Opening/Closing a Practice

Question 1

What RICS compliance is there to open a firm?

Answer 1

‘Firm Detail Form - submit to the RICS

Appoint responsible principal to cooperate with RICS

Arrange RICS approved PII

Complete RICS Annual Return each year

Question 2

What statutory compliance is in place to open firm?

Answer 2

• Disclose business name
• H&S complaince in place
• Inform HMRC (VAT and Tax purposes)
• Comply with with employment law (NLW, working hours)

Question 3

What RICS compliance is in place to close a firm?

Answer 3

Inform RICS

Return monies held for clients

Get run-off cover for 6 years

Inform clients

Retain client files for 6 years