Licensed and Regulated: Accountants Held Accountable

Any accountant will have plenty of horror stories to tell about clients who have come to them to fix the problems an unregulated bookkeeper or accountant caused. The AAT has shared stories about failure to correctly file accounts and payroll resulting in late fees or huge costs to the business. 

If you were in court, you would, reasonably, expect an actual lawyer to represent you and give you advice.  All lawyers are regulated, and you can’t call yourself one without membership to an appropriate organisation. Lawyers represent you in the law courts, but your bookkeepers and accountants represent you to HMRC. Payroll tax, VAT, Corporation tax, CJRS claims, all of these involve talking to HMRC (amongst other stakeholders) on behalf of the business, so it’s important to get it right.  

There are several professional bodies in the UK that are recognised by HMRC. Professional bodies ensure that the members maintain current CPD, have a complaints procedure and require that members follow professional standards of conduct. Professional accounting bodies will be able to confirm if your accountant is a member or not. Common professional accounting bodies are: AAT, ACCA, ATT, CIMA, ICB, ICAEW, ICAS, IAB and more. If an accountancy firm or sole practitioner isn’t registered with an HMRC-recognised professional body, it must be regulated by HMRC. 

It’s important to note that a software accreditation is not the same as a professional body. Software companies don’t hold accountants to the same strict standards as professional bodies. Saying that knowing the software makes you an accountant is like saying having a screwdriver makes you an electrician. 

Many professional bodies also require members to hold Professional Indemnity Insurance. Unregulated accountants will not necessarily have PII. If you’re required in your industry to hold that insurance, don’t you think your accountant should, too? 

Here at Accountability, we are licensed by AAT. We also have members of AAT, from student to FMAAT as well as a student CIPP technician as we believe that continuous training and professional qualifications provide our clients with assurances that they are getting support from the right team. 

All members of staff are required to maintain current CPD records (that are relevant to the areas in which we work),  must follow the AAT ethical code and current money laundering guidelines and regulations, and only deliver work that we are qualified and licensed to perform. We understand the necessity for strong internal controls to prevent errors and are held accountable for our actions and advice. And we love a good VAT debate!  

If you would like to move from your unregulated bookkeeper or accountant, get in touch!