Running a regulated chartered accountancy practice involves registrations, insurance, training, and IT costs.
BUT
Anyone can describe themselves as an “accountant”, regardless of qualifications, training or experience. This because the law does not require a person to hold a professional accountancy qualification before using the title or offering basic bookkeeping and tax‑return services.
This is unlike professions such as solicitor, doctor or architect, where the title is protected by statute and only those who meet strict entry requirements may use it.
ICAEW Membership & Practising Certificate
Annual ICAEW subscription to maintain membership with a fee
Practising Certificate with a fee
Both must be renewed yearly to stay compliant.
To form companies and act a register office a separate ICAEW registration is required, we don’t hold this now
Professional Indemnity Insurance (PII)
Must be insured and prove to ICAEW
Continuing Professional Development (CPD)
Minimum 10 hours verifiable and 20 hours own study CPD / year (incl. 1 hour ethics).
Data Protection (UK GDPR) Registration
Must register with ICO with an annual fee
HMRC Agent Services
Tax Agent Account
Agent Services Account (ASA) required for Making Tax Digital (MTD) filings.
Companies House Filing
Whilst it’s not yet compulsory, we’ll also have to have a separate account which we pay for to file information at Companies House. Currently the account is separate but free
Essential Software
Payroll
Accounts & book‑keeping
Taxation & self‑assessment
Anti‑Money Laundering (AML)
Currently supervised by ICAEW (covered by PC fee).
Possible future move to FCA – expected fee if introduced.
Staying on top of each keeps us fully compliant to give clients’ confidence
