Professional & Financial Services

Run an accountancy, audit or insolvency practice

General accountancy and bookkeeping are not reserved activities — but statutory audit needs registration with a Recognised Supervisory Body overseen by the FRC, insolvency appointments need individual authorisation by a Recognised Professional Body, every accountancy and tax firm needs an anti-money-laundering supervisor, and tax advisers who deal with HMRC must now register with HMRC.

UK-wide
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UK-wide

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The accountancy profession is regulated by activity. Anyone can call themselves an accountant and prepare accounts or tax returns — what the law reserves is statutory audit and insolvency appointments, and from 2026 you cannot deal with HMRC as a tax adviser without registering. Around those gateways, anti-money-laundering supervision applies to almost every firm in the sector, however small.

Register for statutory audit

Audit exemption matters to your client base: for financial years beginning on or after 6 April 2025, a small company is one meeting two of — turnover of £15 million or less, balance sheet total of £7.5 million or less, and 50 or fewer employees — and most small companies can claim exemption from audit.

Get authorised for insolvency appointments

Have an anti-money-laundering supervisor

Accountancy service providers — including bookkeepers and payroll agents acting by way of business — are 'relevant persons' under the Money Laundering Regulations 2017. If your professional body (such as ICAEW or ACCA) supervises you, that covers it; otherwise you must register with HMRC before trading and pay its fees — a £300 application fee plus £400 a year for each set of premises (small businesses with turnover under £5,000 can claim a £500 refund). Trading without a supervisor is a criminal offence.

Register as a tax adviser with HMRC

Under the Finance Act 2026, tax advisers who interact with HMRC on behalf of clients must register with HMRC. Registration is phased from 18 May 2026, starting with advisers who do not yet hold an Agent Services Account; conditions include having your own tax affairs in order and holding anti-money-laundering supervision. Check HMRC's guidance for the date your practice comes within scope.

The practice side

Client confidentiality, engagement letters and professional indemnity insurance follow your professional body's rules. The ordinary office duties — health and safety, fire, employers' liability insurance, equality and data protection (including the ICO fee of £52, £78 or £3,763 a year) — apply like any employer: follow "Set up and run a safe legal or accounting practice". Audit, insolvency and AML regulation are UK-wide, with separate appointment rules for insolvency in Scotland and Northern Ireland.

Official sources

The regulators and registers for audit, insolvency and AML.