Setting yourself up in Practice

(Online Version)

This guide has been produced for those who are intending to set up an insolvency practice and practise as a licensed appointment taking Insolvency Practitioner (“IP”). You may be a newly qualifified IP, or already be a practising IP within a fifirm (perhaps as an employee IP) and have decided that you wish to start your own business offering insolvency services.

The guide includes reference to the general, fifinancial and administrative matters applicable to all businesses (for example, communication with HM Revenue and Customs in terms of tax, PAYE and VAT registration, employment law, partnership and company registration, anti-money laundering regulations, ethical considerations, data protection and consumer credit licensing.

The guide includes a help sheet covering key matters to consider when becoming an appointment taking IP, including how to apply for your licence and matters for consideration as to the structure of your business. 

Acknowledgments

R3, the Association of Business Recovery Professionals, would like to thank Maria Strong, an R3 Council Member and SPG Committee member, for her time and effort in updating this publication and collaborating with the R3 Technical Team. Maria was fortunate to have the assistance of others in reviewing parts, all giving up their time for free. In this regard R3 would especially like to thank Gareth Limb, Miles Hacking and David Holland.

R3 would also like to express its thanks to members of the SPG Committee.

Disclaimer

Whilst every care has been taken in its preparation, this guide is intended for general guidance only, and does not constitute legal advice.