Why "Done For You" Isn't Always Done Right

Jul 23, 2024

Have you ever been tempted by one of those 'done for you' sourcing compliance services?

They can sound pretty appealing, don't they? The promise of having all your compliance needs taken care of in one fell swoop.

Over the past week, we've had quite the influx of inquiries. Six sourcing agents reached out, all asking the same burning question: "Do you offer a 'done for you' service, including registrations and insurance?"

I'll admit, for a minute there we thought maybe we should be offering something like that too.

But then we had a bit of a lightbulb moment. We remembered some rather alarming cases we'd encountered through our National Association of Professional Sourcing Agents, NAPSA.

Picture this: sourcing agents, much like yourself, who had entrusted their compliance to these "done for you" providers. Sounds great in theory, right? But here lies the issue...

Insurance Cover Not Fit For Purpose

We discovered that some of these agents had insurance policies that weren't even in their business name. Not only that, they had basic cover in place and not specific to their company needs at all.

Can you imagine? It's like having a car insurance policy for a vehicle you don't own. Doesn't quite add up, does it?

HMRC Registration Non-Existent

But wait, it gets worse. Some weren't properly registered with HMRC under their own company. Instead, they were registered through the service provider.

It's a bit like trying to drive with someone else's license – it might look okay at first glance, but it won't hold up under scrutiny.

We Checked With The Experts

Of course, we wanted to be sure we weren't just assuming things, so we did what any smart business would do - we checked with the experts.

The insurance folks confirmed our suspicions. These default policies might not cover the agents if things went south.

And HMRC? They were crystal clear: agents must be registered under their own business name.

The result? These poor agents had to scramble to get properly registered, shelling out at least £350 in the process for HMRC + extra to get their own insurance policy. Talk about an expensive wake-up call!

Despite complaining to the service providers, they were unable to get their money back.

Why We Don't Offer a Done For You Service

Now, you might be wondering, "Why don't you offer this service yourselves? Surely you could do it?" It's a fair question, and believe me, we've pondered it.

But here's the challenge:

Insurance policies are as unique as fingerprints.

How could we possibly quote you in advance? And registrations? Would you really want to entrust something so crucial to someone else, no matter how competent?

So, what's the lesson in all this? It's simple, really.

Take ownership of your own business training, registrations, and insurance. It's your business, after all. You should be in the driver's seat.

There is Another Way

Now, I know what you're thinking. "That sounds like a lot of work." And you're right, it is. But here's the good news – you don't have to do it alone.

Our Complete Property Sourcing Programme walks you through each step of the registration process. We're not doing it for you; we're doing it with you.

This way, you understand exactly what you're signing up for, and you can be confident that every 'i' is dotted and every 't' is crossed.

Not only that, with the Complete Programme, you will automatically get one year of NAPSA Membership on us - even better...this comes with 1:1 support for our team (including me - Tina Walsh) can check over your compliance information and documents, provide you with a custom report and work with you to make sure you're meeting the national minimum standards.

Intrigued? Want to learn more about how to navigate these treacherous waters safely?

Check out our Complete Programme and everything that's included - I'm happy to jump on a call with you to explain how it works (booking link below!).

Don't leave your business's compliance to chance. Take control, get informed, and let us help you do it right. After all, your business deserves nothing less than your full attention and care.

Ready to take the next step? Click here to find out more about our Complete Sourcing Programme.

Or book a call consultation with us here: https://ProfessionalSourcingCompliance.as.me/1-2-1-Consultation