Firstly a great forum, have found some very informative topics. I have some questions which have no doubt been asked a million times already on here, and I just need a little guidance.
I have gained IAB level 2, proceeded to study AAT level 3 (passed), thinking it would open more doors, but now wish to start my own book keeping business. Now, I understand to do this I would need to be regulated for MLR which can be done through one of the membership bodies. Where I am a little lost, reading through the terms and conditions of AAT, it appears to advise that I can only undertake work on a voluntary basis, and I would not be able to practice unless I became a MIP. I am starting to realise this is not a realistic option and am keen to set up in book keeping as soon as is practicable.
Would someone be able to make things a little clearer for me, as in what am I allowed to do and not do as a book keeper?
Also as I am finding the AAT restrictive, I am keen to swap back to the IAB route, is it possible to transfer my AAT Level 3 qualification over, so I can then set up in practice and be regulated by IAB? I am confused with the memberships also, if I am no longer a student, and don't sign up to a body (which I will), am I meant to always be a member, or is it only if I am practising.
Is it as simple as just being able to set up in business, providing I follow guidelines and practice from a regulatory body? Or am I missing something!
I appreciate any help with my questions, and hope they are a little clearer to answer than mud.
as you're finding out it's an absolute minefield and often the fastest route to getting an answer is to give the help desk of the relevant body a call.
I think that you may not be completely correct about the AAT situation though in that their restrictions I'm sure are a lot more flexible than some of the accounting bodies a little further up the tree.
My reading is that whilst you are studying for your AAT qualification, you can set up in practice.
The following is taken directly from this page (The page is also best viewed as a whole rather than just my excert from it) : http://www.aat.org.uk/content/item1769/
Offering services as an AAT student member
While you are studying for your AAT qualification, you can set up in practice. However, certain restrictions apply until you become a full member:
You may not advertise in connection with the AAT. You must only undertake work within your competence and seek professional advice where necessary. You must abide by the our Guidelines on Professional Ethics. You are strongly advised to take out professional indemnity insurance.
Before giving up on the AAT it might be worth checking that out as it's certainly a good quality qualification (not the IAB or ICB aren't) that is the minimum level prerequisit of many employers (or more to the point employment agencies before they'll forward your CV to employers!).
Have a read and then post a follow up as I think at the moment your at the banging your head repeatedly against your desk stage... Worry not, we've all been there!
kindest regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
In answer to your original question, yes you could transfer back to the IAB. The IAB offer exemptions to people holding AAT qualifications and for someone like yourself would offer Member status (MIAB) as a minimum. If you also hold a minimum of 2 years relevant experience you may qualify for Fellow status. There would be no reason why you couldn't continue to study Level 4 with either the AAT or IAB and also start practising.
I would recommend that if you do start up you only offer general bookkeping and leave any Self Assessment and/or tax advice until you are properly qualified to do so. This would still mean you could earn while you learn! Once you have been accepted as a Member you could then apply for a Certificate of Compliance to enable you to be regulated for MLR.
I am in a similar position to you as I have been studying L3 AAT, am just starting out on my own and still deciding what to do about level 4! I also work part-time for the IAB so life can be very confusing!!
Thank you so much for your replies to my post, you both have made this clearer for me. At least now I know what my options are.
My dilema is that I am enrolled to start AAT level 4 very soon, but I prefer the idea of setting up in business under IAB as I can acheive member status and apply for a certificate of compliance. With AAT, I would need to gain experience for a further 2 years before I can become a member in practice. I am not currently in employment in this area, so I am not sure how I would acheive this. It's reassuring to know that I can still study either way, and set up in practice. I understand the limitations, I guess I just needed to see some confirmation of what I already thought.
