HMRC prepares to triple serious tax evasion prosecutions

Tax evasion and aggressive tax avoidance has been at the forefront of many recent budgets. Measures have been announced to collect more of the tax due by targeting HMRC resources to these areas.

The Financial Times (FT) today discusses a drive by HMRC to triple the number of prosecutions of serious and complex tax evaders. The crackdown announced by George Osborne in his Summer Budget will be spearheaded by the civil and criminal investigations teams at the Revenue. Continue reading “HMRC prepares to triple serious tax evasion prosecutions”

CCAB issues a reminder for practitioners to stay vigilant over money laundering

CCAB Guidance over Money Laundering

With ‘The Register of People With Significant Control’ (Beneficial Owner) legislation receiving its final tweaks before going live at the end of the year and with the 4th European Money Laundering Directive (4MLD) being passed in June, the Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (obliged practitioners) of the importance of safe-guarding against money laundering. Continue reading “CCAB issues a reminder for practitioners to stay vigilant over money laundering”

The EU Fourth Money Laundering Directive adopted in June 2015

The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015.

One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017. The UK has been ahead of other Member States in creating its own central register. The directive draws heavily on the UK model although there are some minor differences between the two regimes. Continue reading “The EU Fourth Money Laundering Directive adopted in June 2015”

Expert Witness Money Laundering Regulations

Steve O’Neill, a Director of Business Tax Centre Limited, is embarking on membership and qualifications for becoming a recognised expert witness for Compliance with the Money Laundering Regulations.

Steve has chosen The Academy of Experts at 3 Gray’s Inn Square, London. The two day course on the 16th and 17th December 2014 covers the range of skills needed to be competent in this area, from report writing to court room skills.

The Expert Witness Foundation Course is an intensive study through both the theory and more practical aspects of being an Expert Witness. The course concentrates on the Expert’s Report and the Role & Responsibilities of the Expert with a brief introduction into the Procedure Rules (CPR & CrPR) and preparation for going into court.

Disciplinary Tribunal

Expert witness works complements the works Steve already undertakes as a member on the Disciplinary Tribunal of the Association of Accounting Technicians. Stephen has accumulated over fours years’ experience in this roll.

HMRC Publish Guidance for Estate Agents

HMRC publishes a guide for estate agency businesses who need to register with them for anti-money laundering supervision

HMRC have issued the guide to explain how estate agency businesses can register with HMRC for anti-money laundering supervision under the Money laundering Regulations.

It has been published following HMRC’s take-over of the supervision of estate agency businesses from the Office of Fair Trading on 1 April 2014.

The full Guide is available by clicking here

AML – CDD on property Transactions

 AML – CDD on property Transactions

The accountancy sector quite regularly account for the treatment of rental income from second homes or holiday lettings or advise on the capital gains tax on disposal of such a property.

This article may be of importance to the accountancy and tax sector because on 1 April 2014 HMRC take over the supervision of the estate agent sector from the OFT, this experience gained from the OFT staff will be brought across into HMRC and the supervision of the accountancy service providers.

Continue reading “AML – CDD on property Transactions”