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Professional Enablers of Tax Avoidance and Evasion

In the budget speech the Chancellor announced further measures to tackle professional enablers of tax avoidance and evasion.

The government is investing a further £155 million in additional resources and new technology for HMRC. This investment is forecast to help bring in £2.3 billion of additional tax revenues by allowing HMRC to tackle tax leakage through avoidance and evasion.

In particular, the resource is earmarked for further tackling those who are engaging in marketed tax avoidance schemes, enhancing efforts to tackle the enablers of tax fraud and hold intermediaries accountable for the services they provide using the corporate criminal offence and increasing HMRC’s ability to tackle non-compliance among mid-size businesses and wealthy individuals.

People with Significant Control (Amendment) Regulations 2017

People with Significant Control (Amendment) Regulations 2017

The Government enacted the legislation necessary to implement changes required by the Fourth Money Laundering Directive to the UK regime for the disclosure of people with significant control (PSCs). Two sets of amending regulations were made at the last minute, both of which came into force on 26 June 2017.

  • the Information about People with Significant Control (Amendment) Regulations 2017 (SI 2017/693); and
  • the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694).

Both sets of regulations were laid before Parliament on 23 June, just three days before they came into force. Continue reading

Changes to PSC registers Transitional Arrangements

Changes to PSC registers Transitional Arrangements  

Under the transitional arrangements set out in the Schedule to the 2017 Regulations, the obligation in s. 790VA to notify changes to Companies House applies to a change to a company’s PSC register made before, on or after 26 June 2016 unless the company has already notified the change in a confirmation statement. Any change to the PSC register made before 26 June 2017 that is notifiable under this rule, must be notified to Companies House before the end of the period of 14 days beginning with 26 June 2017. Continue reading

Anti Money Laundering Verification Platform

SmartSearch is Ready for the 2017 Anti-Money Laundering regulations

Access to the SmartSearch Platform through Business Tax Centre is on a ‘pay as you have used basis’ with no formal contractual amount payable, pay for your usage only.

The unique SmartSearch Anti Money Laundering verification platform is enabling regulated businesses to comply with the latest 2017 Anti Money Laundering (AML) Regulations and fulfil their AML, Customer Due Diligence (CDD) and Know Your Customer (KYC) compliance obligations. With no requirement for clients to provide identity documents, the SmartSearch is much more convenient and cost effective for both your firm and your clients.

Full details of our searches can be found on our money laundering compliance website

The unique platform brings together both Individual and Business searches for the UK and International Markets with automatic Worldwide Sanction & PEP screening.” It will give you complete functionality to process any type of AML search all from a single and easy to use platform.

The Real-time hosting of all your businesses search activity and AML outcomes enables you to recall on-demand any AML outcomes to support an internal audit or an external visit from your supervisory body or regulator.

 

Changes to PSC Information Filing Requirements

From 26 June details of PSC Information will no longer be updated on the confirmation statement (CS01). Instead, companies will need to inform Companies House on forms PSC01 to PSC09 whenever changes occur. Companies will have a 14-day window in which to update their internal registers and a further 14 days to send the new information to Companies House. Therefore, a maximum filing time of 28 days from the date of the event. Continue reading

Electronic Verification of Customers

With the advent of the Money Laundering Regulations 2017 just around the corner, getting your policies and procedures ship shape and compliant with the new Regulations can be time consuming especially in the light of Regulation 18(4) which states ‘A relevant person must keep an up-to-date written record of all steps it has taken’ which means your procedures may be asked for by your Supervisory body.

At the heart of the Regulations has always been knowing who you deal with and as such the verification of the client and any beneficial owners are paramount. The new JMLSG guidance in 5.3.14 makes it clear on the verification of not just the customer but also any beneficial owners.

Verification methods have noticeably shifted away from ‘so called identity documents’ to electronic verification, which can offer a much more reliable range of verification data without meeting the customer or beneficial owner face to face.

The range of verification SmartSearches we offer as an agent of Smart Credit are one of the most advanced and reliable offered in the UK covering individuals and company compliance issues.

Please contact us to see how we can help you with your verification of customers on a non-contractual basis.

Seminar Invitation: Anti Money Laundering Update

The next in the Lifecycle national series of FREE training courses is taking place at a venue near you in May 2017.

This series of free seminars is taking place across the UK in May and sees Steve O’Neill, from our partner BTC, present his thoughts on the impact of the new legislation within the Money Laundering Regulations 2017 which are due to come into force later this year.

In his sessions, he will provide an overview of some of the more recent developments that will take place with the introduction of the new legislation that is due to come into effect on 26 June 2017. Continue reading

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

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.