Been working as a bookkeeper for quite a while and 2 years ago, I decided to set up a business (Ltd) and do bookkeeping on my own. I did Ltd because it will protect my family's assets. I asked around before starting and no one mentioned that I have to be a member in practice of a professional body. 2 years ago, when I asked AAT if I can apply, they told me that I have to be a full member for 5 years. And now they say, I should have applied for MIP immediately. I am confused and needing some guidance on what to do and where to go from here. I am also trying to apply for a full time job as thinking that I might be doing it wrong with the business, I will wind down the business and just be an employee again. Or can restart and just do as a sole trader (too much paperwork anyway with Ltd). Any advise will be very much appreciated.
On another note, PI - what's your recommendation for someone who's earning less than £15k?
Many many thanks in advance to anyone who can advise.
Hi Grace,
You don't have to be a member in practice of a professional body, anyone can set themselves up as a bookkeeper, even an accountant for that matter. If you are studying under any of the bodies though there may be a difficulty. Are you a member of AAT? If so I think you can still practice as a bookkeeper if you don't mention AAT, someone will correct me if that's the case. So long as you know what you are doing and can offer a good service then go for it.
There seems to be an advert for PI on here from Arlington for around £78, it could be that some of the members use them but like all insurances you only know what they are like if you need them!
Hi Rob,
Thanks again. I am a member but I didn't need to mention AAT to my clients as they are all recommended. My work was well recommended so proof was unnecessary. I didn't even need to go on AAT website to ask for help as the internet is a very helpful place to be most of the times. I only want to make sure that I am doing it right and the path I am taking is not going to put me in trouble.
PI - I don't think I need them, but as a safety net, will get one.
Grace you must have PI insurance, none of us think we need it but you have to have it. You also need to register for money laundering regulations with HMRC. There are loads of posts on here if you take a quick search giving you chapter and verse of what you need to have in place.
Again one of the others will give you the lowdown about AAT so don't take my word for it!
That is why I wanted to get MIP registered for Money Laundering Purposes. I've been taking courses with laundering and even professional ethics but no one said to be registered. Thanks Hal.
