How an ICAEW chartered accountant can help
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Legally anyone can call themselves an ‘accountant’ without any training or experience. To make the right financial decisions, you need the right financial advice. An ICAEW Chartered Accountant can help.
ICAEW Chartered Accountants can be recognised by the ACA or FCA after their name.
They are:
- qualified chartered accountants who complete a minimum of three years in-depth training including practical experience
- committed to continuing professional development training every year to keep their knowledge and skills up-to-date
- members of ICAEW – The Institute of Chartered Accountants in England and Wales
- bound by ICAEW’s Code of Ethics and subject to our disciplinary procedures
- required to hold a practicing certificate and professional indemnity insurance if they offer professional services to the public
- subject to review as part of ICAEW’s Practice Assurance scheme, which demonstrates their commitment to quality assurance, and upholding and developing the highest professional standards.
There are many ways to reduce tax liabilities, apart from the obvious one of claiming all allowable expenses. For example, you may consider choosing a particular type of business structure, different forms of borrowing or investment, taking advantage of the tax relief available on personal pension plans, or even moving abroad to achieve non-resident status.
Capital gains tax and inheritance tax are extremely complex and require careful planning. For example, if a profit results from selling an asset which is not part of the trading stock of a business, there may be a capital gains tax (CGT) liability. If you run a business from home the exemption from CGT, which private houses normally have, could be prejudiced if you seek income tax relief on part of the running cost of the house. ICAEW Chartered Accountants are well qualified to provide expert professional advice on the subject.
We recommend that you consult an ICAEW Chartered Accountant when you make key financial decisions.
Unless your affairs are very complicated, you will probably need to consult one of the 'general practitioners' of the chartered accountancy profession.
They are experts at dealing with personal and family finances and you can find them on your high street or even working from offices at home.
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Accident insurance, life assurance and a pension are essential parts of the financial protection every family should have.
An ICAEW Chartered Accountant can provide advice on the matters that need to be considered, taking into account your specific circumstances.
Read more about help with insurance and retirement planning.
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The way your money is invested can have a major impact on your tax liability and general financial position.
Under the provisions of the Financial Services and Markets Act 2000, firms of chartered accountants licensed by ICAEW (or authorised by the Financial Services Authority) can undertake various investment-related activities on behalf of clients; they can advise on investments (including investments in foreign currencies), arrange deals in investments and manage investments.
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It is often an advantage to have expert tax and accountancy guidance when drawing up a will, especially if large sums are involved.
Carrying out the terms of a will may also need professional help and it is for this reason that chartered accountants are often appointed as executors.
Read more about help with drawing up a will.
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Whether a trusteeship involves a family settlement, a charity, a pension fund or some other financial trust, the professional knowledge and integrity of chartered accountants make them obvious choices as trustees.
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Whether you are getting married or divorced this involves financial choices. To ensure you are fully informed on all taxation and other aspects of divorce and marriage you should contact your local ICAEW Chartered Accountant.
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ICAEW Chartered Accountants can help you with a wide range of debt issues. They can give advice on how to control your spending, how to deal with the repayment of your mortgage as well as other arrears.
If the worst should happen, an ICAEW Chartered Accountant can also help you with bankruptcy.
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Yes, an ICAEW Chartered Accountant can help you with all aspects of financial planning and financial management so you can make the most of your money.
Read more on help with everyday finances.
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