Start your own practice

When you are starting up in practice it is important that you are aware of the legal and regulatory requirements.

• Before starting up in practice
• Introduction to regulations to help get you started in practice
• During the early months
• What to do one year on

Guidance on how to structure your practice.

• Practice structure considerations
• Partnership, LLP or Corporate practice
• What is an alternate: Continue the running of a practice in the event of death or incapacity

Guidance and regulations to consider when naming your practice.

• Practice names and letterheads

This helpsheet outlines the conditions and restrictions governing the use of the title ‘chartered accountants’ by firms.

• Using the term 'Chartered Accountant' appropriately

Visit our 'Applying to be an affiliate' page for details on the different types of affiliate status, relevant guidance application forms and fee scales.

• Applying to be an affiliate

Resources on data protection, including helpsheets, guidance and webinars.

• Data protection and privacy

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.

• View more about Professional Indemnity Insurance (PII)

If you are engaged in public practice in the UK, you need to hold an ICAEW Practising Certificate (PC) and comply with our Professional Indemnity Insurance and Practice Assurance Regulations.

• Find out more about Practising Certificates

Guidelines to help you decide if you require a practising certificate.

• Find out if you need a Practising Certificate

If you need a practising certificate, here's how to apply for one.

• How to apply for a Practising Certificate

ICAEW has issued new guidance to help members understand when they need a practising certificate.

• ICAEW Practising Certificate guidance notes
• 2024 ICAEW statement on engaging in public practice

Take a look at these scenarios to help you work out whether you need a practising certificate.

• Charity scenarios
• Consultants
• Corporate finance
• Crown dependencies
• Executor of a will
• Finance Director
• General scenarios
• Portfolio career

• What is the ICAEW Practice Assurance Scheme?
• An introduction to Practice Assurance

Members whose activities fall within the scope of the definition of engaging in public practice will usually require a Practising Certificate (PC) and professional indemnity insurance (PII), and fall within the scope of Practice Assurance (PA).

• Engaging in Public Practice
• The definition of public practice
• ICAEW Statement on members engaging in Public Practice

ICAEW practising certificate holders, member firms and firms with a contract for Practice Assurance are required to comply with the Practice Assurance Regulations. These set out how the Practice Assurance scheme operates.

• Practice Assurance Regulations
• Practice Assurance Standards for Small Firms
• Practice Assurance Standards for Larger Firms
• Practice Assurance reports and guidance

Regulations that determine how offices of firms must receive or hold clients’ money.

• Client money regulations
• Client money regulations - helpsheet
• Clients' money FAQs

Helpsheets prepared by ICAEW Technical Advisory Service to assist you in your day-to-day work.

• Anti-money laundering client due diligence
• Anti-money laundering for smaller practices
• Anti-money laundering tipping off
• Suspicious activity reports
• Money Laundering and compliance checklist

ICAEW's Code of Ethics applies to all members, students, affiliates, employees of member firms and, where applicable, member firms, in all of their professional and business activities, whether remunerated or voluntary.

• ICAEW Code of Ethics

Use our client screening service to check individuals or entities against global risk and compliance data.

• Client Screening
• Electronic client due diligence

Read our technical helpsheets on appointing an alternate. 

• Appointing an Alternate - guidance for alternates
• Appointing an Alternate - guidance for sole principals

Technical helpsheet highlighting key considerations relating to document retention for accountants.

• Document retention helpsheet

It is important to maintain an accurate ICAEW firm record.

• Maintaining your firm record - guidance
• Maintaining your firm record - form

When you are starting up in practice it is important that you are aware of the options to consider. Often the first steps are the most difficult ones. 

• 4 key areas to consider for commercial success

Advice and links to further resources on the difficult but vital subject of agreeing fees and setting charge-out rates.

• Setting fees for your clients
• Setting fees for your clients - providing breakdowns to your client (Helpsheet)

Fixed fees may be increasingly common but that does not mean a firm should abandon the timesheet.  Accurate time recording by staff and principals, and an adequate time reporting system, will provide invaluable management information for the practice.

• View more about time recording

IT is a significant tool in your armoury for supplying products and services to clients.

• 5 things to think about when considering your IT options

This Technical helpsheet has been issued to outline the key principles governing the marketing of practice activities.

• Marketing helpsheet