ICAEW hits a century of ABS licences

ICAEW hits a century of ABS licences

The ICAEW is urging bodies and companies to review and update their guidance and procedures to recognise the changes

THE ICAEW has issued its 100th alternative business structures (ABS) licence to Tiffin Green Limited, one year after being granted powers to regulate firms wishing to conduct probate and form an ABS.

Tiffin Green, a Brentwood-based five-director practice, made it a century for the ICAEW, just 12 months after the institute awarded its first licence to Kingston Smith.

Stephen Mitchell, a director at Tiffin Green, said: “Having significant experience in the area of inheritance tax planning, trusts and estates already, it was a logical step for the business to apply for a probate licence.”

The ICAEW is now urging bodies and companies to review and update their guidance and procedures to recognise the changes.

Peter James, head of ICAEW regulatory policy said: “ICAEW became a regulator and licensing authority for probate and ABS in the hope it would give more choice to the consumer, who might want their accountant to handle their legal services too.

“One year on, accountancy firms are seeing the advantages that ABS and probate can bring to their business. It is disappointing however that some organisations have failed to recognise this change in the market place and not updated their guidance accordingly.

Kingston Smith, a top 20 firm, was the first to be awarded a licence and I am pleased that Tiffin Green has been awarded the 100th licence. It is a positive step that firms of all sizes are developing a strategy to go beyond traditional accountancy service and offer their clients a holistic approach to probate services.”

In addition to the 100 firms licensed as ABS’s, the institute now has 147 firms accredited to perform probate.

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource