Right, down to my question - what are your thoughts on being a member of a professional body such as AAT/CIMA etc.?
I am a Member in Practice of the AAT, however, I only work part time through self employed work (about a 1.5 days per week) and my membership fees are due (£368 in total) and having lost one of my major clients back in February I cannot afford to pay this at the moment. I just wondered how many of you were members of professional bodies and if you thought it added anything to your business. I have got all my existing clients through word of mouth and had the majority of them before I gained my AAT qualification.
Also, if I were to cancel my membership do any of you know how easy is it to re-join (when the finances will allow?!)?
Just be aware that if you cancel your professional membership but continue to practice you will have to register with HMRC for Money Laundering Regulations supervision and that will cost you £110 initially in any case.
If you aren't earning much, the AAT has a reduced membership rate. I can't remember what it is but you can just declare you are earning below the threshold they quote and they don't charge you as much. I did it when I started out and it saved me loads.
I have asked them about that but I they do not seem that keen as my earnings for my previous year was above that threshold, even though I have explained my situation
Doesn't help much but hte figures seem pretty much in line with IFA Annual fee's which would be :
Subscription : £125 (up to £180 for FFA's)
Practice certificate : £138 (£84 if < £21k turnover)
MLR : £72
So, £335 compared to £368.
Is it worth it?
Yes, I would say that it is as without it you are regarded as an unqualified no matter what buring hoops you previously jumped through.
Your membership gives you access to professional body support, networking events, newsletters, etc. which whilst not in themselves seeming worth the outlay keeps the organisations going and getting stronger and it is only by doing that that their credibility and by association yours grows.
Just my opinion but to me subscriptions in the £300-400 range seem reasonable to be part of a quality professional body.
kind regards,
Shaun
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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.
