Accountancy Firms in UK | Professional Accountancy Body

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New regulations for Accountancy firms in the UK

Accountants are different from solicitors and doctors. The term “accountant” is not protected in the UK and anyone can practice as an accountant whether or not they are qualified to do so.

Under the new UK money laundering regulations (MLRs) that came into force on 15 December 2007, Accountancy Service Providers and accountancy firms in the UK have to be supervised by a designated professional regulatory authority in order to carry on their services. If those firms are not already supervised by a designated professional body in the UK, they need to be registered with HMRC. Therefore, unregulated accountancy service providers, (believed to be some 30,000 service providers according to the IFA) are required to register with the revenue department by October 1st , 2018or risk not being able to continue their services.

The new money laundering regulations (MLRs) are a vital step in the fight against criminal activities and protect the public against the growing number of unregulated accountancy firms and service providers in the UK’s small business market. The UK Revenue Department and new money laundering regulations assert that taxpayers and business owners need to be aware of the implications of their most trusted accountancy advisers being policed by the Revenue Department.

The Revenue Department has always had enormous powers to collect the “right amount of taxes”. To counter ? money laundering protection Revenue Departments have the power to force estate agents to reveal details of landlords, raid in on bank accounts and to use other devious ways to obtain information. The Revenue Department will now have the powers to regulate and supervise certain accountancy firms. The very same firms which are supposed to stand up to the Department and defend their clients will now be regulated by it.

The good news is that not all accountancy firms in theUK will be supervised by the Revenue Department. Members of the major chartered and certified accountancy bodies and other financial bodies in theUK will continue to maintain their independent status. It will now be more important than ever for UK taxpayers and also business owners to ask the right questions to ensure that their accountancy advisers are qualified and regulated by a reputable and independent professional body.