Find the names of any other local individuals that are members of the same professional body as yourself, then call them up and ask if they will be your professional nominee. You should have a chat with them to see if they have similar experience and offering the same services as yourself.
I did this through the AAT. I looked in the MIP directory and found an individual quite close to me (but not too close to be treading on each others toes) then called them up.
The first person I called agreed to be my nominee, so it was all sorted in 5-10 minutes!
Thanks for the reply Richard. I did have a look who was in my area, but they are obviously much more experienced than myself, which made me question if that was the right way to go.
It's OK if they have more experience than yourself, this means that in the unlikely event that something happens to you and they have to take over your clients work for you they will have the sufficient knowledge to look after them.
If they have less experience than you then this may be a problem as they won't have the skills to look after your clients for you.
I would try the smallest practices (i.e. sole traders) first as they will usually be more amenable than larger practices.
Yes that makes sense :) The first person I called had never heard of COP agreements, which made for an interesting conversation. Waiting back on a couple of emails so hopefully I'll get it sorted!
It is always worth speaking to accountants and bookkeepers in your area. Not just for the continuity of practice agreement but also to ensure you may be able to refer work to each other.
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Phil Hendy, The Accountancy Mentor
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