It’s actually pretty simple to check if you accountant is regulated, and knowing makes a big difference for your business or personal finances.
In the UK, accountants don’t all fall under one umbrella
Some are fully regulated professionals, while others aren’t, so it’s worth asking. The easiest way to check is to see if they’re a member of a recognised professional body, like ICAEW, Institute of Chartered Accountants in England & Wales, ACCA, Association of Chartered Certified Accountants, or ICAS in Scotland. Membership usually means they’ve gone through exams, training and must follow a strict code of conduct. Qualifying as a chartered accountant usually takes around three to four years and involves exams, practical work experience, and completion of an ethics module.
They should also be HMRC-registered
If your accountant deals with tax advice, they should also be HMRC-registered. This is especially important if they submit self-assessment returns or handle corporation tax on your behalf. You can check HMRC’s directory online. It’s quick and free. Accountants Bath, such as //chippendaleandclark.com/accountants-near-me/bath/ are able to offer the full range of accounting services for a range of businesses.
Why does regulation matter?
Regulated accountants are covered by professional rules and, importantly, insurance. If they make a mistake, there’s a safety net for you. Unregulated accountants may be cheaper, but you’re taking a risk if something goes wrong. This is a risk that is not worth taking. Knowing your accountant is regulated gives you confidence that your finances are in safe hands and you’re not left in a pickle if something goes wrong.
