In the UK, anyone can legally set up as an accountant—even without formal qualifications, regulatory oversight, or professional indemnity insurance. That's why choosing a chartered accountant, backed by a trusted regulatory body like ICAEW, is essential.
What is a chartered accountant and why it matters?
Chartered accountants are highly trained professionals regulated by institutions such as the Institute of Chartered Accountants in England and Wales (ICAEW). Their qualification involves years of accredited study and ongoing training, ensuring up-to-date expertise in UK tax, reporting, and ethics. In the UK, the top chartered accountancy bodies are ICAEW and ACCA—widely recognised for their rigorous standards.
Unlike unregulated practitioners, chartered accountants are held to strict standards and are monitored for their conduct and professional behaviour. That means peace of mind for you, whether you're filing a self-assessment tax return or planning your limited company accounts.
Responsible, qualified, and accountable
Every chartered accountant must comply with a strict code of ethics, complete ongoing professional education, and demonstrate that their firm follows effective quality management procedures. Their responsibilities extend beyond clients—to society, public interest, and compliance with HMRC requirements.
At Simon Maughan & Co, we take this seriously. As an ICAEW-registered and Oxford based firm, we are independently reviewed and supported by one of the world's leading professional bodies. From capital gains queries to inheritance tax planning, our advice is tailored, efficiently structured, and compliant.
The benefits of working with an ICAEW firm
- Proactive monitoring and professional oversight by ICAEW to uphold standards.
- Mandatory professional indemnity insurance.
- Recourse through ICAEW.
- Trusted expertise with corporate and personal tax, inheritance planning, financial accounting, business advisory and other areas.
- Supported by ICAEW's continuing education, ethics code, and guidance resources.
How to choose the right accountant
Here's what to look for:
- Is your accountant ICAEW or ACCA registered? Look for someone who's registered with a recognised UK body like ACCA or ICAEW.
- Do they offer a free initial consultation to understand your needs? They should. A free first meeting gives you a chance to explain your business, ask questions, and see if they're the right fit.
- Do they offer services tailored to your personal or business goals? They should provide advice and services tailored to your specific goals — not just generic accounting or one-size-fits-all solutions.
- Will you be dealing with the same accountant you speak to in the initial meeting? In some firms, the person you speak to at first may not be the one who handles your accounts. It's worth checking that the accountant you meet is the person you'll actually be working with.
- Are they transparent, responsive, and easy to talk to? A good accountant should explain things clearly and be easy to reach when you need help. You should feel comfortable asking questions and confident that you're getting straightforward advice.
We are here to help.
Book a discovery call to explore how we can support your business or personal tax needs.Contact us