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Practice name

  • Student
  • 1 post
  • # 119361

Hi.

Are we bound by any regulations surrounding choice of words for a bookkeeping/ accountancy practice name?

More specifically, can we use words such as -- accountants or -- accountancy firm/ practice? This is assuming we only have ICB qualifications.

Will appreciate if anyone can shed some light on the regulatory/ legal side of naming a practice.

Regards

Imran



Edited at 18 Dec 2020 06:18 PM GMT

  • Member PM.Dip
  • Practice Licence
  • 2 posts
  • # 119362

Hi Imran, 

 

My practice application was recently succesful and I have "accountancy" in the practice name. 

 

From my reading of the practice name guidance my understanding is that the only issue is if the name you choose could bring disrepute to the proffesion or ICB: so nothing that could sound rude or have inappropriate connotations. 

I also emailed ICB and asked if the name I wanted would be an issue before I submitted my application and got a response that the name would be fine. ICB's office is closed now until the new year so a bit of a wait for a respinse now.

 

The only issue with using the term accountant is in reference to yourself if you are not indeed a qualified accountant. This is an ICB rule that we need to stick to for our membership and practice licence; however 'Accountant' is not a regulated term in the UK and in effect anyone can legally call themselves an accountant, whther they are qulifed and competent or not. 

 

I believe that having accountancy in a practice name is useful as the general public are largely not aware that a highly qulified bookkeeper is capable of fulfilling all the compliance tax and reporting needs of the majority of small bussiness. 

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