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AML Supervision

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I am a member of ACCA but am about 6 months off from getting my practice certificate so cannot be regulated by them for AML.  I am about to set up on my own alongside my current job but will just do bookkeeping to begin with as I don't have a practice certificate.  I will therefore register with HMRC for AML for my self employment.  I have read that HMRC will not supervise accountancy service providers who are already members of an approved body but although I am a member of ACCA I do not have the practice certificate.  Will HMRC refuse my application or see the difference between being a member and a member with a practice certificate? 

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By JoF
18th Nov 2019 15:13

Where did you read that? Perhaps you could add a link.

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By michjimblack
18th Nov 2019 16:18

Hi
It was on here - someone mentioned it when replying to a post - they said HMRC will take your money and tell you they won’t supervise you as your professional body is on the list of approved AML supervisors. Sorry I can’t find the actual post now.

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By djn24
18th Nov 2019 16:39

Why not just wait 6 months and get the PC from ACCA? That will just save so much time and hassle.

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By michjimblack
18th Nov 2019 17:12

Various reasons but really just after an answer to my question

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By JoF
18th Nov 2019 17:21

Ive never heard of the situation you mention, albeit I could have missed a posting on here.

Not sure if you are trying to get in on the silly season income earning opps, but you do know that you cannot be doing tax returns dont you? Its literally only up to TB.

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Replying to JoF:
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By michjimblack
18th Nov 2019 21:45

Hence me saying I’m only doing bookkeeping - I’m not an idiot so no need to patronise. I do plenty of legitimate tax returns in my day job, I just have some private bookkeeping jobs through friends.

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Replying to michjimblack:
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By JoF
18th Nov 2019 23:43

Gawd, what is it with people on here?!!!!! Try to be helpful and you get a bloody insult.

This place is littered with ACCA folk who havent got a licence who havent got the Reg 8 message loud and clear, because they cannot be bothered reading the regulations, plus there are many many bookkeepers who go way beyond TB these days, so one cannot assume you are aware.

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By vfilipova
20th Nov 2019 09:38

I used to be supervised by HMRC back in 2013 which was my first year of trading as a self-employed accountant. I was regulated by AAT and their member at that time but HMRC did not refuse to supervise me. However 2 years later I decided to use AAT , simply they offered a reduced price for AML
Hope that helps

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By tracey2412
26th Nov 2019 10:08

I'm 'just' a bookkeeper with no membership of any industry organisation & picked HMRC as the supervising body. Pay my £300 (yes, it hurts) & get on with it. Don't know if that helps at all? Goodluck with your new business.

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All Paul Accountants in Leeds
By paulinleeds
26th Nov 2019 16:45

Back in 2010, as an FCCA, with no practising certificate and doing payroll and bookkeeping, I registered with HMRC for AML.

I never mentioned my FCCA qualification. Why would you mention it if it is not relevant?

Now with a practising certificate I use ACCA.

I'd register with HMRC and not mention ACCA.

I would not want to risk not registering with HMRC, even for 6 months!

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Replying to paulinleeds:
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By djn
26th Nov 2019 20:57

Is your PC with ACCA now?

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All Paul Accountants in Leeds
By paulinleeds
03rd Dec 2019 18:21

Yes

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By AustinA
26th Nov 2019 18:13

Hi - I am a member of ICAEW and before I had my practising certificate, HMRC supervised me. I have transferred over since as the ICAEW are cheaper and more helpful.

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