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Namechange for HMRC MLR

MLR Update

HMRC’s Anti Money Laundering Supervision (AMLS) team has changed its name to Economic Crime Supervision (ECS).  As part of continuing changes to the service, the anti money laundering supervision team (MLR) will now be knows as the Economic Crime Supervision team. You will begin to see this new name on correspondence from April 2021. This change does not affect its responsibilities under…

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Sole Trader vs Limited Company

Noel Guilford

“Should I be a sole trader or a limited company as a virtual assistant?” We get asked this a lot from start-up virtual assistants or those thinking of becoming a virtual assistant. Certainly the vast majority of VAs are sole traders (81% of UK VAs are sole traders*). But then the majority of VAs are…

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VAT Registration – for VAs!

Noel Guilford

It is very unlikely that you will have to register for VAT, at least initially, as a virtual assistant. You only have to register if: Your turnover (the amount you invoice your clients) for the previous 12 months is more than £85,000, the threshold at the time of writing, OR You expect to go over…

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Anti Money Laundering Regulations for Virtual Assistants

If you offer bookkeeping or accountancy services, you should be registered for Anti Money Laundering Regulations.  Over the course of the last 18 months or so we’ve been working closely with VAProMag and HMRC to achieve two aims for the VA industry: Clarity surrounding who needs to register – including consistent advice when people call…

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Optimise Your Invoicing With Invoice Cheat Sheets

Late payments are a common problem for many businesses in the UK. This problem causes cash-flow problems for those businesses affected and costs the economy billions of pounds a year. In addition to the financial cost, a lot of time is wasted by businesses chasing unpaid invoices. One of the solutions proposed by Sage in…

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Money Laundering Regulations

Jo Sparkes of VA Pro Mag has bravely decided to tackle the thorny issue of Money Laundering Regulations (MLR) registration as anecdotally we’ve heard so many different rules regarding whether or not VAs should register and what is and isn’t allowed. At times it feels like if you called them 10 times, saying exactly the…

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