Why would a small privately owned by one person company need a chartered accountant?

[gavri]

Can the company use any accountant services?

[CassioAcc]

Yes, you can use any service. A Chartered Accountant will have many benefits such as they are required to maintain their training so their knowledge should be up to date and they also need to comply with thier institute guidelines.

[Maslins]

Unless you need a statutory audit (only required for pretty sizeable companies) you don't technically need an accountant at all, chartered or otherwise.

If someone is a chartered accountant, it means they have proved their intelligence and accounting/tax knowledge at some time by passing a load of exams, and also suggests they have made a reasonable attempt to keep up to date with changes in accounting/tax legislation.

Some unqualified accountants are excellent, and being chartered is no guarantee of quality, but it does provide some comfort that the person isn't a complete cowboy.

[Fernhurst Solutions Ltd]

I would also suggest it depends on your 'trading style' ... a Chartered Accountant is not always required and as with anything there are various pro's and con's to consider.

Andy
:)

[Jenni384]

Just also to point out that as well as Chartereds and unqualified there are also qualified non-chartered such as those in the IFA and AAT who are also qualified to provide accountancy services to SMEs.

I would always recommend using someone who is qualified as this gives you confidence that they are insured and keep their knowledge up to date (CPD). This isn't to say that anyone unqualified won't have this - as Maslins said, there are bad qualifieds and good unqualifieds and vice versa, but a professional qualification should give at least some degree of confidence!