I sent off the application for MLR to HMRC and, as this is my first application/registration I completed and 'fit and proper test'. Everything got sent back as not only did I have an old MLR100 form (which they'd sent me in the first place!) but apparently as I'm only offering accountancy services I don't have to complete a 'fit and proper test'. Is this correct? I'm now wondering what else I've got horribly wrong!
On my to do list is;
Data protection registration, Insurance, website/advertising (maybe facebook page), basic stationery including letter of introduction etc
Its correct, bookkeeping does not require a fit and proper test.
Try not to spend too much money up front on things that will not generate an income.
Don't expect clients to find your website, you need to get out there and sell yourself with a website as somewhere for people to visit when you have convinced them to.
I don't use Facebook but apparently its good for finding clients.
Your up front shopping list needs to be headed by :
MLR
PII
Software (bookkeeping / accounts / tax / Payroll... Determin whether you are dictating that software to clients or you are working with whatever they use already)
Tell HMRC that you are going to be acting as an agent / set up your agent account
build your engagement letter
Set up a bank account for your business.
Write a business plan that doesn't involve wishful thinking.
Basically tie as much initial outgoings as possible to identifiable income generating expenditure.
Just consider what you would advise a client to spend money on and what not to and then apply that to your own business.
Its a sad fact that many of us (myself included at times) are great at looking after other peoples businesses but don't apply the same logic to our own.
kind regards,
Shaun.
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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.
