Mel Lothbrok’s Post

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk.

⚠️ We're conducting spot-checks with a sample of several hundred firms this month to check that you have obtained a recent accountant’s report. Remember, any firm that has an active client account has an obligation under Rule 12 (unless exempt) to: - obtain an accountant's report for that accounting period within six months of the end of the period - deliver it to us within six months of the end of the accounting period if the accountant's report is qualified to show a failure to comply with these rules, such that money belonging to clients or third parties is, or has been, or is likely to be placed, at risk. https://lnkd.in/eSG_t__x

If you are a law practice, the SRA are coming for you. Over the 2023/24 financial year, the SRA issued 44 fines for AML breaches, totalling £556,832. This seven-fold increase in AML-related matters determined by the Authority since 2017/18 signals a clear message: compliance is no longer optional. - The SRA conducted 254 inspections and 258 desk-based reviews between April 2023 and April 2024. - 23% of firms were found to be non-compliant with AML and financial sanctions obligations. - Common breaches include inadequate AML systems, controls, and staff training. We can help. Get in touch. 0800 689 0190 or [email protected] - prevention is cheaper than remedial action plus all that management time when you won't be earning fees!

Twice in the last week I have come across people who have been told to put personal protection policies through the business even though they aren’t tax efficient policies. I’ve even seen joint policies where the second person isn’t even part of the business. Please stop doing this. Accountants probably trust that if it’s going through the business accounts it’s the correct policy. I can’t say this whole heartedly as I can’t speak for all accountants but I doubt they go through the documents to cross reference its eligibility. By doing this you’re potentially opening up both the client and the accountant to a lot of hassle. If this is checked, the clients will be hit for backdated p11d and NI from inset. Do you think that HMRC will just say “whoops, what a sausage” or do you think they will then want to delve into their book keeping with a finer tooth comb. It’s just not worth the hassle to risk it. If you can’t do these plans, refer them on to someone in your network who can. If you’re an accountant who isn’t sure about what policies can and can’t be put through the books or would like to offer your clients a value added service with an introducer arrangement give me a shout.