10 things to consider before starting up in practice
When you are starting up in practice it is important that you are aware of the options you have to consider.
Setting up in practice
When you are starting up in practice it is important that you are aware of the legal and regulatory requirements. Our Setting up in practice pages will help you answer some of the questions you may have.
The key to running both a successful accountancy practice and making it profitable is to run it as a business.In this section
Are you ready to go into public practice?
3 practice structure considerations
Consider what practice structure is right for you.
6 practice management considerations needed at set up
Management considerations when first setting up your practice.
5 things to think about when considering your IT options
Factors to consider when choosing IT infrastructure and systems for your practice.
4 key areas to consider for commercial success
For commercial success, carefully consider client management, risk management, practice marketing and how you bill your clients.
2 things to do during the early months
Take time during the early months of setting up in practice to set a review date and consider whether you're heading in the right direction.
What to do and what to ask yourself one year on
One year on - how to plan the next 12 months for your new practice.
Practice support – 11 ways ICAEW and CABA can help you
Practice support services available to ICAEW members and member firms.
Engaging in public practice
Practising certificates
Before you engage in public practice, you need to hold an ICAEW practising certificate (PC) and comply with our Professional Indemnity Insurance and Practice Assurance Regulations. From 1 January 2024 the practising certificate guidelines are changing. Find out who is affected and what is changing.
The ICAEW Practice Assurance scheme
Our Practice Assurance (PA) scheme provides ICAEW member firms and practising certificate holders with a framework of principles-based quality assurance standards to operate to. It outlines procedures to follow with your clients, and how to maintain the highest quality of work and ensure compliance with relevant laws and regulations, eg, those relating to anti-money laundering and protection of client data.
Professional Indemnity Insurance (PII)
Professional indemnity insurance (PII) is compulsory for all ICAEW members who have a practising certificate and engage in public practice. PII is a requirement for a number of regulations.
ICAEW statement on engaging in public practice (Effective from 1 January 2017 to 31 December 2023)
This statement clarifies what is meant by 'engaging in public practice' for the purposes of holding a practising certificate.
Practice Assurance fundamentals
A guide to the fundamental elements of the Practice Assurance scheme – a useful overview as you set up a new firm or as a reminder for existing Practice Assurance firms.
Definition of public practice
What constitutes engaging in public practice?
Corporate practice regulations
These concern when a director can engage in public practice.
Structuring a practice
Partnership, Limited Liability or corporate practice?
A corporate practice can be a Limited Company or Limited Liability Partnership.
Who can use the term 'chartered accountant'
This helpsheet outlines the conditions and restrictions governing the use of the title ‘chartered accountants’ by firms.
Apply to be an affiliate
This page explains the different types of affiliate status and directs you to relevant guidance application forms and fee scales.
What is an alternate?
Continue running a practice in the event of death or incapacity.