So, I decided to end further ACCA studies as I really am not enjoying them (I see things as a sign) I have decided to reinstate my AAT membership and apply for full membership (£248 LATER....).. and then hopefully apply for MIP (a years time hopefully), which is what I have a few questions on, if anyone could help with?
So this is my work experience status at the moment:
Multi-currency cash postings (GBP, EUR, AUD) Accounts receivable invoicing. Accounts Payable invoicing. International Credit control (Europe, South Africa, Australia) Monthly formal bank reconciliations for approval by financial controller. Monthly meetings with the sales team. Journals- accruals for promotional activities, sales rebates and marketing activity/ Management of petty Cash. Weekly and monthly sales reporting against budget and forecast. Month end journals- regarding other sales, and ensuring costs are classified correctly. Accounts receivable month end closure procedures. Monthly Balance sheet reconciliations. HMRC Compliance- VAT Return, EC Sales and Intrstat. Management of Invoice discounting facility- from day to day through to month end and audits. Adhoc projects within finance and the business. Covering weekly payment runs for holidays.
So the services I would like to offer as a MIP would be:
Bookkeeping Financial Accounting and Accounts Preparation Budgeting and Forecasting Management Accounting Payroll VAT Personal Income Tax Business Income Tax Corporation Tax
I no my experience has been gained in industry rather than practice, the only main areas I don't have experience in, are the bold highlighted ones, but I have studied and passed exams in all of them (apart from payroll) which I am looking to do a sage payroll course or something..
So my question to anyone that is kind enough to advise me is, would do I need to do now '(work experience wise) in order to be approved a license, in a years time? Is CPD in these areas enough?
I am in a similar position to yourself. I studied CIMA to Advanced Diploma level but have decided not to complete the qualification. I decided to join AAT and enter practice as an MIP. I have good general accounts experience but do have some knowledge gaps.
I emailed the following query to the AAT in October 2013 about my continuing professional development for MIP purposes:
"My CPD over the last twelve months has not been relevant for MIP. If I prepare a plan for the next twelve months, can I submit it for review to ensure that it will be enough when I apply in twelve months time?"
Their response was:
"Please be advised your CPD does not need to be specific to being self-employed. Your CPD activities need to be relevant for each service area you are applying for, to show how you have been keeping your skills and knowledge up to date. It may be that a particular CPD activity covers more than one service area, for example if you have attended a tax update course it may cover Personal Income Tax and Business Tax. CPD can include anything such as attending courses, in-house training with your current employer, reading the AAT magazine or other publications, listening to webcasts, following the HMRC website and updates. Please note we are unable to approve a members in practice application without CPD and work experience for each of the service areas you wish to apply for."
I have taken the last sentence to mean that I need either CPD or work experience in the service areas I wish to apply for.
Hope that helps. If not, the best thing to do would be to contact the AAT for clarification.
How are you getting with going for you practice licence?
What kind of CPD are you doing? Do you have any practice experience.. Im just worried that im going to put all this money and time in to trying to get a practice licence and they turn around and say no because I don't have any practice experience, but then I have read on forums about people that have started their own practices without any practice experience :( so im keeping my fingers crossed :)
Im thinking for the future then in this case... That as I've had my own bookkeeping business now, or will have had for 4 years or so when i get to MIP, will that count? Or will it have to be in someone else's office/business?
I am still progressing my CPD at the present time. Focusing on refreshing tax knowledge now to be followed by refreshing final accounts knowledge.
I don't have any practice experience. I have attached a flowchart prepared by the AAT which shows the decision making process for awarding a practising certificate. There are two levels of practising certificate, registered and licensed.
Yeah I have seen this diagram, but I think I will fall down on this box- Has the work experience you have gained in each of the services you are applying for been within the last 12 months? which would be NO, then I can only register as a MIP (ie no licence)
Im confused about how I can get experience without having to go and work in someone elses practice :(
Yeah I have seen this diagram, but I think I will fall down on this box- Has the work experience you have gained in each of the services you are applying for been within the last 12 months? which would be NO, then I can only register as a MIP (ie no licence)
Im confused about how I can get experience without having to go and work in someone elses practice :(
Hey.
Self employed work is taken in the same way as employed experience. If you've worked for yourself for at least 12 months, and you can get your client(s) to write you a reference then generally this is accepted.
If you have not as of yet accrued 12 months of experience, you can, by using your AAT Qualifications gain exemption from the IAB's examinations and practice under them until you've gained the required amount of 'experience.'
Also, you could gain your MLR cover from HMRC, and practice as a NOMAD so to speak, until you've again achieved the necessary. I would suggest also PII of course.
Just to add, I'm not sure if your involved with your local AAT branch, but it would be useful to join as you would obviously network with local fellow MIP's, whom I'm sure could/would check over your work and would even possibly provide a reference to support your application.
All the best.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
I've got this vision of us all now wearing colours with BKN ANGELS over the top and either chapter name or NOMAD at the bottom.
__________________
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.
I think I only need a bit more experience in the following areas:
Payroll
Budgeting and Forecasting
Personal Income Tax
Business Income Tax
Corporation Tax
I'm not too worried about the last one at the moment as I want to start with small clients :) but I think I will try doing CPD in those areas, potentially register with HMRC and find some clients (although using AAT would make me more credible to clients :( arrgghh!!
I rang the AAT today to get some clarification about obtaining a practice license.
As I mentioned in an earlier post, the AAT have two levels of members in practice. The two levels are Registered and Licensed.
I was given the following advice. If you want to go into practice but cannot satisfy the requirements to become a Licensed MIP immediately, then you can be a Registered MIP.
I asked specifically if I had to show evidence of 12 months relevant CPD to gain Registered MIP status. I was told that if I wanted to start in practice straight away that I would be granted Registered MIP status regardless of how far I had progressed with CPD relevant to becoming an MIP (despite what is stated in the flowchart).
In respect of becoming a Licensed MIP, the only issue that concerned me was obtaining a reference from a professional referee. I queried how I could obtain this as I would be working on my own. The advice I received was that I could ask a client to provide the reference. I think the referee must have six months experience of your work. The AAT set a deadline of two years to achieve Licensed status (I don't know what happens if you don't achieve this). I was advised that most MIPs achieve Licensed status in well under two years.
Thanks David, that's really good to know.. :)
So I will probably register as a MIP, but register with Hmrc for mlr as I won't be covered as a registered MIP (as no licence).. Then hopefully I'll get a few clients within the next year :)
Thanks :)
