check that with AAT first.

    You work part-time - where, may I ask? It might be advisable to talk with your employer and/or check your employment contract to make very sure that setting up your own business doesn't break the rules of your contract (which could get you fired or sued for breach of said contract). This was the major take-home point I got from others in my thread.

    (I'm still trying to figure out how to broach the subject to my boss... xD)
    Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ
    QBO & Xero certified advisor

    AAT
    Level 2 Certificate in Accounting - 17 Jun 2015
    Level 3 Diploma in Accounting - 22 Jan 2016
    Level 4 Diploma in Accounting - 19 Dec 2017
    MAAT - 27 Mar 2018

    ACCA
    Advanced Diploma in Accounting and Business...
    F4 Corporate and Business Law - 4 Jun 2019
    F5 Performance Management - 15 July 2019
    F6 Taxation (United Kingdom) - 3 Dec 2019
    F8 Audit and Assurance - 2 Mar 2020
    Marcella13
  • Marcella13
    Marcella13 Registered Posts: 16
    @KoopaCooper

    Thank you so much!

    I currently work for an umbrella payroll provider.. where our main line of work is to provide payroll services to recruitment agencies, not so much focus on accountancy side but I do manage a few limited companies and do self assessments. But it’s definitely something I’ll have a look for in my contract!

    I’d like to think I was covered for AML under AAT. I’m sure I’ve read that somewhere!

    As for the liability being sole trader I never even thought about incorporating a company.. what swayed you towards the idea of limited more so just the liability being separate?

    As for software I’ve used sage before and currently use just accounts at work. I’d want something pretty simple as it would only be small businesses/sole traders I would be doing would quickbooks be good for that? More for doing self assessments if I’m honest!

    After getting my licenses and insurances together is it literally that easy to start up?

    I liked your idea of bringing up the discussion at the xmas party!!
  • KoopaCooper
    KoopaCooper London, UKMAAT, AATQB Posts: 226
    @Marcella13

    Ahh, if your employed work is for an umbrella payroll provider but you're planning to go into bookkeeping, then it would most probably be okay, as it's a completely different service. Myself, I work in a full accounting practicing, so there is a conflict of interest... yeah, probably best to check just to be on the safe side though.

    Yes, my reasons for thinking of incorporating are precisely that, to keep any potential liability with the company, rather than myself. I jointly own my house with my father, and most of the contents are his but proving ownership is nearly impossible for most of it - if there was any liability to me, he could end up being cleaned out by bailiffs, which would not be good.

    For software, Sage should work well for you, especially if you're used to it (I only used it a little in level 2, and then never again after). QuickBooks might be beneficial for businesses and small traders, but would probably not really help for personal self-assessments.

    I think I went through all the steps in my other thread, but yes - start the business/form the company, Professional Indeminity insurance, Public Liability insurance too maybe, professional membership and sign-up to anti-money-laundering, register with HMRC for your own taxes (personal tax, and Corp tax too if you incorporate), set up business bank account, get accounting software if necessary (Sage license perhaps), and start trading.

    If you're just planning to do bookkeeping, that would probably be about it; if you want to do anything involving submissions to HMRC or Companies House, you'd need authorisation codes, 64-8's in place with HMRC, etc...

    Of course you'll also need to keep some kind of records of all clients for AML purposes, something I omitted from my thread's list which was only dealing with the setup of business, not its ongoing maintenance.

    Best of luck! ^^
    Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ
    QBO & Xero certified advisor

    AAT
    Level 2 Certificate in Accounting - 17 Jun 2015
    Level 3 Diploma in Accounting - 22 Jan 2016
    Level 4 Diploma in Accounting - 19 Dec 2017
    MAAT - 27 Mar 2018

    ACCA
    Advanced Diploma in Accounting and Business...
    F4 Corporate and Business Law - 4 Jun 2019
    F5 Performance Management - 15 July 2019
    F6 Taxation (United Kingdom) - 3 Dec 2019
    F8 Audit and Assurance - 2 Mar 2020
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