29/05/2019
You must have all the relevant legal insurances and registrations.
1. Register your business with HMRC (Make sure to seek the right advice from a regulated financial tax advisor).
You’re registering your business with HMRC so that they know that you’re trading and any income income will be taxable.
If you decide to register as a Limited Company, you'll also have to register with Companies House.
2. Register with a Redress/ Ombudsman Scheme. (I'm personally registered with the Property Redress Scheme).
A property redress/ombudsman scheme handles formal complaints made against your practices whilst trading property.
3. Make sure you apply for Professional Indemnity & Public Liabiilty Insurance (Message me directly for my insurance broker).
Professional indemnity insurance covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if your are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Public Liability Insurance will cover you and your business for any inconvience you may cause a customer, such as through damage or loss of goods and damage to their property while work is being carried out.
4. Register with HMRC for Anti Money Laundering
You will potentially deal with cash buyers so you must ensure you are following the correct set of regulations designed to stop the practice of generation of income through illegal actions.
5. For Data Protection - Register your business with ICO.
You'll be holding very sensitive information so make sure you are legally complaint to protect both your client and yourself.
Relevant links below.
HMRC - https://www.gov.uk/new-business-register-for-tax
Companies House - https://www.gov.uk/government/organisations/companies-house
PRS - https://www.theprs.co.uk
Property Ombudsman - https://www.tpos.co.uk
Anti Money Laundering - https://public-online.hmrc.gov.uk/lc/content/xfaforms/profiles/forms.html?contentRoot=repository:///Applications/BusinessTax_iForms/1.0/MLR100&template=MLR100.xdp
Data Protection - https://www.ico.org.uk/for-organisations/register/
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