Why should I use a licenced accountant?

Did you know accountants don't currently need to have any qualifications in accountancy or need to be licenced and regulated by a professional body?

Recent research has discovered that around one third of accountants in the UK are not qualified and/or licenced!  This means they may have no professional qualifications, are not regulated by a licencing body and will have no indemnity insurance to cover their clients should they do something wrong (which is far more likely if they don't have any professional qualifications).

HMRC have also reported that of all the complaints they receive two thirds of these relate to these unqualified/unlicenced "accountants"!

A qualified and regulated accountant is required to comply with their licencing bodies rules and regulations, which includes:

• being appropriately qualified;
• ensuring they undertake regular CPD (Continuing Professional Development) so they are up-to-date with current regulations;
• holding Professional Indemnity Insurance;
• being subject to their licencing body's disciplinary procedures.

More information can be found in this document: