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Setting up in practice

Find out about the key matters you need to consider when setting up in practice.

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The key to running both a successful accountancy practice and making it profitable is to run it as a business.

Are you ready to go into public practice?

Things to consider before starting up in practice
  • Helpsheets and support
  • 21 Apr 2015
When you are starting up in practice it is important that you are aware of the options you have to consider.
3 practice structure considerations
  • Helpsheets and support
  • 15 Jan 2015
  • Practice Department
Consider what practice structure is right for you.
6 practice management considerations needed at set up
  • Helpsheets and support
  • 16 Jan 2015
  • Practice Department
Management considerations when first setting up your practice.
5 things to think about when considering your IT options
  • Helpsheets and support
  • 16 Jan 2015
  • Practice Department
Factors to consider when choosing IT infrastructure and systems for your practice.
4 key areas to consider for commercial success
  • Helpsheets and support
  • 19 Jan 2015
  • Practice Department
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
  • Helpsheets and support
  • 19 Jan 2015
  • Practice Department
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
  • Helpsheets and support
  • 19 Jan 2015
  • Practice Department
One year on - how to plan the next 12 months for your new practice.
Practice support – 11 ways ICAEW and CABA can help you
  • Helpsheets and support
  • 17 Dec 2020
  • Practice Department
Practice support services available to ICAEW members and member firms.
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Engaging in public practice

Practising certificates
  • Hub page
  • 26 Apr 2023
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
  • Hub page
  • 29 Jan 2024
  • Professional Standads Department
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)
  • Regulations
  • 21 Aug 2024
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)
  • Regulations
  • 01 Jan 2017
  • Professional Standards Department
This statement clarifies what is meant by 'engaging in public practice' for the purposes of holding a practising certificate.
Practice Assurance fundamentals
  • Listing
  • 15 Jun 2021
  • Professional Standards Department
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
  • Helpsheets and support
  • 08 May 2017
  • Practice Department
What constitutes engaging in public practice?
Corporate practice regulations
  • Regulations
  • 31 Dec 2023
  • Professional Standards Department
These concern when a director can engage in public practice.
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Structuring a practice

Partnership, Limited Liability or corporate practice?
  • Listing
  • 16 May 2022
  • Practice Department
A corporate practice can be a Limited Company or Limited Liability Partnership.
Who can use the term 'chartered accountant'
  • Helpsheets and support
  • 01 Jun 2017
This helpsheet outlines the conditions and restrictions governing the use of the title ‘chartered accountants’ by firms.
Apply to be an affiliate
  • Hub page
  • 09 Jun 2023
This page explains the different types of affiliate status and directs you to relevant guidance application forms and fee scales.
What is an alternate?
  • Helpsheets and support
  • 11 Feb 2019
  • Practice Department
Continue running a practice in the event of death or incapacity.
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Further resources

Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional’s comprehensive online library, comprising around 80 titles from some of the country’s leading tax and accounting subject matter experts.
Practice helpsheets
Helpsheets prepared by ICAEW Technical Advisory Services to assist you in your day-to-day work. We offer practical advice, respond to frequently asked questions and highlight the issues you may need to consider.
Regulation
Our role as an improvement regulator is to strengthen confidence and trust in those regulated by ICAEW. We do this by enabling, evaluating and enforcing the standards expected by the profession, oversight regulators and government.
Contact us
Contact one of our offices from around the world.

Help from the ICAEW Library when setting up in practice

The ICAEW Library can give you the right information from trustworthy, professional sources that aren't freely available online.

Our mission is to help you get the answers you need, whether it's up-to-date model documents or in-depth research. We have access to specialist databases and a world-class library of articles, books and manuals, both online and at Chartered Accountants' Hall. We can email many documents directly to you (subject to licences).

Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com

Find out about our services
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