AAT-only accountancy practice

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reader
reader Registered Posts: 1,037 Beyond epic contributor 🧙‍♂️
in AAT member discussion
Hi

Does anyone run an AAT-only accountancy practice (i.e. without CIMA, ACCA, ICAEW, CIPFA, IFA, etc qualifications)?

If so, what do you do when a mortgage company, loan provider, UKBA/Home office, etc reject your reference?

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  • Neillaw
    Neillaw Registered Posts: 307 Dedicated contributor 🦉
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    I pass this onto my mentor whose ACCA qualified, we then go through all the figures to make sure that he's happy with everything before submitting back to the client with an invoice for his time.

  • burg
    burg Registered, Moderator Posts: 1,441 mod
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    Hey Reader.

    We are an AAT only practice and it is very rare to get a rejection. We work very closely with a mortgage broker and find we get very few issues. When we do we follow the following.

    1 - We point them towards the Council of Mortgage Lenders code that they have most likely signed up to. This states they should accept an SA302 and Tax Year Overview.

    2 - If they really aren't willing to accept this we inform the AAT and use an ACCA qualified accountant we know to sign it off.
    Regards,

    Burg
  • PhilHallAAT
    PhilHallAAT Registered, Moderator Posts: 80 mod
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    To clarify, the Home Office now recognises all AAT licensed accountants for these purposes. The attached Home Office correspondence can be sent with any such documents to make doubly sure of acceptance.

    With regard to mortgage lending, all major banks and building societies now recognise AAT members. One or two of the more obscure, specialist lenders, may not do so and when these are brought to our attention we will always take action to encourage them to do so.
  • reader
    reader Registered Posts: 1,037 Beyond epic contributor 🧙‍♂️
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    Wow! Really good job AAT! I can resign from the Institute of Financial Accountants now. Definitely worth putting this in the next AAT magazine. It good to see the hard work that goes on behind the scenes.

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