A two-way street: reaping the benefits of committee work: ‘Fascinating’ and ‘fun’ are not words most of us associate with committee work. But when we talked to some accountant members about what they get out of serving on ICAEW’s regulatory and disciplinary committees, these words cropped up more often than you might expect.
Maintaining the quality of your practice: The 2021 Practice Assurance monitoring report has been published. It contains a focus on Professional Conduct Relating to Taxation and details the areas of focus for our reviews this year. It includes reminders about the most common issues we saw during 2020 and we recommend familiarising yourself with these issues to ensure your firm is compliant.
Engaging with clients webinar: Client take-on is all about managing risk to your practice, gathering information about the client so you can make an informed decision about whether they will fit with your practice and you want to act for them. This new webinar takes you through key things to consider and includes practical tips for the engagement process.
Probate fees consultation: ICAEW accredited probate firms are being asked to respond to a consultation regarding a 5% fee increase in 2022. The deadline for responses is 6 August 2021.
CPS guidance update: failure to report
On 2 June, the Crown Prosecution Service (CPS) updated their guidance on prosecuting standalone cases under s.330 POCA 2002 (failure to report). This new guidance sets out that CPS can prosecute where no suspicious activity report (SAR) was made, even if it subsequently transpires that the money laundering didn’t occur. We understand that the CPS intends to use this revised guidance in only the most serious of cases.
While firms should be aware of the changed guidance, there should be minimal impact on your policies and procedures. You should continue to:
- train your staff on red flag indicators and the money laundering risks faced by your firms;
- have robust procedures for internally reporting suspicions to the MLRO;
- clearly document decisions for reporting, or not reporting, a suspicion to the National Crime Agency.
Updates for insolvency practitioners
HMRC have issued two new bulletins: Recording tax and national insurance - preferential dividend and an updated and clarified version of: Introduction of electronic banking for Insolvency Practitioners making dividend payments.
Additionally, Debt Relief Order (DRO) eligibility criteria rules have been amended. From 29 June 2021, debtors with a monthly surplus income of £75, debts of up to £30,0000 and with a maximum property value of up to £2,000 will now be eligible for this personal debt solution.