Hi everyone,
Hopefully this is just a quick one.
I'm looking into starting out being self employed (only small with self assessments and payroll services).
I have experience and I'm currently working fully time so that helps me keep up to date.
I have completed AAT level 4 but my membership has now lapsed.
I was looking toward reinstating the MAAT and then getting the licence, but I am now considering if I would need a licence, obviously I would need to register for MLR with HMRC as well as PII..
Just wondered everyone's thoughts or if anyone else works self employed without being part of a professional body.
Thanks
Replies (13)
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Plenty do and most are top accountants. No you don't need a licence for what you want to do.
Well there's no hard fast rule. I'd say your limit is what you feel capable of doing.
Essentially you can pretty much do anything for someone else however personally if you were getting in to the realms of large turnovers requiring audits I'd probably consider membership somewhere.
My initial scepticism is that you are a pseudonym of either/both Mrbailey or emmablyth. If you are neither, apologies.
Whether you decide or not to resume AAT is a personal decision, not many small businesses will be at all concerned, or even aware of what AAT means.
A professional body initially provides the umbrella of protection of societal norms at the outset, but it is experience, built up over many years, which provides a practitioner with the ability to deal with all the various situations they face.
Certainly keep up with CPD and not just on a "need to know" basis. Read as many journals as you can, subscribe to CCH or whatever (CCH may have been superseded as the font of all knowledge these days, I fondly remember reading ALL of CCH paper manuals, whether they be various taxes, company law [AOP and case law], etc). Those were the days.
One thing to consider is will you be allowed back in to the AAT if you want to rejoin in the future ? Or if you want to go on to ACCA or ICAEW with your AAT exemptions? I think ACCA allow you to be a student member and carry out bookkeeping, payroll and VAT but not offer advise on tax etc or prepare accounts. Im sure MAAT and ACCA members will be able to advise. Im not saying one way or the other what you should do ( as I will get the usual abuse) but I think you should consider all the options and also get advice from qualified as well as unqualified members and those with Practising Certificates too. As others have said before there is also the ICPA to consider but think about what you want to do in the future.
Just to answer one of your initial questions, yes you can rejoin AAT if you want to. You may have to pay backdated membership fees though.
Thanks for confirming that. Would it make a difference if the OP ran a full accountancy practice before rejoining and seeking a licence from the AAT?
I expect the licence/membership costs a minimal amount and is surely has to be better than getting MLR with HMRC. If you trade without a professional qualification, then that makes you unqualified and so you give your qualified competitors a free reign to denigrate you. Many potential clients will do their due diligence and see that you are unqualified and you will never even receive their enquiry. This loss of business you cannot quantify. Clients will want mortgage references and you will run into issues time and time again as many lenders demand a reference or accounts signed by a qualified. For the little effort and cost required to get the AAT licence I see it as a no brainer.
'Only small self-assessments' - what does that mean?
It's a not infrequent type of comment/concept (on here). My concern is always the 'unknown unknown'. The OP may have the necessary knowledge to deal adequately with basics, but what happens when they don't spot something that is slightly more complex? I reckon I could pass as a GP for some of the time having seen a few TV medical documentaries. I wouldn't try it though.