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HMRC internal manual

Money Laundering Regulations: Compliance

Accountancy Service Providers (ASPs): Main tasks performed by an accountant or tax adviser

Accountants and tax advisers are likely to be engaged by the client to do the following tasks, which distinguish them from other types of ASP.

* Prepare profit and loss accounts and balance sheets
* Submit (or prepare for submission) tax returns under the self- assessment procedure of liability to Corporation Tax, Income Tax, Capital Gains Tax.
* Calculate the tax owed by or any refund due to the client and advise when payment should be made.
* Problem cases. Some accountants/ tax advisers specialise in cases where the client’s returns, or the lack of them, is under investigation by HMRC. Quite often these businesses are run by former employees of HMRC who will have worked on such cases during their career in the department. The aim of these businesses is to secure the best deal for the client by avoiding prosecution and gaining the maximum mitigation of penalties in return for full disclosure and cooperation. 
* Provision of specialist advice for example, tax mitigation, retirement planning, drawing up financial projections to secure loan finance. 
* Some firms specialise in getting tax repayments for clients and advertise their services on the internet. These are often on a no win/no fee basis. These firms are known in HMRC as High Volume Repayment Agents. The repayment claims usually are based around expenses that are allegedly incurred by the client in connection with their employment/business. A high percentage of the repayment claims are rejected.