How to calculate your Gross Fee Income (GFI)

1. Gross Fee Income (GFI)

For the purpose of licensing, annual gross fee income is the following:

  1. the income which comes from providing services (as detailed in schedule 1 of the Licensing policy PDF) as a sole trader, with a partner (including as a partner in a limited liability partnership), as a director of a limited company or principal of a corporate entity
  2. does not include income which comes from services you provide that are not covered by your AAT licence
  3. does not include income that is gained from undertaking work on a subcontract basis for which you are indemnified by the person you are subcontracting to
  4. is calculated on an accruals basis and excludes VAT
  5. excludes the recovery of disbursements and expenses which do not form part of the chargeable fee for the services rendered and value added tax.

 

2. Partnerships (including limited liability partnerships)

If you are a partner in a partnership, your gross fee income is the amount of gross partnership income generated by you from providing services (as detailed in schedule 1 of the Licensing policy PDF).

 

3. Limited companies

If you offer your services as a director of a limited company, your gross fee income is the amount of company income generated by you from providing accountancy, taxation, or related consultancy services (as detailed in schedule 1 of the Licensing policy PDF).

 

4. Other corporate entities

If you offer your services as a principal of a corporate entity your gross fee income is the amount of company income generated by you from providing services (as detailed in schedule 1 of the Licensing policy PDF).

 

5. New businesses

If you have been in practice for less than 12 months you will need to complete the licence application using estimates for your annual gross fee income and pay the licence fee based on that estimate. Your fees can be adjusted during the year. For further details of the licence fees visit aat.org.uk/fees