This guide is designed to support you and take you through some important steps in helping you create your own marketing plan.

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Anti-money laundering (AML) checks have long been part-and-parcel of the profession, but there are signs on the horizon that AML compliance will be a battlefield for accountants.

In 2017, the UK brought in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (known as MLR 2017 for short).

These rules implemented the EU’s 4th Directive on Money Laundering and did away with the Money Laundering Regulations 2007 (MLR 2007) and the Transfer of Funds (Information on the Payer) Regulations 2007 which were previously in force.

Okay, nothing new here – but a few recent tremors have many experts predicting an AML crackdown is on its way. Most notably, the first report from the Office of Professional Body Anti Money Laundering Supervision (OPBAS) harshly criticised the accounting bodies for lack of enforcement action and poor AML record keeping.

According to OPBAS’s figures, only half of the professional bodies issued fines for AML infractions last year, with most preferred the carrot to the stick, offering support and guidance to members to improve their AML compliance rather than issue penalties.

As OPBAS cranks up the pressure on professional supervisory bodies, it’s likely this will cascade down to accountants. The until now relatively light touch approach to AML supervision will be at an end, and practitioners face fines for non-compliance.

Under a more robust AML regime, accountants will need to invest in technology that keeps pace with their regulatory requirements. Done manually, checks are onerous, that’s why Capium’s Practice Management module now has a built-in AML checklist to assist you in remaining compliant.

Once a client is a set-up, AML information is safely stored and accessible. In your detailed client view, you can access client business information, social contacts, PAYE details, company directors and the AML Checklist in one place.

In other words, your legal AML duties are built into your practice workflow. And if enforcement cranks up, Capium users can easily demonstrate their compliance. That’s technology being truly useful.

Capium makes best practice simple. It’s a pure cloud platform built with the accountant in mind, allowing you to check all of the regulatory boxes required so you can get on with serving your customers.

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This self-assessment season is truly like no other. I know it sounds dramatic, but it’s true – because the usual winter craziness comes just before the April 2019 Making Tax Digital (MTD) roll-out.

Come 1^st of February, everyone usually relaxes for well-earned rest. But in 2019, accountants don’t have that same light at the end of the tunnel. Because once self-assessment season is over, we enter crunch time for MTD preparation. And that can mean more long hours and information chasing (depending on your MTD progress internally and with clients).

These 3 steps will help you tackle self-assessments with MTD in mind – so you maximise efficiency, eliminate duplicated effort and minimise ongoing stress.

1. Incorporate MTD-related requirements into your self-assessment checklists

This is the time of year clients are most likely to respond to you promptly. You’re on their radar, and they’re getting ready to pass on reams of information. So strike while the iron is hot. Discuss MTD with them while they’re on the phone or engaged in email dialogue. Give them tasks that will make preparation easier once you make this a greater focus come February.

For example, will you need them to change the way they submit expenses or bank statements to comply with MTD? Give them the action points now, when they’re going through your checklists anyway.

2. Refine your internal procedures for processing client information

When everyone’s flat out, defined procedures help people stay on track without having to worry, overthink or waste time. Assign roles and workflows. Who’s responsible for chasing which clients? How many times will you email before picking up the phone? Who’s checking information as it comes in? Do you have lists of what’s required, so you know what’s missing for each client (and aren’t scrambling for that missing bank statement come 29 January)?

These processes will not only help you minimise risk and survive self-assessment season, but can also be used for MTD efficiency going forward. After all, you’ll have this level of complexity 4 more times a year from April.

3. Ask clients to digitise as much as possible

We know that the old shoebox of receipts will be a thing of the past under MTD. And we know there will need to be more digital collaboration to comply with the new obligations.

This is a good time to get clients used to a digital relationship with you. Have an online collaboration space where you can share information and files. Use electronic signature capabilities for clients who have previously relied on the hard copy route. Give them access to an online status update, so they can see what information is outstanding and what the next steps are.

All these elements will be essential for MTD, and getting clients on board now, when you have their attention, will save time and simplify digital VAT return preparation down the line.

Minimise the risk of future resource challenges

Long hours, bigger workloads and higher stress levels are all hallmarks of self-assessment season. By making strategic tweaks to your processes now, you can make life easier for you and your clients when it comes to MTD – so you’re well positioned for a productive and profitable 2019.

Download our free Self-Assessment Season Survival Guide in collaboration with AccountingWEB.

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