I am waiting on my MLR application to come through from HMRC. Could anyone confirm whether or not I can now register as self-employed sole trader with HMRC or do I have to wait until the MLR application is accepted before registering?
Thanks BudgetB. My understanding (from a previous post which I read) that until I get clearance from HMRC for MLR I cannot start trading as a self employed bookkeeper so I am little confused?
Oh I see what you mean. You could always register but put a start date a couple of weeks in advance to give time to get the clearance back I guess. Or register as from now because you are preparing to trade and hopefully there wont be much of a gap (Although bear in mind this will trigger the start of Class 2 NI) There's nothing stopping you from starting trading and then dealing with the s/e registration after.
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
Thanks BudgetB. My understanding (from a previous post which I read) that until I get clearance from HMRC for MLR I cannot start trading as a self employed bookkeeper so I am little confused?
Bubs
This is correct, otherwise you would be committing an offence. Before you begin to trade (but not necessarily before you set up your business) you must have been registered. The HMRC website http://www.hmrc.gov.uk/mlr/getstarted/register/who.htm#6 states:
You may have to pay a penalty if you:
carry on your business without registering [for money laundering purposes] first
continue to carry on your business after you have de-registered or after HMRC has cancelled your registration
Notification that you have started your business as a self-employed person can be dealt with separately and does not require prior approval.
