If you offer bookkeeping or accountancy services, you should be registered for Anti Money Laundering Regulations. Over the course of the last 18 months or so we’ve been working closely with VAProMag and HMRC to achieve two aims for the VA industry:
- Clarity surrounding who needs to register – including consistent advice when people call up or email
- A concession for VAs who do small tasks as part of their overall work for clients – it’s unfair that someone who simply preps invoices on an online accountancy programme and gets a couple of hours work a month doing that has to pay the same registration fee as a firm of accountants who do 40 hours a week!
We are thrilled to announce the updated policy:
The relevant part being:
Virtual assistants that do not need to register
- virtual assistant is your main business
- your annual business turnover is not more than £30,000
- no more than 5% of your total business turnover applies to accountancy service activities
- the accountancy services you provide support your main business
- there is no other business activity you need to register under Money Laundering Regulations
- your work is reviewed by an accountant or bookkeeper who is registered for money laundering supervision
- a declaration of how your business meets each of the criteria
- details of your business, including a contact:
- name
- address
- email address
- telephone number
HMRC have also asked us to flag two important things:
- Make sure you remain alert to any change in business circumstances that mean they would no longer be eligible. Should that ever become the case, then they would need to apply for registration in the normal way. (i.e. if your turnover increases or if you end up doing more than the 5% allowance)
- Keep a copy of the email you send to HMRC as proof that you claimed the concession.