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In what world are we living in in which I am expected to pay for doing someone else job for them!!!
This whole AML thing seems like a massive cash cow for somebody, and it's not yer average practitioner. I've just been informed by CIMA that my AML declaration, which used to be a couple of pages, is now a form that requires a lot of my time, plus a payment of £25 for some DBS form, which I've never been asked for in my life, in addition to my Member in Practice fee, which increases every year without fail at a rate in excess of inflation. I'd like to know how many money launderers have actually been detected to justify all these costs...
HMRC pretends that there are no unlicensed practitioners, that the tax payer submits his or her own return.
If HMRC worked with agents & tried to identify the dodgy ones the whole industry would be a lot happier & HMRC would collect more tax.
I agree completely with the AAT's comments on the new regime. WHY didn't someone set up a supervisory body for all unqualified agents, so any agent would have to be with a supervisory body whether qualified or not? Anyone wanting to be agent would have to quote their registration number and supervisory body to become an HMRC agent. The new body could then charge a realistic fee for the QBE's and other agents, and the qualified agents who already pay their fees to their professional body would not have to meet the additional overhead. The public would be far better protected.
We could be back to the position when a lot of members regulated by his/her institute will decide to be regulated by HMRC because of cost. This in my mind would make it even easier for money launders.
Because of the large sums that are supposed to be raised why is this not a self-funding exercise.
I have just received a renewal proposal for Prof Indemnity Insurance and its gone up more than 50% to £1200 I use Bell Insurance brokers. they said its a hard work to get any more cheaper.
I am surprised. which sector price index has gone up by over 50%?.
Regards
Kamlesh Rajput
This whole AML thing seems like a massive cash cow for somebody, and it's not yer average practitioner. I've just been informed by CIMA that my AML declaration, which used to be a couple of pages, is now a form that requires a lot of my time, plus a payment of £25 for some DBS form, xender which I've never been asked for in my life, in addition to my Member in Practice fee, which increases every year without fail at a rate in mobdro install excess of inflation. I'd like to know how many money launderers have actually been detected to justify all these costs...