Comments for Anti-Money Laundering Blog http://www.moneylaunderingcompliance.com Get inside information from one of UK’s AML experts Tue, 25 May 2010 14:40:59 +0100 http://wordpress.org/?v=2.8.4 hourly 1 Comment on 05.11.09 HMRC MLR Registration Fee level remains unchanged for 2010-2011 by BTC http://www.moneylaunderingcompliance.com/index.php/hmrc-news/05-11-09-hmrc-mlr-registration-fee-level-remains-unchanged-for-2010-2011/comment-page-1#comment-4062 BTC Tue, 25 May 2010 14:40:59 +0000 http://www.moneylaunderingcompliance.com/?p=368#comment-4062 <a href="#comment-4061" rel="nofollow">@Steve Norris</a> I understand your concerns about the cost of supervision, my concern is the flat rate fee, whether it is HMRC or the ICAEW for example, does not really reflect the size of the firm being supervised. You may have the situation where a small bookkeeper with a £2k turnover pays the same fee as a larger tax firm with a £1m turnover firm. When it comes to penalties it is a different matter, the formula for calculating penalties takes into account the number of clients and the turnover of the business, therefore the larger the firm, in theory, the larger the penalty. @Steve Norris
I understand your concerns about the cost of supervision, my concern is the flat rate fee, whether it is HMRC or the ICAEW for example, does not really reflect the size of the firm being supervised. You may have the situation where a small bookkeeper with a £2k turnover pays the same fee as a larger tax firm with a £1m turnover firm.

When it comes to penalties it is a different matter, the formula for calculating penalties takes into account the number of clients and the turnover of the business, therefore the larger the firm, in theory, the larger the penalty.

]]> Comment on 05.11.09 HMRC MLR Registration Fee level remains unchanged for 2010-2011 by Steve Norris http://www.moneylaunderingcompliance.com/index.php/hmrc-news/05-11-09-hmrc-mlr-registration-fee-level-remains-unchanged-for-2010-2011/comment-page-1#comment-4061 Steve Norris Mon, 24 May 2010 11:32:06 +0000 http://www.moneylaunderingcompliance.com/?p=368#comment-4061 According to HMRC, registration can be required even before you start trading as an Accounting Services Provider. Whilst I understand the need for ML measures, it is grossly unfair to charge the very people who the HMRC expect to help them, by charging us a fee at all. Do we get commission on cases we expose? Once again it seems that small business is being hammered in the interests of the beaurocrats generating departmental revenues. Surely we can register with just a nominal fee and do our bit without financing it? According to HMRC, registration can be required even before you start trading as an Accounting Services Provider.
Whilst I understand the need for ML measures, it is grossly unfair to charge the very people who the HMRC expect to help them, by charging us a fee at all. Do we get commission on cases we expose?
Once again it seems that small business is being hammered in the interests of the beaurocrats generating departmental revenues.
Surely we can register with just a nominal fee and do our bit without financing it?

]]> Comment on 05.11.09 HMRC MLR Registration Fee level remains unchanged for 2010-2011 by Mrs S Bowers http://www.moneylaunderingcompliance.com/index.php/hmrc-news/05-11-09-hmrc-mlr-registration-fee-level-remains-unchanged-for-2010-2011/comment-page-1#comment-4022 Mrs S Bowers Sat, 21 Nov 2009 18:13:15 +0000 http://www.moneylaunderingcompliance.com/?p=368#comment-4022 This £120 annual fee is outrageous for me who provides book-keeping and payroll services for five small local businesses. My turnover is less than £7,000 pa and £120 is 14 hours unpaid work! The fee should be a percentage of turnover. I will probably cease trading next year because of this and suggest to my clients that if they still want my services that they employ me. This £120 annual fee is outrageous for me who provides book-keeping and payroll services for five small local businesses. My turnover is less than £7,000 pa and £120 is 14 hours unpaid work! The fee should be a percentage of turnover. I will probably cease trading next year because of this and suggest to my clients that if they still want my services that they employ me.

]]> Comment on 10.08.09 JMLSG to Update AML Best Practice by JMLSG to Update AML Best Practice | Anti-Money Laundering Blog | ilegal money http://www.moneylaunderingcompliance.com/index.php/aml-legislation/10-08-09-jmlsg-to-update-aml-best-practice/comment-page-1#comment-3477 JMLSG to Update AML Best Practice | Anti-Money Laundering Blog | ilegal money Wed, 19 Aug 2009 05:22:21 +0000 http://www.moneylaunderingcompliance.com/?p=263#comment-3477 [...] View original post here:  JMLSG to Update AML Best Practice | Anti-Money Laundering Blog [...] [...] View original post here:  JMLSG to Update AML Best Practice | Anti-Money Laundering Blog [...]

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