I had a look around the forum and couldn't find the answer to my question...
I am going to register with HMRC directly for ML but I am very unclear about the number of premises to register and the costs involved.
I only have a client for now (just starting) and will carry out book-keeping duties from his offices a few hours a month, then possibly from my home if we decide to carry on our working relationship in a few months time.
So, does anyone know which address(es) I need to register? His? Mine only? Both?
If you have more than one office then you need to register each seperately (so if you work from a home office and also have offices where you have staff working from).
If you think about it, you may be going to your clients to perform certain tasks but their arrangement is with you, working from your offices and where the end performance is done is to some extent immaterial.
If you, for example, did work for the head office of LloydsTSB or Barclays you wouldn't think to try and register their head office for money laundering purposes would you. Same goes for clients on a smaller scale. The offices that you register are just your own.
Hope that helps,
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
This is a big help indeed and it makes perfect sense. I was starting to panick at the prospect of extra costs for each new client! Can I be cheeky and double check I haven't forgotten any of the obvious with you?
I will put the following in place: - MLR regstration - Registratin for fit and proper certificate - PII - ICO registration
Anything missing? (I am not registered with any association yet)
the Fit and Proper test is only required if your business is a Money Service Businesses or Trust or Company Service Providers.
Bookkeeping comes under Accountancy Service Providers so the fit and proper test is not required. (see MLR9 part 7.2.4).
You'll probably also need to register with HMRC as an agent.
Public Liability Insurance is normally also advisable if you have clients coming to your premises. That one's relatively cheap. Try Direct line as they offer that one.
For the PII try the special offers on this page as the site one is cheap but it's Zurich so good cover with a six year tail off. (the offer price is only for cover up to £15k turnover).
Oh yes, and welcome to the forum.
All the best in the new venture,
kindest regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hello Shaun (and sorry for not getting back earlier),
Thanks again for your help and your good wishes, I hope I'll be able to be as useful to someone else (as you have been to me) in the future.
I did look into registering as an agent but I think I won't need to at the moment...my client has a chartered accountant who is dealing with all tax returns and other ECL etc... I'll follow the leads you gave me re the insurance.
It's a bit of a relief to see I haven't missed any biggie, it does feel like a minefield though so I am extremely grateful for your help.
Hi all, Firstly sorry for hijacking your post but I have a question about MLR. At work we have recently filed an MLR application for dealing with high value cash amounts. My question is what nominal code would I use in sage to post it? I thought Admin expense but the only thing that has ever been posted there is the invoices from the payroll buraeu. What do you guys think is the most suitable nominal? Thanks in advance
I thought of that one too but only the invoices from the debt recovery solicitors have been posted there in the past. Mmmmm thinking finance/ admin expenses seems more suited.
I tend to agree with Bill that it's more like a subscription or Insurance expense than that a professional fee.
However, I would be prone to creating a new code in the 8200 range specifically for this recurring fee rather than the fee being subsumed within another group.
Maybe create 8206 if you've not used it yet?
All the best,
Shaun.
P.S. Hi Bill, Happy Saturday. Hows life with you? Just catching up with my weeks reading... Also, now seems to be a Saturday morning tradition to have a coffee and read pDm's blog.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Been out of office for a few days, and so far it has taken me since 9 o'clock to catch up
I tend to use Subscriptions (or something similar) for all those annual payments to various bodies like HMRC, Co Hse, ICB etc, for memberships, licences, and regulatory fees
)
