Solicitor firms could face enforcement by the SRA if they do not register their tax advice work under new anti-money-laundering obligations.
Firms need to check whether they need to register as doing tax advice work to fulfil their obligations under the money laundering regulations.
The portal for DAC 6 reporting to HMRC is now open, with the first reporting deadline falling on 30 January 2021.
Solicitors should discuss clients' expectations of completing before the stamp duty holiday deadline to avoid people losing money and being left disappointed.
We’ve been informed by HM Revenue and Customs that reporting under DAC 6 will be required for a limited time for arrangements that meet hallmarks under category D.
We're urging consumers to have realistic expectations about achieving their dream move before the looming stamp duty holiday deadline.