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Hello!


Hello! New here! I've just applied for my Money Laundering Supervision with HMRC. I have 3 businesses waiting for me to be registered to take over doing their books. I'm familiar with 2 of them having been employed previously by them.

I have always done accounts for small/medium businesses since leaving college and I thought during the first COVID lockdown that I would sit my IAB courses 1,2 & 3 (Passed 1 & 2 and currently studying 3) and register with the IAB after finishing Level 2 to become an associate and just keep building my learning as I go, however I have to say I've been quite disappointed with the communication with the IAB. I'm not sure if it's just a result of 2020 and Covid as they are probably working from home. I applied to register on the 10th December so I'm hoping it will come through soon.

Anyhow, meantime I'm living in the North East of Scotland, walking dogs to pay the bills and bring up 3 children. I hope this forum will be a handy place to visit for advice and feedback when the need arrises.

Jsmile



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Master Book-keeper

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Hi Jen

Welcome to the forum, and I wish you every success with the new venture.

Just curious, but why have you applied to HMRC for AML supervision, is that not something you can get from IAB, or is that you need to complete level 3 first?

Also I do a weekly joke thread, and I have a Scottish one planned for this week (I'm half Scottish myself) so I'm hoping you have a sense of humoursmile



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John

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Lol... yes- I can take a joke... even a Scottish one pretty well! Ive applied to HMRC because Im worried I wont hear back from the IAB for a while. (sorry... I got confused with ICB and IAB... it is the IAB Im trying to register with..). Communication has been pretty awful: I was sat in my exam and they hadnt sorted access out with the provider for it despite having at least 5 weeks notice. Anyhow, hoping that if I get my MLS from HMRC I can start doing some bits and pieces for these new clients. I really cant afford to pay for it twice mind you.. Thanks for the welcome. Looking forward to the jokes!

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Does that put you in breach of IAB rules? Surely if still a student you cannot practice without their permission/practice certificate. So you may need to resign/be expelled/fined?

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No


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JenHen wrote:

Thanks for the welcome.

at least you got one



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Im checking that when I get a hold of them.

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No wrote:
JenHen wrote:

Thanks for the welcome.

at least you got one


Hi No and welcome to the forum!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



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Hi Jenna and welcome to the forum

You will also need to register with the ICO and I would strongly recommend getting Professional Indemnity Insurance.

Good luck with the new business



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



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Hi Jenna,

Welcome to the forum and good luck with the new business. The IAB are a long way behind at the moment in dealing with memberships, I know that quite a few existing members are having long delays in hearing back from them. Not that this helps you at all, but just to let you know really that it is a widespread issue.



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Jenny

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Master Book-keeper

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No wrote:
JenHen wrote:

Thanks for the welcome.

at least you got one


Welcome to the forum No.

Looking back at your posting history, it isn't surprising that we missed welcoming you. No intro, no identity and very brief replies. That's your perogative and you're not obliged to do anything more, but it's a two way thing. A proper intro (as Jen did) would have got you a few welcomes I'm sure.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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Ive got an enquiry in with NFU for insurance... who does everyone else recommend. I should really get a few quotes. I just know that NFU are very good to deal with. Will investigate the IOC.. I admit I havent thought about that. I had hoped that I would hear back from the IAB and things might have been simpler. Appreciate they may be backlogged just now. I guess Ill have to just wait and see. Thanks all for the replys. Its quite daunting going it alone.

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Master Book-keeper

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I would definitely look at Hiscox. I was paying 23 a month for pii, public liability and employers liability (1 employee), and it only went up a tenner when I took on shop premises.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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Ive just done a quote from them actually. 17.98 per month with the option to add on my laptop etc if I need.

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Guru

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I use AXA Insurance, 13.00 per month but that is just PII



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Member

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Hi again!

Sorry - I thought I'd just jump back on here to ask a quick questions.

I've registered with the IOC, I've got insurance quotes - I just need to choose which one. My problem is with AML Supervision. I had assumed I would apply to the IAB after gaining membership which took forever but is finally through. (I'm at Associate Level until I pass the next exam for Level 3 IAB Bookkeeping & Accounting) however they now say I can't apply for that until I move up memberships with them - so after I pass Level 3. I'm frustrated because their website actually states: I quote: "Associate will receive a Certificate of AML Supervision" on their page regarding AML Supervision.

Can I obtain this supervision through HMRC and still legally practice? Ive got 3 client's waiting on me and I really could do with the income but I don't want to breach any laws. I'm finding online advice quite conflicting and the IAB are not operating a phone line just now so I can't seek advice from them.

Any advice gratefully received.

J



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JenHen wrote:

Hi again!

Sorry - I thought I'd just jump back on here to ask a quick questions.

I've registered with the IOC, I've got insurance quotes - I just need to choose which one. My problem is with AML Supervision. I had assumed I would apply to the IAB after gaining membership which took forever but is finally through. (I'm at Associate Level until I pass the next exam for Level 3 IAB Bookkeeping & Accounting) however they now say I can't apply for that until I move up memberships with them - so after I pass Level 3. I'm frustrated because their website actually states: I quote: "Associate will receive a Certificate of AML Supervision" on their page regarding AML Supervision.

Can I obtain this supervision through HMRC and still legally practice? Ive got 3 client's waiting on me and I really could do with the income but I don't want to breach any laws. I'm finding online advice quite conflicting and the IAB are not operating a phone line just now so I can't seek advice from them.

Any advice gratefully received.

J


Insurance is not about the lowest price. It is about how the claims will be dealt with when they get them/support given etc.

IAB - go back to them and cite/link to their page. Use facebook? Might respond quicker. Phone lines are working, just tried. Join a professional body/follow their rules. Dont try to run before you can walk.

Or just quit the ICB.



-- Edited by Maat on Friday 29th of January 2021 12:57:12 PM

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Member

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Hi,

Thanks for your reply. I absolutely know it's not about price which is why I got a few quotes and plan to look through them before choosing.

I have already gone back to the IAB and sent them the screenshot. And the membership phone line has a recording saying the aren't taking calls - which number did you use do you mind me asking?

I'm not trying to run before walking - my post is exactly about trying NOT to do that. I am trying to follow the rules, however when the rules aren't clear it makes life difficult.



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Guru

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Just register with HMRC for MLR and then you can take on clients, there is no legal requirement to be part of a professional body, but it may work out more expensive with HMRC



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Veteran Member

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JenHen wrote:

''I'm not trying to run before walking''

I meant, IAB clearly do not think you are ready for clients yet.



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