There is no requirement to be qualified or a member of a professional body, and at the moment one third of the accountancy population is unregulated.
A member of a professional body must have completed years of studying and passed exams, have professional indemnity insurance, keep up to date with continuing professional development (CPD) and be monitored on an annual basis.
Understandably, most complaints to HMRC are concerned with unregulated accountants. Their clients can be hit with fines and penalties due their tax affairs being incorrect, and they miss out on advice that could help them work more tax efficiently.
So how can you find out who is regulated?
Ask to see their qualifications and up to date annual licence. Check with their professional body if you have doubts.
Ask to see their Professional Indemnity Insurance Certificate.
You wouldn’t seek treatment from an unqualified doctor or legal advice from an unqualified solicitor, so why would you get financial advice from an unqualified accountant?
For AAT, click here
For ACCA, click here
For ICAEW, click here