The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> MLR Act
Post Info TOPIC: MLR Act
Navangi


Veteran Member

Status: Offline
Posts: 28
Date:
MLR Act
Permalink Closed

Hi

Can anybody explain me about MLR Act. Is it complusory to have if you are self employed and providing service as a bookkeeper.

Thanks
Navangi

__________________
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink Closed

Yes it is compulsary.

If you do not have MLR cover you face two years imprisonment and an unlimited fine.

I don't have a lot of time at the minute I'm afraid so I would suggest looking at the MLR requirements on the HMRC website.

Basics are that you have to be approved as a responsible individual (no criminal past, etc.) and then you need to perform tests on your clients to ensure that you know who they are and where their money comes from and goes to.

That was a very simplistic explanation. Look at HMRC website and all will become clear.

Shaun.

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Navangi


Veteran Member

Status: Offline
Posts: 28
Date:
Permalink Closed

Thanks

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> MLR Act
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About