As you make this important move, here is a checklist of the vital first steps you need to consider when setting up your business.
As you make this important move, here is a checklist of the vital first steps you need to consider when setting up your business.
As you make this important move, here is a checklist of the vital first steps you need to consider when setting up your business.
You are considered to be working in public practice if you provide bookkeeping services to the public, whether you get paid or not. This applies even if you don’t advertise your services, use the ICB Crest, or call yourself a Certified Bookkeeper.
If you only volunteer your services for a charity, non-profit, or family member, you might not need a Practice Licence, depending on the situation.
If you are employed by a business, you usually don’t need a Practice Licence, even if the business offers accountancy services, unless you are one of the business owners.
If you’re unsure, please call ICB at 0203 405 4000.
As a member in public practice you must take out the ICB Practice Licence even if you have a Practice Licence with another body. There are many benefits with the Practice Licence - the most important of all is that ICB becomes your Supervisor for Money Laundering Regulations. (MLR)
The Professional Conduct Regulations set out the basic principles for ethical and professional conduct. The regulations also set out your ongoing duties to ICB and the disciplinary process that is used when a member contravenes the regulations.
Whilst you help your clients stay on the right side of HMRC, you must not forget your own business has the same obligations! It is important that you register as self employed unless you are setting up a Limited Company.
If you have more questions about setting up your own business, speak to our friendly member services team