At a meeting at HM Treasury on 7 July 2008 presented by HMRC various interested sectors where present to give their comments on amendments to guidance by HMRC. It was announced that MLR8, HMRC guidance had been given Treasury approval.
Other points confirmed were:
• CCAB Guidance to be given Treasury approval after some minor amendments
• Changes to monitoring and practice assurance schemes to be announced
• Subcontractors may not need to register in their own right under the AML regime
• Interim managers to be exempt from the regulations altogether
• Clear test for what constitutes by the way of business
• Guidance on business relationships and occasional transactions
• Clear definitions for accountancy, tax advisor and trust and company service advisor
• Customs agents to be bought into the regime
• Clear definitions for payroll providers
• Advice on business premises
• Registration dates for accountancy service providers and TCSP’s announced after the suspension of applications
The revised notice MLR9 will be published along with the HM Treasury approved guidance on 31 July 2008, where we do expect a few minor amendments still to be made. These changes should at least bring a level of clarity and certainty to the sectors involved until relevant case law developments in time.
Given the number and scale of the changes and amendments I have only been able to list a few headings here, however if you click on the link below I have prepared a more in depth review of those affecting just the accounting sector.
Business Tax Centre Ltd