Estate agents business bank account!

[Riverside Estates]

Hi guys,

I hope you are all safe, healthy and well. I really could do with your help and advice.

I am new here so I hope this is the correct section. Myself and a friend have registered our estate agency (Limited liability partnership) with companies house, have a level 3 diploma each in estate agency, member of the property ombudsmen and have professional indemnity insurance. The LAST hurdle is that in order to register with the HMRC (anti-money laundering) we need to supply a business bank account... but in order to get a business bank account we need to be registered with the HMRC!! It feels like the chicken and the egg situation. We are in desperate need of a business bank account but both natwest and Tide said they do not offer bank accounts without HMRC registered, but HMRC do not let us register without a bank account. We are so stuck!

Anyone who has experience in this please let us know, I will buy you a virtual beer (or twenty)!
Alex

 

[japancool]

We are in desperate need of a business bank account but both natwest and Tide said they do not offer bank accounts without HMRC registered

Are those the only two banks you have approached?

 

[Riverside Estates]

Are those the only two banks you have approached?

Thank you for the reply, it really is appreciated. We have also approached Metro banks and Starling. We were worried that too many applications could start to damage our credit score? We are both applying for a mortgage in the next 2 months so are cautious!

 

[japancool]

Thank you for the reply, it really is appreciated. We have also approached Metro banks and Starling. We were worried that too many applications could start to damage our credit score? We are both applying for a mortgage in the next 2 months so are cautious!

I would suggest you approach a traditional bank like Lloyds or Barclays, who will be prepared to give you a face-to-face appointment before progressing your application, where you will have a chance to explain the particular circumstances. Be warned though, waiting times might be somewhat protracted.

 

[Riverside Estates]

I would suggest you approach a traditional bank like Lloyds or Barclays, who will be prepared to give you a face-to-face appointment before progressing your application, where you will have a chance to explain the particular circumstances. Be warned though, waiting times might be somewhat protracted.

Thank you, we will try that as our next approach. Seems like such a strange situation to be in. Thank you.

 

[mattk]

When you say "but in order to get a business bank account we need to be registered with the HMRC" is this something specific to estate agents?

If so, it might be worth asking on a more specialist forum.

 

[Riverside Estates]

When you say "but in order to get a business bank account we need to be registered with the HMRC" is this something specific to estate agents?

If so, it might be worth asking on a more specialist forum.

Hi Matt, in order to get onto the supervised business list for anti-money laundering you need to provide the HMRC with a bank account. But in order to get the bank account you need to be on the supervised list. After many hours of googling it is a common problem. Even with some of the larger national chains... I have found many people with similar problems but not solutions! I am struggling to find a specialised forum for this sort of thing.

Alex

 

[thetiger2015]

Have you tried opening conversation with a high street bank?

If you explain the issue to an adviser, they may be able to make some calls and get something put in place, so you have somewhere for HMRC to link up to?

Depends if you're needing to borrow/overdraft with that bank account too I guess. Banks are all about risk.

 

[Mr D]

Hi guys,

I hope you are all safe, healthy and well. I really could do with your help and advice.

I am new here so I hope this is the correct section. Myself and a friend have registered our estate agency (Limited liability partnership) with companies house, have a level 3 diploma each in estate agency, member of the property ombudsmen and have professional indemnity insurance. The LAST hurdle is that in order to register with the HMRC (anti-money laundering) we need to supply a business bank account... but in order to get a business bank account we need to be registered with the HMRC!! It feels like the chicken and the egg situation. We are in desperate need of a business bank account but both natwest and Tide said they do not offer bank accounts without HMRC registered, but HMRC do not let us register without a bank account. We are so stuck!

Anyone who has experience in this please let us know, I will buy you a virtual beer (or twenty)!
Alex

Can you supply a personal bank account in order to get HMRC moving so can then get business account?

 

[Strontium Dog]

I think when you form the LLP you are automatically issued a UTR by HMRC - so you should be registered.

 

[Spur Support Services]

Perhaps you are trying to perform too many steps at once.
With normal online company registrations with Companies House, you are prompted to sign up with HMRC at the same time as registering your company.

Have you tried getting an HMRC UTR and Government Gateway facility before applying to be on the supervised business list?
Then set up your bank accounts
Then apply for the supervised business list.
Once approved, you then have the Anti Money Laundering supervision in place to begin trading.