Key reminders and updates
Don't let AI tools land you in hot water
With the rise of Artificial Intelligence (AI), it's fair to say that there are many benefits for professionals and firms to enjoy. However, it is critical that members continue to apply their professional judgement when using Generative AI tools such as Chat GPT. When balancing the benefits and risks involved in using the technology, the professional ethical implications of AI must be considered, and we cover some of these principles in this article.
Disciplinary update: February 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Serve on a regulatory or disciplinary committee
Openings now available on the Tribunals, Practice Assurance, Conduct, Insolvency Licensing, Appeal, Investment Business, Audit Registration and Legal Services Committees. Find out what expertise we are looking for, remuneration rates for accountant and lay members are and how to express your interest.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional’s comprehensive online library, comprising around 80 titles from some of the country’s leading tax and accounting subject matter experts.
Quality Assurance monitoring end-of-year feedback results
Find out what our firms thought of the monitoring review process in 2023.
Marsh recording: Asset risk
'Identifying the risks that face your business is the first step to understanding how to manage and mitigate them.' ICAEW Professional Indemnity Insurance Manager, Sarah-Jane Owen discusses asset risk with Edward Partridge Head of UK Affinity Marsh Commercial in this short video recording.
Reminder: UK Corporate Governance Code changes
The 2024 Corporate Governance Code has come into force bringing small changes in rules for the current year, but further changes are coming relating to risk and internal controls.
Anti-Money Laundering (AML)
Have your say on how you use Companies House information
The Department of Business & Trade and Companies House are carrying out a survey to understand how the corporate transparency information made available by Companies House is used by businesses that are required to comply with the UK Money Laundering Regulations. The results will be used to assess the effectiveness of planned reforms to Companies House that will improve the reliability of corporate transparency information with the ultimate aim of tackling crime.
Change to the new SAR portal
From 2pm on 4 March 2024 users will no longer be able to log in to the UKFIU's old reporting portal. Ensure any draft suspicious activity reports are submitted or transferred to the new system by this date.
SARs: insights from the National Crime Agency
Invaluable guidance for money laundering reporting officers and anyone involved in the submission of suspicious activity reports (SARs) to the National Crime Agency (NCA). Please note this will be a live webinar only - a recording will not be available after the session.
DPB (Investment Business)
Referral fees and commissions: client consent is your responsibility
If your firm receives referral fees or commissions, you must comply with rigorous client consent and notification requirements. We look at the processes you need to follow and highlight some common pitfalls.
Insolvency
A new case management system for The Insolvency Service
The Insolvency Service is delivering a more modern, flexible, and reliable case management system that is better integrated with internal and external systems, and that automates repetitive tasks.
Webinar invitation: Statement of affairs and deficiency accounts
Statement of affairs and deficiency accounts – back to basics and some useful reminders.
Recording tax and National Insurance for former employees on an insolvent entity
- PDF (125kb)
Follow HMRC’s process outlined in its recent insolvency guidance when practitioners need to record tax and National Insurance due on a dividend paid to the former employees of an insolvent entity. By setting up a new Employment Protection Act (EPA) PAYE Scheme, along with the Accounts Office reference number, it will help ensure these payments are allocated correctly.
Tax returns and payments in administrations
- PDF (116kb)
Access HMRC's latest insolvency guidance with information about tax returns and payments in administrations and what process to follow relating to how tax may arise during the period of administration as a result of an administrator's actions. These expenses rank for payment ahead of any remuneration payable to the administrator.
Probate
Get help and/or apply for Probate with HMCTS here
HM Courts & Tribunals Service are temporarily changing their probate helpline hours from 14 Feb to 9-1pm, Monday to Friday.
Update on probate delays: Government call for evidence
The UK Government’s Justice Select Committee wanted to hear from professional and individual users about their experiences of applying for probate and using the Probate Registry. Find out our response after including feedback from affected users on their experiences.
Interested in sharing your thoughts on EDI within the legal profession?
On behalf of the Legal Services Board, The Social Change Agency is researching into equality, diversity and inclusion (EDI) and social mobility in the legal profession, including ICAEW probate accredited firms, and will be conducting short interviews to help develop an understanding of what the barriers are. Email Rachel Krengel on rachel@thesocialchangeagency.org by mid-February to give your input.
Client satisfaction: do you really know what your clients think?
Client feedback helps you improve your services, pick up any problems early, and build stronger relationships. Good reviews and referrals from satisfied clients can also support you in growing your business. We talk to some ICAEW probate accredited firms about the different ways they obtain feedback, and how they use it.
