Hi all, I have just set up on my own (at last) and have two appointments next week with potential clients. What documents (if any) do you get your new clients to sign? i.e. contract? data protection? etc many thanks Clare
Also, can anyone suggest a good company to go through for PI Insurance? thanks
-- Edited by clare92 on Tuesday 17th of August 2010 11:47:42 AM
I assume you are not with any of the bookkeeping bodies as it is their requirement to have PII before you would get your practice licence. You must register for MLR with HMRC by law before you can take on any clients.
Insurance I am with Trafalgar and got it fairly cheap but only because I am ICB member.
You do not have to have a written contract or letter of engagment but if you have one it can make your life easier. You should include what work you promise to your client, what you expect from your client, price, VAT if any and payment terms.
For MLR purposes yous should get a copy of passport or driving licence and a copy of a recent utility bill of your client.
You do not have to have a written contract or letter of engagment but if you have one it can make your life easier.
Isn't that the truth. Please don't undervalue the importance of setting the ground rules before you start. I made that mistake in the past and its very difficult to sort this out later.
Tony.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Also, as was pointed out on another thread, when photocopying a passport it MUST be in black and white and not colour. I wrote a simple article on ML here: http://accountingforeveryone.com/money-laundering/
Good luck with your new business :)
ps. I use Hiscox, it is not the cheapest but they have an established reputation and understand PII.
-- Edited by Quentin Pain on Saturday 21st of August 2010 10:18:42 PM
