Could anyone please help me with the following
1. Does anyone know/ recommend a good PI insurance provider for a small accounting practice
2. Are practices with turnover below a certain threshold exempt from registering with HMRC for MLR. Could anyone please provide the basic requirements for registration pls.
Many thanks
Sandra Blakes
Replies (4)
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Professional bodies
Sandra
The Money Laundering Regulations 2007 (MLR) require every business active in the 'regulated sector' to have its compliance with the MLR subject to external supervision.
Where an accountancy service provider (ASP) is a member of a professional body approved for the purpose, that supervision is exercised by his professional body.
Where an ASP is not a member of an approved professional body, that supervision is exercised by HMR&C. These ASPs therefore have to register with HMR&C, but ASPs supervised by a professional body will already, in effect, be registered with their professional body - so they have no need to register with HMR&C.
The list of the 21 originally approved professional bodies is in Schedule 3 of the MLR 2007 which you can find at
http://www.opsi.gov.uk/si/si2007/uksi_20072157_en_9#sch3.
This list includes the Association of Chartered Certified Accountants and the Institute of Financial Accountants.
The International Association of Book-keepers has since been added to become body number 22.
I understand no further bodies are expected to be approved for the next year or two.
Checkout the ICPA
Sandra,
All ICPA members receive £100,000 PI Cover included in their subscription as well as a FREE unlimited Telephone helpine provided by Croner Consulting, 3 FREE Tottel Publishing Tax Annuals (Income Tax , Corporation Tax and Value Added Tax), a FREE fully licenced copy of Prelude Professional Accounts Package and much much more. Do please checkout our site at www.icpa.org.uk for all the benefits, I've only listed a few.
As regards minimum levels for registration be advised that there are none. If you are therefore registering as an Accountant (ASP Accountancy Service Provider) then your timescale is 1/4/08 to 30/06/08. The necessary forms are available from the HMRC site.
If you are unsure and want a quck chat the number is 0800-074-2896.
Tony Margaritelli - Chair ICPA