Do all assignments fall within AML regs?
I have been approached by a small retail business (sole trader) which started from scratch a year ago and after trading for ten months was locked out of their premises by the landlord. Without going into details, the owner's solicitors threatened action against the landlord and he allowed access again after six weeks. During that time the landlord started removing fixtures and fittings and in all it is expected that the business will have been closed for three months when it re-opens. A claim for damages, including loss of profits, has been filed with a hearing due in mid January. The owner's accountants have produced accounts for the period of trading but when asked to produce a profit forecast, on which to base the loss of profits claim, say they are really too busy to be able to do it in the required timescale.
What I have been asked to do is to create a profit forecast in Excel using the figures from the accounts already prepared together with data from the EPOS system to give the daily/weekly takings analysis. The Excel file will have all data/assumptions tabulated so that the business owner can make adjustments as he sees fit.
My question is, does this small piece of work fall under the AML regulations?
The reason I pose it is because it appears to me that there are two areas of concern. The turnover exceeded the VAT threshold but no registration was made and payments have been made to the owner's four children (who are all adults) in the nature of 'wages' with no PAYE scheme in operation. What I don't know, of course, is what advice the owner's accountant has already given about these areas and what action is intended.
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