1. Registration under the DPA:
From 25 May 2018, the Data Protection (Charges and Information) Regulations 2018 requires every organisation or sole trader who processes personal information to pay a data protection fee to the ICO, unless they are exempt.
Register here: https://ico.org.uk/for-organisations/register/
2. HMRC Anti-Money Laundering Supervision registration number:
Name of your nominated officer:
All agencies, except those engaged solely in lettings work, must comply with this regulation.
Businesses that are regulated by the Money Laundering Regulations must appoint ‘nominated officer’.
If you have not registered, do so here.
Also be sure to name a nominated officer pursuant the AML requirements.
3. Property Redress Scheme Membership:
You and your negotiators all must belong to a scheme. If any of your agents do not currently belong to a scheme, enroll them here: http://www.theprs.co.uk/PropertyAgent/JoinNow, https://www.tpos.co.uk/join-the-scheme/online-application, or https://www.ombudsman-services.org/sectors/property
4. Display of Fees. inclusive of VAT:
All letting agents must display all fees on their website, each of their physical premises, and in all advertising materials. These include all charges or penalties which are payable to to the agent by a landlord or tenant in respect of letting agency work and property management work carried out by the agent in connection with an assured tenancy.
5. Client Money Protection Scheme:
From 1 April 2019, all property agents carrying out work in relation to housing in England will be required to be a member of a mandatory client money protection scheme.
For more information, click here.
6. Professional Indemnity Insurance: This is an important protection for any and all business owners to protect their business against claims.
7. Employers Liability Insurance: Anyone who employs others must have this, as required by law.
8. VAT registration assuming your annual turnover is likely to exceed the UK VAT threshold. You can register here. If you are registered for VAT, you can claim back the VAT element of all your legitimate business expenses. Registered businesses are required by law to add VAT to all your charges (except lettings deposits).
10. Listed membership of professional bodies on your website. If you are using a BestAgent website, there is a free facility to show your professional membership accreditations in your website footer. For example, if you are a member of Propertymark, TPO etc, just select the appropriate option in your website settings. If you are using an alternative website provider, make sure you are displaying your relevant professional body memberships in plain sight. The footer is usually the best place.