Watch out for “accountants”
Do you know it is perfectly legal for you to set up and call yourself an accountant? You do not need any qualifications or training to call yourself an accountant.
Anyone can call themselves an Accountant and many do! Accountant is not a legally protected term. This means they are more than a few people working and calling themselves accountants. These people have not passed relevant accountancy examinations, are not regulated and are not required to undertake any Continuing Professional Development. This means they are not best placed to handle your financial affairs. Furthermore, they may also have impressive looking initials after their name -do not be fooled by these. These initials are gained by completing a simple form, providing two references and paying a membership fee.
Please do not accept a person as an Accountant without checking their credentials.
Accountants that are appropriately qualified to act for you include:
- Chartered Certified Accountant – ACCA or FCCA – Member or Fellow of the ACCA (Association of Chartered Certified Accountants)https://www.southsideaccountants.co.uk/Acct-Role.pdf
- Chartered Accountant – ACA or FCA – Member or Fellow of the ICAEW (Institute of Chartered Accountants in England & Wales).
- Chartered Accountant – CA – Member of ICAS (Institute of Chartered Accountants in Scotland)
- Chartered Management Accountant – ACMA or FCMA – Member of CIMA (Chartered Institute of Management Accountants)
Before employing an Accountant belonging to anyone of the above bodies, please call the body to confirm if he/she is a member of the body.