This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Starting a business as a tax agent, registering with HMRC and required qualifications

ummmok82
Posts: 3
Joined: Fri May 31, 2019 7:23 pm

Starting a business as a tax agent, registering with HMRC and required qualifications

Postby ummmok82 » Fri May 31, 2019 8:06 pm

Please forgive me as I have several questions I´d really appreciate some advice on if anyone could help. I´m trying to figure my way around the feasibility of starting a business helping people claim back simple tax refunds.

Please forgive me if any of the following is wrong but..

I realise that in order to do this my first step is to be registered as a tax agent with the HMRC, to my knowledge in order to be approved one must apply in writing and be approved for a tax agent code.

In order to be approved a "supervisor," needs to be appointed within the company that is registered with a relevant body.

I´m wondering what route I should go down in order to become registered with the HMRC as a tax agent.

Should I be looking to study ATT or ATT-CTA pathway or is the latter a depth of knowledge unecessary for my goals?

When registering as a student on ATT it requires a referee within the industry. My background is completely unrelated to this industry but I have a strong background in marketing and e-commerce and I´m fortunate to have access to an untapped niche within this field.

I´m a little lost, any body who could shed any light and guidance on this would be a saviour right now.

darthblingbling
Posts: 251
Joined: Wed Aug 02, 2017 9:09 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby darthblingbling » Fri May 31, 2019 8:46 pm

What's a simple tax refund?

ummmok82
Posts: 3
Joined: Fri May 31, 2019 7:23 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby ummmok82 » Fri May 31, 2019 10:23 pm

What's a simple tax refund?
I´m hoping that wasn´t an attempt to belittle someone who is just asking for help.

But if not, personal taxation, processing claims for breaks in employment, uniform washing, miles in personal car for business purposes. Along those lines.

bd6759
Posts: 3090
Joined: Sat Feb 01, 2014 3:26 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby bd6759 » Fri May 31, 2019 11:16 pm

No qualifications required, but you need to understand the money laundering regulations and be registered with a supervisory body. As you have no qualifications, that would be HMRC (HMRC are a MLR supervisory body).

Given your experience, personal liability insurance is essential but probably hard to get.

Are you really going to make money getting people £12 repayments from the £60 FRE for laundry?

ummmok82
Posts: 3
Joined: Fri May 31, 2019 7:23 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby ummmok82 » Fri May 31, 2019 11:59 pm

No qualifications required, but you need to understand the money laundering regulations and be registered with a supervisory body. As you have no qualifications, that would be HMRC (HMRC are a MLR supervisory body).
So I need to register with HMRC anti-money laundering supervision service pay the fees, pass the fit and proper test and pay fees for premises.
Then submit a written application and include

"full name
trading name (if different)
address that your activities are carried out from (this cannot be a PO Box address)
telephone number
email address
supervisor for the purposes of The Money Laundering Terrorist Financing and Transfer of Funds Regulation 2017 - details of Professional Body membership or Anti Money Laundering Supervision registration number
Self Assessment or company Unique Taxpayer Reference (UTR) number
details of which taxes you plan to deal with"

and this will be enough to operate a taxreturn business? no quals needed?
Given your experience, personal liability insurance is essential but probably hard to get.
My experience within tax is non existant, but my experience in any other field I have created a business in at one point was also non existent.
Are you really going to make money getting people £12 repayments from the £60 FRE for laundry?
No, I have an angle, it would be foolish for me to detail the angle at which I see an opportunity to make money.
Tax refund companies are making money. There are a lot of them about, in fact the market is saturated.
I don´t particularly desire to compete, I´m just at advantage where I believe I can access potential clients that most can´t.

It´s geat if I can operate without qualifications, but as I would like to learn where would you recommend to start ATT?

darthblingbling
Posts: 251
Joined: Wed Aug 02, 2017 9:09 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby darthblingbling » Sat Jun 01, 2019 8:45 am

No it wasn't me belittling you, it was me asking if you're belittling a profession that people train and gain experience in for years before heading out on their own.

Good luck if you truly have found an ethical and legal untapped market.

Jholm
Posts: 78
Joined: Mon Mar 11, 2019 4:22 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby Jholm » Mon Jun 03, 2019 9:12 am

Do you research first. There are a hundred and one companies doing this, some better than others. You will need to find something that makes you stand out as I think you will struggle to pick up a client base from the bigger companies fishing pool. I used to work for one myself actually so have a lot of experience in that particular industry. They are not always the most ethical of companies (no names mentioned).

AnthonyR
Posts: 268
Joined: Wed Feb 08, 2017 2:33 pm

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

Postby AnthonyR » Mon Jun 03, 2019 10:45 am

As per the other posters, rather shockingly there is no requirement to have any tax qualifications at all to run a tax business. If you're planning on running a reclaim business then unless you are going to be giving the tax advice yourself there's no reason to qualify with ATT or CTA and it's probably easier to employ people with relevant qualifications to give advice (or at least contract consultants) rather than spending the next 2-4 years getting qualified yourself (particularly as there's usually a requirement for a period of supervised work - or at least there was when I did my ATT). That way you can focus on the things you are probably good at (business/marketing/etc).
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk


Return to “Income Tax”