Chief Executive, Garry Carter, recently attended a meeting with several of the other MLR regulators from the accounting service provider sector. The ICB Annual Return (MLR8) was highlighted as best practice and most other regulators who have not already introduced a similar return will do so in the near future. HMRC is seeking a change to legislation to allow it, too, to introduce this annual record of a practice’s clients.
It was a useful meeting and helped to clarify our thinking on a number of points. HMRC is stepping up the implementation of fines for non-registered businesses and the ICB has agreed to fall in line with other regulators in imposing penalties on those practices that do not renew their practice or registration subscriptions on time.
Penalties will come into effect from July and will be £50.00 for failure to renew by the renewal date. After this, practices will be dealt with under the normal disciplinary procedures. If there is any concern about meeting renewal deadlines, members are advised to get in touch with the Institute by telephone before the due date.