This weeks Ask The Angels question is from Sarah and she wants to find out more about registering with HMRC on the Supervised Business Register and whether it is something she should be doing.
Here’s Sarah's question...
“My partner and I are setting up a rent to rent business.
We’ve applied for our business bank account with Nat West.
And they’ve come back and emailed us saying 'our internal teams have determined that as you’ll be performing estate agency services your business will be required to be registered with HMRC on the Supervised Business Register'.
"And I’m a bit confused because we’ve been listening to you guys a lot and doing other research on rent to rent and we’ve not come across this at all. Just wondering whether it is just an unsaid thing that we need to register with HMRC and we just need to do it or whether there’s something else we need to know or need to discuss with the bank. Thank you.”
Opening a business bank account is part of setting up your business, which is the process Sarah is currently going through.
And like every step of the process, once you start doing it there are more complexities and you have more questions.
So, do rent to rent businesses need to register with HMRC on the Supervised Business Register...listen on to find out more!
If you’re also at the beginning stage and you want the full overview of how all this works.
Get your free Rent 2 Rent Success Masterclass & Guide which takes you through the process ✅ https://rent2rentsuccess.com/guide ✅