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NCA granted freezing orders on eight bank accounts containing £100m20th August 2019

The following article was written by LEWIS CATCHPOLE for Accountancy Today

The National Crime Agency (NCA) has been granted freezing orders on eight bank accounts containing a total of more than £100m, which is suspected to have derived from bribery and corruption in an overseas nation.

The Account Freezing Orders (AFOs) were obtained at Westminster Magistrates Court on 12 August, and represent the largest amount of money frozen using AFOs since they were introduced under the Criminal Finances Act 2017.

The orders will allow the NCA to further investigate the funds. If found to be derived from – or intended for use in – unlawful conduct, the NCA will seek to recover the money.

Approximately £20m held by a linked individual was frozen following a hearing in December 2018.

Earlier this year, in unrelated cases, the NCA secured an account forfeiture order against more than £400,000 held in frozen bank accounts belonging to a Moldovan national. Another forfeiture order was granted on money held in an account belonging to the niece of Syrian ruler, Bashar al-Assad.

The NCA’s Ben Russell, deputy director of the National Economic Crime Centre (NECC), said: “The NECC leads UK law enforcement efforts to tackle illicit finance, bringing the capabilities of multiple agencies together against the threat.

“In the last year, the NCA has used new powers such as Unexplained Wealth Orders and Account Freezing Orders to target suspected illicit assets, and we are already seeing some far reaching impact of this activity.”
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Time to abolish IR3517th July 2019

If you ever want to lose a popularity contest, then stick up for the Government and HMRC. Your friend s might start to you look at you in a different light.

So here I go.

Isn’t it about time the Government started to have an all Party debate about the use of IR35.

We should only have a three-tier system. Unemployed, Employed or Self-employed.

Having IR35 which is consider not one thing or another appears to be hurting the system.

Contractors complaining when they must file tax returns and complaining when they have to pay their taxes.

It is always patriotic to tell the next man or woman to pay their fair share whilst we are seeking measures and loopholes to avert paying our entitlements.

IR35 was set up to disguise the employment. Dose not the term alone already cast doubts in our minds about the credibility of this scheme and those that want to hide behind it.

If I am not an employee of a Company that is paying me, I must be a subcontractor, surely? Or is that too plain and simple. Why cannot I be a bit of both. Then have a tax scheme to clearly show that I am different.

MP’s are now being targeted on both side of the House to disrupt the April 2020 reforms that will affect IR35.

Let us abolish it all together and be like the rest of us.

Employed or Self-employed.


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The Childcare Bill16th June 2015

Today is the second reading in the House of Lords for the Childcare Bill. The Lords and Noble persons will debate the provision about free childcare for young children of working parents.

When I have looked at this I see that if this law is passed there could be an entitlement of up to 30 hours of free child care for all qualifying parents. Is this another burden on those who do not have children or is it a moral duty of us all to look after our young.

What do you think?

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Equal pay for women7th May 2015

It is reported in the UK that the male £1.00 in employment is equal to 81p in the female wage packet. In 2015 can this really be the case and if so how can this gap be closed or even shortened? Whose responsibility is it to narrow that gap?

As an employer working with an all-female group I look at each person’s ability and the value that they bring to the business. The attention to detail at work and their attention and ability to communicate with clients. This to me proves more than valuable and I cannot see that by employing a particular gender to do the same job would be more profitable for the business nor would it give me a greater return.

So what is it that some businesses see that I don't see?

My all female staff came about my chance and not by design. Every time we considered expanding a female would apply for the role and it was just a case of taking a chance with them. I am fortunate that this has so far proved successful and has worked positively in the company's favour. How could I think of employing a man just because he is the same gender as me?

I'm my case it would be nice to have a male in the office to talk about football and how great Messi and Renaldo are but what does that do for my bottom line? Nothing.

So again I probe for the right reason to employ just because of gender.

We all want equality and I believe employers should always look at the skills of a potential employee and not their colour or gender. This will go far in assisting equality.

A cynical view can be that 19p will be saved for very £ paid. Fortunately my conscious and morality is worth much more than that.

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Penalty increase for late 2014 Tax Returns1st May 2015

Your 2014 tax return should have been received by HMRC by the 31st January 2015. All tax returns that arrived after that date was subject to a late penalty of £100.00. If those same tax returns remain outstanding today is the last day to submit them before HMRC steps up the penalties levied against you.

As from tomorrow the daily penalty rules will apply and you will be a £10.00 per day penalty for up to 90 days. (max £900.00)
Surely it will make sense to get your tax return filed today.

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HMRC and RTI late filing penalties.18th February 2015

Today HMRC announced that it changed its stance on RTI late filing penalties.
Automatic penalties for late PAYE payments were due to start from 6 April, but HMRC said it will now continue to “risk assess” these penalties rather than issuing them automatically.
HMRC website has stated since August states that penalties will be introduced for employers who report their payroll information late from:
• 6 October 2014 for employers with 50 or more employees
• 6 March 2015 for employers with fewer than 50 employees
When penalties are charged
You can get a penalty if:
• your Full Payment Submission (FPS) was late
• you didn’t send the expected number of FPSs
• you didn’t send an Employer Payment Summary (EPS) when you didn’t pay any employees in a tax month

The department confirmed that automatic penalties for filing RTI submissions late will start from 6 March 2015, but has opened a new three-day concession for those who missed monthly full payment submission (FPS) filings since last October.
FPSs are due by the end of the tax month (6 March), but any employer hit with an in-year late filing penalty between 6 October 2014 and 5 January 2015 where they were less than three days late can appeal online against the penalty by completing the “Other” box and adding “Return filed within 3 days”.
To further reduce the number of unnecessary penalties issued, HMRC will also close around 15,000 PAYE schemes in March that have not made a PAYE report since April 2013 and which appear to have ceased.

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