ECSH44675 | Approval process fee

HMRC carries out approval tests for the following business sectors -

• Accountancy service providers (ASPs).

• Estate agency businesses (EABs).

• Letting agency businesses (LABs).

• Art market participants (AMPs).

• High value dealers (HVDs).

The checks apply to certain individuals who own or hold positions of authority, namely managers (in practice this means relevant senior managers)

• Beneficial owners.

• Officers.

• Senior managers.

• Sole practitioners.

These are commonly known as BOOMs, and also referred to in authorisation’s systems as relevant persons.

Before an individual can hold a position of authority in a business that requires supervision, they need approval by HMRC. The approvals test is a separate test to the “fit and proper test”.

This is to prevent anyone with an unspent conviction for a relevant offence, whether committed in the UK or overseas, being involved in the running of the business or benefiting from it.

HMRC carries out the approvals check and will use the information supplied online upon registration.

However, if a new relevant person joins the business after registration, the business should sign in to the online service and update their registration details.

More information about the approvals process can be found at ECSH45075.