Hi, now have passed exam am thinking of setting up as self employed, have heard there are legal requirments, can anybody tell me best way of finding out what they are, and how to get them, thanks
The main thing you have to do when becoming self employed is to advise the Revenue. You need to complete form CWF1, which you can download from the HM R & C website. I would also ensure that you have insurance, which I believe you may be able to obtain through this site. I would also check with your mortgage provider or house owner if you live in rented accommodation to ensure that you can run a business from your home.
Hi Peter, thanks for replying to my posts, , have downloaded form, need to contact housing association about working from home,this might be a stupid question but after looking on hmr&c's website I'm more confused about what type of insurance would be best or necessary to obtain. Can you or anyone else please advise. Thanks.
-- Edited by tina on Monday 28th of September 2009 04:52:05 PM
-- Edited by tina on Monday 28th of September 2009 04:53:10 PM
Don't forget as well that you will need to register for money laundering if you wish to provide a bookkeeping service.
Terri
Thanks Terri, doh silly me!!!!!
Sorry Tina, meant to say "Professional Indemnity Insurance!, nothing to do with HM R & C. If not available through this forum then I suggest speaking to your insurance agent.
-- Edited by farmergiles on Monday 28th of September 2009 06:13:00 PM
The ICB says that i cannot download the money laundering form because i need to be a practicing member to be able to do that, either that or a money laundering supervision license?
You can register direct with the HMRC for money laundering. Here is the link, not sure if this will work. http://www.hmrc.gov.uk/MLR/getstarted/register/how.htm
As far as the HMRC CWF1 form is concerned, I was informed by my local tax office that you do not need to fill it in until you receive income associated with your business.
Hi, after looking again at my last letter from the ICB on what to do next and their internet site am i correct in thinking because i am a member of the ICB that the Institute regulates me as far as the money laundering regulations go so i don't need to apply for registration for the MLR to HMR&C.
To be regulated for MLR by ICB then you need to have passed level 2 manual (not sure if computerised counts) and be an associate member or full member and pay for a practising certificate think that costs £66 and also have Professional Indemnity Insurance.
Thanks Alison, am associate member and have applied for practising certificate, am looking at Professional Indemnity Insurance, will try emailing the ICB in querry to if computerised counts but since in some subjects very slow to reply would appreciate if someone on forum could inform if need to pass manual level 2 which will be starting soon, still looking into which distance learning company to do it with.
you only need to be level 2 in either to get a practising certificate - but you can only perform the type of service you have qualified in ie manual qualified person cannot do computerised books and vice versa
