Laws are not repealled on the grounds that people/ businesses constantly break them! Any suggestion that this should be considered is ridiculous.
If you are aware of lots of people (including large accountancy firms) who are not properly regulated under MLR... why are you not reporting them? Whether or not you are exempt, I would have thought knowledge of unregulated firms, in your profession, would be something you would wish to see an end to... would you not?
FWIW... I'd be very surprised if any accounting firm (particularly a large one) were unregulated - albeit, they may not (probably won't) be supervised by HMRC!
Anyway, my point was, those who are looking to do some dodgy money laundering with their millions won't gonna use a tiny self-employed working from his bedroom...and I've been reading recently that there is too much bureaucracy with the AML paperwork and some practices are thinking to pass the charges to their clients. Or some people are given up being self-employed because they spend more time doing paperwork than actually doing the job and spot irregularities.
So much work and scrutiny on tiny businesses, when employees or those who do temping don't even require supervision!
Don't forget that if, for example, your VA work is for 15 hours/week - then you can spend a max. of 45 minutes/week on bookkeeping/accounting activities (assuming a single rate for your time).
Easy achievable, the bookkeeping/data entry is very little, hence my OP question.
The other part which isn't bookkeeping, example general admin or social media postings, that's the reason why bookkeeping would only be once a month and not everyday.
A reason why AML should not be required for such a small task, when out there there are so many employees and contractors unregulated, the focus should be on them (and I add certain big accountancy firms, as often seen in the news...)
it's for roles where bookkeeping and data entry is a small insignificant part of the duties required.
This is actually the case I'm talking about, as bookkeeping once a month is a very small part therefore it's not required to register with AML, if virtual assistant applies.
I found this on HMRC, so there is a way for those who don't act as a practice and only provide bookkeeping service for few hours!
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Virtual assistants that do not need to register
If you only provide a small amount of accountancy services as a virtual assistant, you may not need to register.
You will not need to register if all the following applies:
-virtual assistant is your main business
-your annual business turnover is less than £30,000
-no more than 5% of your total business turnover applies to accountancy service activities
-the accountancy services you provide support your main business
-there is no other business activity you need to register under money laundering regulations
-your work is reviewed by an accountant or bookkeeper who is registered for money laundering supervision
I should have added to my previous response that a virtual assistant who does only a small amount of bookkeeping may claim exemption from the need to register for AML. There are specific limits set out in HMRC guidance. In particular the virtual assistant's total fee income must not exceed £30,000 per annum and the bookkeeping element of that must not exceed 5%. See https://www.gov.uk/guidance/money-laundering-regulations-accountancy-ser...
David
Exactly, this is what I meant, so there is a way for those who provide very little accountancy service to be exempt of registration
I made the point that I paid the same as a multi-partner chartered accountancy practice to be supervised by HMRC but got no help or guidance or support bar 'read the legislation' & that doing it their way meant I'd spend more time doing the MLR paperwork than actually doing the client work & it was hardly worth my while.
oh finally a reply explaining how actually is in reality! Yep, it's quite ridiculous you have to pay the same as a large accountancy practice when you have much less clients, the support from HMRC is minimum and you have to basically find everything yourself in the labyrinth of ML regulations...
And yes, I found out that if you're a virtual assistant you may not need to register!
My answers
Calm down hehehe, just a google search would give you some example, like this one... https://www.exchangechambers.co.uk/nick-johnson-kc-secures-acquittal-of-...
Anyway, my point was, those who are looking to do some dodgy money laundering with their millions won't gonna use a tiny self-employed working from his bedroom...and I've been reading recently that there is too much bureaucracy with the AML paperwork and some practices are thinking to pass the charges to their clients. Or some people are given up being self-employed because they spend more time doing paperwork than actually doing the job and spot irregularities.
So much work and scrutiny on tiny businesses, when employees or those who do temping don't even require supervision!
Well, there are exemptions in the law which I found :-)
Easy achievable, the bookkeeping/data entry is very little, hence my OP question.
The other part which isn't bookkeeping, example general admin or social media postings, that's the reason why bookkeeping would only be once a month and not everyday.
A reason why AML should not be required for such a small task, when out there there are so many employees and contractors unregulated, the focus should be on them (and I add certain big accountancy firms, as often seen in the news...)
Yes that's fine, no problem with that
This is actually the case I'm talking about, as bookkeeping once a month is a very small part therefore it's not required to register with AML, if virtual assistant applies.
I found this on HMRC, so there is a way for those who don't act as a practice and only provide bookkeeping service for few hours!
---------------------
Virtual assistants that do not need to register
If you only provide a small amount of accountancy services as a virtual assistant, you may not need to register.
You will not need to register if all the following applies:
-virtual assistant is your main business
-your annual business turnover is less than £30,000
-no more than 5% of your total business turnover applies to accountancy service activities
-the accountancy services you provide support your main business
-there is no other business activity you need to register under money laundering regulations
-your work is reviewed by an accountant or bookkeeper who is registered for money laundering supervision
Exactly, this is what I meant, so there is a way for those who provide very little accountancy service to be exempt of registration
Some companies don't want to have the responsibility of being an employer
oh finally a reply explaining how actually is in reality! Yep, it's quite ridiculous you have to pay the same as a large accountancy practice when you have much less clients, the support from HMRC is minimum and you have to basically find everything yourself in the labyrinth of ML regulations...
And yes, I found out that if you're a virtual assistant you may not need to register!