Why you need a “chartered” accountant

Some unqualified or unregulated accountants or book-keepers offer their services despite not have passed exams, not having the right experience, not knowing the tax rules, not being up to date, and are sometimes dishonest.  After all, the term “accountant” isn’t protected in the UK – literally anyone can call themselves an accountant and practice without the supervision and protection of a regulatory body.  So beware!

We are qualified and regulated by The Association of Chartered Certified Accountants (ACCA) which is one of the UK’s leading “Chartered” accountancy bodies.

So why do you need a “chartered” accountant?

Qualifications.  Chartered Certified Accountants have to pass a large number of vigorous examinations in all aspects of accountancy.  Full membership of the ACCA is equivalent to a masters degree.

Experience.  Chartered Certified Accountants have to evidence several years of supervised work experience before they are admitted into membership and granted a practising certificate to directly advise clients.

Ongoing Technical Knowledge.  Chartered Certified Accountants have to keep themselves fully up-to-date by reading, research and attending professional courses, often led by leading specialists and accountancy authors.

Ethics & Professionalism.
 Chartered Certified Accountants have to comply with a code of conduct and ethics and must always act in a professional manner.  Members convicted of serious crimes or breach of ethics can be reprimanded and even excluded from the Association.

Professional Indemnity Insurance.  Practising Chartered Certified Accountants must have adequate professional indemnity insurance to cover any losses incurred by their client’s due to their poor advice or incompetence.

Continuity. Practising Chartered Certified Accountants must have a “continuity agreement” in place with another firm of qualified accountants to ensure continuity of service in the event of serious illness or death of the practitioner.

Reputation.  Third parties, such as HMRC, lenders, landlords, and potential buyers of your business may place more reliance on accounts and returns prepared by a “Chartered” accountant than those prepared by yourself or by a book-keeper or unqualified accountant.

That all adds up to PEACE OF MIND – by using a “Chartered” accountant, you are protected against:-

Potentially huge fines and penalties either for not submitting your accounts and tax returns on time or where your submissions are inaccurate.  After all, if you’re just a day late, fines start at £100 and rise quickly.

Missing out on legal and legitimate tax planning opportunities that you didn’t know existed and which usually can’t be back-dated.  Why pay more tax than you need to, just because you didn’t know how to arrange your affairs properly?

Wasting your valuable time trying to wade through the hideously complicated UK tax code, hindered by the unfathomable HMRC website, made worse by lengthy queues for the HMRC call centre.

And there’s more….

Now that “self certification” mortgages (often known as “liar loans”) have come to an end, many lenders are insisting on references and income certificates signed off by qualified accountants. Members of the UK “Chartered” accountancy bodies are universally accepted by all the major lenders, whereas many banks won’t accept certifications from book-keepers or “accountants” who are unqualified or unregulated.

Contact us for more information about any of my services and how I can help you grow your business and minimise your tax.