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Christmas and New Year Opening Times

Firstly, can wish all our clients and customers seasons greeting from us at BTC, we hope you enjoy the festive season break.

Our last despatch of physical documents to get to offices before Christmas is on Tuesday 20 December 2016, any physical documents generated after this date will be despatched when we return after the new year.

Our physical office will close on the evening of Tuesday the 20th. Our electronic systems for company formations and money laundering compliance reports will operate as normal 24 hours per day, each day during the holiday period.

We will still check every formation coming through the system before releasing to Companies House. Telephone support will be limited on Wednesday and Thursday the 21st and 22nd and resume as normal on Tuesday the 3rd of January, but we are still running email support for the occasional urgent matters that arise.

So if you have an urgent query email us on the main email address and we will do our best to respond as quickly as possible.

Tax advisers to send warning letters on taxing offshore assets

Offshore Assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice

Accountants and tax advisers should also have regard for companies they act for that have an offshore or overseas shareholding, especially from recognised tax havens such as BVI or the Channel Islands. Advisers should be aware that this type of company may not have been declared to them. This again will extend to clients who may own overseas properties through overseas companies. Continue reading

BTC Newsletter June 2016

BTC Company Software

Changes to the incorporation and form filing software

As from 30 June 2016 PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions.

The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

Continue reading

PSC requirements – What you must do

PEOPLE WITH SIGNIFICANT CONTROL (PSC)

From April 2016

You need to start keeping a record of the people who control your company. There are criminal penalties if you don’t do this.

For most companies these will be individuals who:

  • Hold more than 25% of the company’s shares
  • Hold more than 25% of the company’s voting rights
  • Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, check to see if you have anyone who:

  • Has the right to, or actually exercises, significant influence or control over the company

It could also be individual who:

  • Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions

There is some more information on how to identify your PSCs:
This is the statutory guidance issued by BIS Continue reading

People of Significant Control (PSC) Update

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading

PSC Registers Inserts

PSC Registers

We have added to our online shop inserts for Combined Company Registers purchased before April 2016 to cater for the new legislation for registers of Persons With Significant Control (PSC).

These come complete with a divider designed for the Ring binder styled combined registers. The section is divided into two parts, the first being for the information which is be disclosed when requested, the second part for the information that must not be disclosed. Included is guidance on the official wording for entries on the PSC registers

Failure to keep the Company’s PSC is a criminal offence.

 

Date of Implementation of Persons of Significant Control Registers (PSC)

Companies House had a target date of 6 April 2016 for the launch of these public registers (PSC), to achieve this they have been busily rewriting the coding which many would have noticed the slowing down in the times it takes to process various forms. We had become used to the 3 to 4 hour average which has now become closer to the 24 hour target time Companies House set themselves.

Due the volume of work to be undertaken and the various pieces of secondary legislation having to be passed through Parliament the implementation date has been put back to 1 July 2016.

Our programme providers who are still awaiting some of the schematics for the rewriting of our software Are confident that our software will be running and recording information into our registers which are PSC compliant before the official implementation date.

Christmas and Festive Season Opening Times

Christmas and Festive Season Opening Times

Wishing you all a happy seasonal break! It is that time of year again, when myself and Irma actually get a week off! Of course our online company formations and customer AML verification searches do not go off, they run 24 hours a day, 365 days a year.

The various Companies House’s though will be open or closed on the days listed below, of course there will be no company filings processed during these times.

  • Thursday 24 December All offices open, but earlier closure at 4pm
  • Friday 25 December All offices closed
  • Monday 28 December All offices closed
  • Tuesday 29 December All offices open
  • Wednesday 30 December All offices open
  • Thursday 31 December All offices open
  • Friday 1 January 2016 All offices closed
  • Monday 4 January 2016 All offices open (apart from Edinburgh which will be closed)

At BTC our last of despatch of physical documents to get there before will be on Friday 18th of December. Of course online PDF’s generated by the systems will be delivered automatically by email as normal.

During week of the 21st, 22nd and 23rd of December there will be some telephone support and full email support. On Christmas Eve we will have some limited email support.

The following week, the 28th is a bank holiday and the 29th 30th and 31st we will have email support and but no telephone support, we are actually having a few days break.

Full service will be back to normal on Monday January 4th 2015, although it is a bank holiday in Scotland.

Money Laundering Supervison

Steve O’Neill reviews the latest statement concerning Money Laundering Supervision

The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.

This statement was made by Transparency International UK who went on to say billions of pounds of “dirty cash” is entering Britain every year. They state that this is partly due to a fragmented network of regulators means that only a very small amount is being investigated.

Click to read more

Fourth Anti-Money Laundering Directive

Fourth Anti-Money Laundering Directive

Over the coming weeks I will be posting a number of articles concerning the Fourth Anti-Money Laundering Directive (4th AMLD) which came into force on 26 June 2015. The United Kingdom and all other EU Member States have 2 years within which to enact its content domestically.

The UK has already started to implement some of the requirements through the roll out of the Small Business, Enterprise and Employment Act, which has now implemented two of its five roll outs.

In this first article I look at the new terminology being used for regulated business, financial thresholds and lawyers’ client accounts. These all may have an impact of the accounting professional, for example, many clients of accountants may be high value dealers or potential high value dealers who need informing of the new thresholds.

To read the article click on this link.