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Before you start running your own bookkeeping business you need to hold a Practice Licence and comply with its requirements.

Your Practice Licence is valid for one year and works alongside your ICB membership. It’s available to ICB Payroll Agents, Members (MICB) and Fellows (FICB) who are in good standing and meet the requirements of our Bankruptcy and Criminal Convictions Policy.

Holding a Practice Licence means you’ll be fully supervised under the Money Laundering Regulations (MLR) — a legal requirement for anyone offering bookkeeping services. This supervision is included at no extra cost and gives you peace of mind that you’re meeting your obligations.

As a licence holder, you’ll also have access to a wide range of guidance, checklists and tools to help you stay compliant and run your practice with confidence.

If you have any questions at all, please speak to our friendly Professional Standards Team.

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How to Apply

You can apply for a Practice Licence at any time of year.  Applications are processed within 28 days.  

Please call ICB, or send an email, to request the Practice Licence Application Form.  

0203 405 4000

memberservices@bookkeepers.org.uk

Practice Licence Holder Duties

  • Up to date membership at Payroll Agent, Associate Member with Diploma in Payroll Management (AICB PM.Dip) or higher
    to be renewed on time each year

  • Up to date Practice Licence
    to be renewed on time each year and promptly updated in the event of any change of details or company entity eg. incorporation as a Limited Company

  • Compliance with the ICB Professional Conduct Regulations
    view a copy here

  • Professional Indemnity Insurance for your practice
    information will be sent with your Practice Licence application

  • Compliance with the Money Laundering Regulations
    tools & guidance available once your Practice Licence is awarded

Changing Entity

Changing entity means changing the fundamental business set-up of a Practice and how it trades and usually means changing from a sole trader to a Limited Liability Company or vice versa. It can also mean changing from or to a partnership or any other change. Further information on types of businesses is available from Companies House: https://www.gov.uk/set-up-business.

Holders of an ICB Practice Licence are required to notify ICB of any changes; this includes but is not limited to change of address, change of directors/principles, and change of entity. Practice Licence holders are required to notify ICB of any changes within 30 days of the change. Failure to notify ICB within this time limit is a contravention of rule 39 of the Professional Conduct Regulations and may lead to disciplinary action.*

When changing the entity of the Practice the current licence must cease and a new application submitted for the new entity. A new fee is payable in full for the new licence and any remaining fee paid for the previous practice is non-refundable. It is therefore advisable to try wherever possible to facilitate changes to coincide with the renewal of your Practice Licence. 

*Changes which are discovered by ICB after the event are treated more seriously. This is in line with the HMRC quidelines of voluntary and non-voluntary disclosure of relevant information.  

Practice Licence Cancellation

You are usually required to retain your Practice Licence even if you have reduced the size of your practice, are no longer charging a fee, or have reached retirement age. Please contact ICB on 0203 405 4000 to discuss the details of your situation.

If you are no longer in public practice please let ICB know at the earliest opportunity and send notification in writing.  You will be sent a Non-Practising Declaration Form to sign to confirm you have closed the practice and completed the necessary steps to officially cease trading.

You will be liable for all outstanding Practice Licence fees up to and including the forthcoming year's renewal fee unless written notification that you have ceased practising is received at least one month prior to the due date of your renewal fee.

 

Download the ICB guide to Starting Your Bookkeeping Business

Download our guide to setting up your own practice which provides valuable advice on things you needs to consider when setting up your practice. It covers everything from choosing a business name to pricing your services and finding your first clients, it’s practical, straightforward and designed specifically for new bookkeepers.

 

Download the guide

Exclusive benefits for Practice Licence holders

Although the Practice Licence is compulsory for members in public practice, there are many exclusive benefits to being part of the scheme:

  • Automatic cover, at no extra cost, under the Money Laundering Regulations (as legally required by all bookkeepers in public practice)
  • Ongoing MLR advice and guidance in the form of regular webinars, templates and guides.
  • Use of the ICB heraldic crest on your website, promotional materials and stationery
  • Access to more job vacancies
  • Discounted Professional Indemnity Insurance
  • Enhanced telephone support
  • Access to restricted web content to include:
     Marketing and advertising guidance
     Advice on contacting accountants and potential clients
     Advice on writing letters of engagement and contracts

Compulsory Insurance

As a Practice Licence holder you are required to have Professional Indemnity Insurance for your business. This is the only insurance you are required to take out and it will cover you in the event of any clients making a claim against you.

We will send further details with your Practice Licence Application Form.

Professional Indemnity Insurance information

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