When establishing or running an accounting business in United Kingdom, it’s important to ensure you’ve met all the legal requirements. Our legal team specialises in helping small accounting and bookkeeping businesses with all their legal needs, from contracts to intellectual property protection and privacy. Get in touch today!
To set up an accounting business in the UK, you will need to prepare and register a variety of legal documents. Key requirements include:
- Registering your business name with Companies House.
- Obtaining a Unique Taxpayer Reference (UTR) and registering for Value Added Tax (VAT) if required.
- Registering with the Financial Conduct Authority (FCA) if providing financial advice, or with the relevant professional body such as the Association of Chartered Certified Accountants (ACCA) or the Institute of Chartered Accountants in England and Wales (ICAEW) if offering accounting services.
- Preparing a legally binding partnership agreement, shareholders agreement, or company constitution, depending on your chosen business structure.
- Ensuring compliance with relevant UK laws and local council regulations.
While it is not a requirement, becoming a Chartered Accountant (CA) displays a high level of professional competence to customers. It's a useful way of showing the extent of your knowledge and can greatly benefit your business' reputation.
To obtain this qualification, you need to complete an award or degree that is recognised by the Institute of Chartered Accountants in England and Wales (ICAEW), along with other requirements.
Setting up an accounting business carries several risks, from data privacy to your employer obligations and regulatory compliance requirements.
As such, it's important that you consult an expert lawyer who can guide you through your options and draft your contracts in a way that protects your business' interests in the long term.
The accounting industry requires key legal documents that are specific to your business and the region in which you operate, so getting expert legal help can ensure you're taking all the right steps.
