You've been awarded an AAT licence - what next?
Once you have been awarded an AAT licence you will need to meet the following requirements on a continuing basis.
It is in the public interest that AAT licensed members adhere to professional, ethical and legal standards. The Licensing policy (PDF) sets out the conditions all AAT licence holders are expected to meet.
‘Fit and proper’ declarations and disclosure
You must continue to meet AAT’s ‘fit and proper’ requirements as set out in the Criminal convictions policy, Disciplinary sanctions policy, Insolvency policy and Civil sanctions policy. You must inform AAT immediately if you no longer meet the ‘fit and proper’ requirements to be licensed.
Continuing professional development (CPD)
All licensed members must comply with the CPD policy. As a licensed member there are additional requirements. You must:
- Review your CPD activity using the CPD cycle at least twice a year
- Evidence CPD in all services covered by your licence
- Evidence CPD in practice management
- Evidence CPD covering relevant changes in legislation
- Maintain CPD records which demonstrate use of the CPD cycle
You may be asked to submit your CPD records to AAT for monitoring. You must ensure that you comply with these requests promptly.
You must renew your licence annually; AAT will remind you when this is due. You can renew your licence online which will take about 15 minutes. You will need to update us about your self-employed business and confirm compliance with professional indemnity insurance, CPD, continuity of practice, anti money laundering requirements. You must also complete the ‘fit and proper’ declarations. As part of the renewal application you will be able to apply to add services to your licence.
Failure to renew your licence by the date prescribed by AAT will result in the expiry of your licence. If your licence expires you will no longer be permitted to provide bookkeeping or accountancy services to clients.
You must ensure your AAT annual membership and licence fees are paid by the due date (or you have a direct debit set up). AAT will remind you when your fees are due. We cannot issue a new licence until your fees have been paid or you have a direct debit arrangement in place.
Continuity of practice arrangement
It is important to ensure that your continuity of practice arrangement remains in place in accordance with the Continuity of practice policy. We recommend that you contact your nominated continuity of practice cover on a regular basis to ensure they are willing to provide this for you. You must inform AAT immediately of any changes to your continuity of practice arrangements.
Anti money laundering
You must ensure you remain compliant with the Money Laundering Regulations 2007. This includes the requirement to have an anti money laundering (AML) supervisor in place for your firm. You must inform AAT immediately of any changes to your AML supervisor.
Professional indemnity insurance
You must ensure that you continue to have professional indemnity insurance (PII) in place for your business in accordance with the Professional Indemnity Insurance policy (PDF). It is important to review your PII policy from time to time to ensure that it remains adequate.
As a licensed member you must ensure you are compliant with AAT’s Client Care policy.
As a licensed member you must ensure you are compliant with AAT’s Clients’ Money policy.
All AAT licensed members are subject to a practice assurance review at least once every three years. These reviews help to ensure compliance with AAT’s regulatory and technical framework. You must ensure you comply with practice assurance monitoring when required to do so.
Code of Professional Ethics
You must comply fully with AAT’s Code of Professional Ethics which has specific provisions for licensed members.