Finding an Accountant in the UK
A good accountant saves more than they cost in most circumstances. The challenge is that the title "accountant" is not protected in the UK — anyone can call themselves one. Knowing what credentials to look for and what questions to ask helps you find someone competent.
Professional Bodies and Qualifications
The main accountancy bodies in the UK are: ICAEW (Institute of Chartered Accountants in England and Wales), ACCA (Association of Chartered Certified Accountants), CIMA (Chartered Institute of Management Accountants), ICAS (Institute of Chartered Accountants of Scotland) and AAT (Association of Accounting Technicians, typically for bookkeepers and accounts preparation rather than advisory work).
Members of ICAEW and ACCA are regulated, must hold practising certificates, carry professional indemnity insurance and are subject to disciplinary procedures. Searching for a member practice on icaew.com or accaglobal.com is more reliable than searching Google alone.
Typical Fees
- Self-assessment tax return only: £150 to £500
- Small sole trader accounts and tax return: £300 to £800 per year
- Small limited company accounts, confirmation statement and CT600: £800 to £2,000 per year
- Payroll (per employee per month): £5 to £15
- VAT returns (per quarter): £100 to £300
Bookkeeping vs Accounting
Bookkeeping involves recording transactions, reconciling bank accounts and maintaining records. Accountancy covers preparation of accounts, tax planning, filing returns and advisory work. Many small businesses use a bookkeeper (cheaper) to maintain day-to-day records and an accountant for annual accounts and tax.
Questions to Ask
- Are you a member of a recognised professional body?
- Do you have experience working with businesses in my sector?
- What is included in your fixed fee and what is charged additionally?
- What accounting software do you use and will you help me with it?
