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New Registartion Dates

New Registartion Dates

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31 July 2008 HMRC release the updated registration guidance MLR9. The details for registration are as follows;

If you were in business as a TCSP before 15 December, you must apply to register with us before the 30 September 2008.
If you are setting up in business as a new TCSP you will need to apply to apply to register before carrying on that business.

If you are in business as an ASP you must be registered with HM Revenue & Customs (HMRC) before the 1 January 2009. In order for us to be able to process your application on time you will need to complete and send your application form with the appropriate registration fees to us by the 30 September 2008.
If you are setting up in business as a new ASP you must be registered with HMRC before the 1 January 2009.

They have also released clearer guidance on acting as a company secretary and when do we just 'talk tax' or cross the boundary to actually 'advising on tax' matters. It also clarifies the position of all supervisors being able to supervise some non-members of their bodies.

They have not as yet released the HM Treasury approved version of MLR8, the full guidance, which should clarify the position of 'occassional transactions' which seemed at odds with CCAB guidance.

However, we are finally starting to have clarity, simpler understanding of obligations, whether you agree or disagree with some of the approval or not, you know where the lines are drawn. In relaity congratulations must go to all at the HMRC Regulatory team who have taken on various diverse sectors which cut across Law, Accountancy, HNWD and Money service businesses and go hand in hand with other supervisory authorities and bodies and come out the otherside with a degree of clarity and certainty for those they supervise. (its not often you can do that!)

Hopefully I can now start looking forward to not having to write further letters to Treasury and they can look forward to not hearing from me and many others like me.

Steve O'Neill MICA (Dip.AML)
Business Tax Centre

For further details click the link below

Stephen O'Neill

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David Winch
By David Winch
02nd Aug 2008 11:11

Also an AWEB article


There is also an AWEB article HMRC announces supervision deadlines for money laundering.


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