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Checklist for new clients - Sole traders

KitKatKitKat Just JoinedRegistered Posts: 4
Hi,

I've done a search on the forum for checklists and only found info for Ltd Co's, hence why I'm asking about Sole traders...plus I come from an industry background and not a practise background.

I'm new to being an MIP, although I'm classed as excempt as my gross income will be below the threshold - am starting very slowly and only with Sole-traders, and because of that I don't have access to the CCH or MIP toolkit, so I was wondering if there was a checklist of info needed from new clients, or anything that I should be asking them when taking on a new client?

I know I need to get proof of identity, preferably a photo id, for Money laundering, although I understand their bank statements can also act as partial proof.

Is there anything I should be aware/thinking of?

Your help with this is much appreciated

:001_smile:

Comments

  • cheapaccountingcheapaccounting Feels At Home Registered Posts: 77
    I would suggest taking the limited company one and just taking out the bits for ltd's only. Most of the needs are the same TBH - generally it is the output that is different.
  • KitKatKitKat Just Joined Registered Posts: 4
    Ok, that's great, many thx for that :)
  • jow774jow774 Trusted Regular Registered Posts: 465
    I would check about the exemption, it no longer applies to people who earn below the threshold, you now have to register on the scheme unless you are covered by someone elses licence or you have a licence with a chartered body. Im in the same situation and was registered as exempt and have recently been informed of the changes.
  • cheapaccountingcheapaccounting Feels At Home Registered Posts: 77
    jow774 wrote: »
    I would check about the exemption, it no longer applies to people who earn below the threshold, you now have to register on the scheme unless you are covered by someone elses licence or you have a licence with a chartered body. Im in the same situation and was registered as exempt and have recently been informed of the changes.

    That's interesting as I know someone else using that. I don't think they know it has changed.
  • jow774jow774 Trusted Regular Registered Posts: 465
    Funnily enough I didnt. It was pure chance that I phoned about something else and was told that everyone using exemption would receive a letter or email mid April, as yet nothing has come by post, but I did have an email from them after I rang, but it isnt a standard thing. When you look on the website under exemption it now only says you are exempt if you are under a chartered body or practicing under someone elses licence. They will still be your money laundering supervisory for free but you have to pay the £42 to register on the scheme. Although saying that I find this whole new MIP Registration vs Licence thing a bit complex too. They recommended I register but not apply for a full licence just yet, but you pay the same price regardless, just dont submit a reference or extensive cpd.
  • KitKatKitKat Just Joined Registered Posts: 4
    Thanks very much for that info Jow, good to know!

    Will have a look into that then...
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