Starting an Accountancy Practice
- Price: £5.99
- Published: June 2017
- Type: Business Opportunity Profile
- Format: PDF
- Qualifications and skills
- Key market issues and trends
- Trading, commercial and legal issues
- Further information
Accountancy practices provide professional advice to a variety of public and private sector organisations and individuals on a range of business, taxation, inheritance planning and finance issues.
Many accountancy practices operate as limited liability partnerships (LLPs) or private limited companies and typically comprise both chartered and non-chartered accountants. However, it is possible to set up as a sole practitioner. Practices usually employ administrative staff and accounting technicians to provide basic financial services. 'Chartered accountant' is a protected title, and it is an offence to practise under that title without being registered with a designated professional body (DPB).
Recent legislative changes, intended to introduce more competition into the legal services sector, have allowed accountants to partner with lawyers and other professionals, enabling them to provide legal services alongside non-legal services as an alternative business structure (ABS).
This profile provides information about starting up and running an accountancy practice. It describes the qualifications required, the training available to develop general business management and consultancy skills, the current market trends and the key trading issues. It also explains the legislation that must be complied with and provides sources of further information and support.