Registering as MIP

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
I have been a AAT Member for 2 years now.

18 months ago i decided to move from Practice where i was supervising/producing VAT and Payroll, producing accounts and producing tax returns.

I have now spent 18 months in Management accounts but have continued to do Payroll, VAT, accounts and tax returns for family. And have kept up my skills through CPD etc.

Where do i stand as registering as MIP now? and branching out as Self employed. I have read all the details on this site about PII and the registration process but i am sceptical about work experience etc and how much difference it will make being registered rather than licensed. I don't expect a turnover of more than £5k as i will still keep up my employment.

Any advice would be most appreciated.

Regards,

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    Hi Daniel

    The registered status is being phased out this year. You will have to apply to become licensed but you would pay a reduced fee of £37 as your income from your private work is less than £5K, but you still get all the benefits of being a licensed member.

    Regards
    Michelle

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    That sounds even better.

    Thanks for that.

    I couldn't decide whether to go licensed even though my income is likely to be less than £5k to start with.

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    I know what you mean I had that dilemma when I first started up on my own.

    Regards
    Michelle

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    Correct me if i'm wrong, but if you're doing any work for yourself then if you don't register as a MIP then you can't include any references to the AAT on your letterhead/adverts etc and I would imagine that it will also make your PI insurance more expensive if you're not a member.

    Jodie
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    sorry, i think i may had read your question wrong there! i'm not up on the differences between registered & licensed so i'll not comment further!
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    Daniel

    Just under a year ago I registered as an MIP whilst still holding a full time job in management accounts.
    Considering that I haven't advertised, my clients have come by word of mouth, only 3 but it has been enough for me particularly with a full time job and family.
    I am now fortunate enough to now work part time hours and the rest of the time from home with the intention of building up my own business.
    It's a slow start and you will have no evenings & weekends to yourself but it is rewarding and you have to be prepared to give up your social life to a certain extent.
    I have a supportive partner who appreciates what my long term goal is and without his support it would have been so much harder.
    I have found these forums to be invaluble for support and guidance and there is always someone on here that can offer that, whatever your question/dilemna.

    Good luck in your new venture.

    Sharon
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    You can use the the logo etc under the new rules for MIP's, regardless of whether you pay the reduced fee or not.
    Under the old scheme the wording for registered members was slightly different and you could not use the AAT logo on stationary etc.
    If you're not a member of the scheme you can't refer to the AAT at all.
    That's the way I read the info I received when I changed my status from registerd to licenced a few weeks ago.

    I agree with Sharon, I sub-contract part time whilst I build my own business. While this is great in terms of having someone far more experienced to refer to and getting exposure to aspects of accountancy I would not normally take on myself,
    I still find I work into the evenings and at weekends, but the reward working for myself brings is great and I wouldn't change a thing.
    I too have support from my husband and without that I would have given up ages ago.

    Regards
    Michelle
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Registering as MIP

    As a small correction to some of the information in this post. It is a mandatory requirement of AAT membership that all full and fellow members who are involved in public practice are licensed on the scheme. The only exception are members who qualify for exemption from the scheme, and those who fall into one of the exemption catagories must apply for exempt status formally (rather than simply not contacting the AAT about their practice work).

    It is not the case that provided you do not directly refer to the AAT in promotion of your business you are entitled to practice without being regulated through the licensing system. The licensing system applies to all members involved in any amount of practice work, making sure that all AAT members live up to the same basic standards of professionalism regardless of the way they promote their business.

    There may be some confusion here with the regulations for student members who are involved in public practice. If you are a student, then you are free to work in practice but must not make any reference to the AAT in carrying out your business. If you are a full member, you must be licensed or apply for exemption from the scheme.

    If you require an application pack, the please feel free to contact me at the details below.

    Kind regards

    Timothy Secret
    Members in Practice Team
    Association of Accounting Technicians
    t: + 44 (0) 20 7415 7572
    f: + 44 (0) 20 7430 7790
    e: tim.secret@aat.org.uk
    w: www.aat.org.uk

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