ml requirements

ml requirements

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New client comes in and has not submitted vat returns and self assessments for last 6 years. Hmrc are aware. He wants to get everything up to date. What ML implications are there if any?

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David Winch
By David Winch
22nd Sep 2014 13:26

ID & PoCA privilege

You need to obtain the usual ID verification.  All the usual MLR 2007 requirements apply.

If yourself or your firm fit the criteria of s330(14) PoCA 2002 then 'PoCA privilege' is going to apply & no Suspicious Activity Report should be made.

David

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By peterpaice
22nd Sep 2014 13:47

Just had a look at legislation there is no section 14 within s330. It states that a professional legal adviser and the information or other matter came to him in privileged circumstances; does an accountant fall within this?

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Replying to brian556:
David Winch
By David Winch
22nd Sep 2014 13:58

Amended legislation

peterpaice wrote:
Just had a look at legislation there is no section 14 within s330. It states that a professional legal adviser and the information or other matter came to him in privileged circumstances; does an accountant fall within this?

Try HERE.

David

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By User deleted
22nd Sep 2014 14:03

Changes not yet updated by legislation.gov editorial team

s330 (14) not yet amended

- (14) A relevant professional adviser is an accountant, auditor or tax adviser who is a member of a professional body which is established for accountants, auditors or tax advisers (as the case may be) and which makes provision for—

 

(a)testing the competence of those seeking admission to membership of such a body as a condition for such admission; and

 

(b)imposing and maintaining professional and ethical standards for its members, as well as imposing sanctions for non-compliance with those standards

 

Edit: Too slow again!

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David Winch
By David Winch
22nd Sep 2014 14:10

Legislation on the web

It is a great pity IMHO that there is no source of up to date UK legislation on the web (for free).

Some legislation has been amended so many times it is hopeless to find the current version on the web - examples include Taxes Management Act 1970, Social Security Administration Act 1992 . . .

David

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Replying to lionofludesch:
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By User deleted
22nd Sep 2014 14:20

That is exactly

davidwinch wrote:

It is a great pity IMHO that there is no source of up to date UK legislation on the web (for free).

Some legislation has been amended so many times it is hopeless to find the current version on the web - examples include Taxes Management Act 1970, Social Security Administration Act 1992 . . .

David

 

That is exactly the issue I find when using the website - it's better than nothing though I guess!

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By peterpaice
22nd Sep 2014 14:21

Thanks all

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