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DAC6: UK Mandatory Disclosure Rules Consultation Released

HMRC MDR consultation

On 30 November 2021, HMRC published their draft UK Mandatory Disclosure Rules and released their consultation which seeks views on the design of the draft regulations. The consultation will be open until 8 February 2022.

At the Spring Budget 2021, the UK Government announced that it would implement Mandatory Disclosure Rules(MDR)(2.14). The rules are intended to replace the similar EU DAC6 rules which were implemented in the UK prior to their exit from the European Union. The draft regulations draw closely to the OECD’s Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures.

MDR requires advisers (and sometimes taxpayers) to report information to the tax authorities on certain prescribed arrangements and structures including those that could circumvent existing tax transparency reporting rules known as the Common Reporting Standard or hide ownership of assets. 

VinciWorks will be hosting a webinar in the coming weeks with representatives from HMRC to discuss the consultation.

Upcoming webinar: How to successfully implement an ESG programme

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Implementing an ESG programme can seem like a daunting task. From reporting methodologies to external ratings, there’s a lot to consider.

This webinar will go through the steps that any business can take to begin thinking about an ESG programme. Whether you have an extensive, carbon-heavy supply chain or are in professional services, ESG reporting doesn’t have to be complicated.

This webinar will cover:

  • How to start thinking about implementing an ESG programme
  • Which ESG reporting frameworks are relevant to your organisation?
  • How to classify existing initiatives under ESG
  • Why ESG programmes can be beneficial to any organisation
  • How to write ESG pages in an annual report

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The Omnitrack appraisal solution: supercharge staff potential in 2022

As we approach the end of 2021, many organisations will be thinking about appraisals. Whilst employees and management alike may not always look forward to them, appraisals can significantly contribute to success, when done correctly. 

But why stop at reviewing employee performance? Why not consider overhauling your entire appraisal process too? VinciWorks has recently launched the new Omnitrack HR Suite, which includes an employee appraisal solution. The customisable workflow encourages employees to evaluate their performance against company values and goals. Its structure also guides in-person meetings and can be used to record areas for improvement. 

Before looking closer at the Omnitrack appraisal tool features, this blog will outline some objectives of the appraisal process and explain why static forms or spreadsheets are not the answer. 

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DAC6 Malta: Deadline for annual notification by non-disclosing intermediaries

DAC6 legislation in Malta requires that an intermediary who is exempt from reporting in Malta (such as those who rely on legal professional privilege) must provide the Commissioner for Revenue with an annual updated situation including a list of the reportable cross-border arrangements that were not reported.

On 11 November 2021, the Maltese Commissioner for Revenue announced that the deadline for the notification needs to be submitted by 28 February 2022 for all transactions where the triggering event was met by 31st December 2021.

The annual notification form can be accessed here.

VinciWorks’ DAC6 Solution offers a tracking, auditing and reporting solution for all firms in Malta. Get in touch with us to see how Omnitrack can help ensure you are completing your reporting requirements.

On-demand webinar: COP26 and compliance – ESG after Glasgow

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The UK just hosted the UN Climate Change Conference, known as COP26. This summit is one of the most consequential climate events since the negotiation of the Paris Agreement in 2015 and was attended by world leaders, politicians, business chiefs, climate change campaigners and sustainability experts.

With increasing ESG regulations coming across the world, particularly on the environment, what will the international effort to tackle climate change mean for environmental compliance?

In this webinar, we dissect government and international commitments following the conference and discuss what that means for businesses working towards net-zero.

We were joined by James Alexander, Chief Executive of the UK Sustainable Investment and Finance Association. As well as the impact of COP26, we heard from them about ethical investing and how businesses can set themselves apart through net-zero commitments and ESG compliance.

The webinar covered:

  • Current environmental regulations for businesses and what might change
  • The impact of COP26 on compliance
  • How companies can work towards net-zero
  • Understanding ESG reporting and preparing for ESG regulation
  • Setting up an environmental compliance programme

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Free guide: Employment law in the post-Covid workplace – Trends and challenges for UK workplaces

One of the most tangible impacts of the Covid-19 pandemic has been the rapid change in working practices. While the pandemic is not necessarily over, widespread vaccine roll-out programmes have allowed many places to return, at least legally, to some semblance of normality.

There’s a lot to consider in the topic of employment law, with much potential for change. Many companies now have hybrid work policies. What else might change in the future? What will employment law look like in one year, five years, or ten? What will the impact of Brexit be? 

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How can the JMLSG guidance help FCA-regulated firms?

The Joint Money Laundering Steering Group has produced guidance on the prevention of money laundering for the UK financial sector. JMLSG’s Guidance is aimed at both firms: (i) in sectors represented by its members (comprising a number of UK Trade Associations) and (ii) regulated by the Financial Conduct Authority (FCA). 

There are a plethora of ways the guidance can assist those in the financial sector. However, two key areas are: providing an overview of the requirements for undertaking risk assessments and CDD. 

AML risk assessments 

Chapter 4 of the guidance is entitled the “Risk-based approach”, and sets out an overview on how to comply with certain obligations, such as: 

  • Identifying and assessing the risks of money laundering and terrorist financing which a business is subject to
  • Putting in place appropriate systems and controls to reflect the risks identified 
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Your guide to ESG: What businesses need to know | Free download

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ESG – Environmental, Social and Governance – is the hottest acronym in the business world today. Global businesses are no longer working on environmental, social and governance issues in a silo. They are bringing them together under the banner of ESG to demonstrate the positive impact the business is having on the world. 

By combining issues like carbon emissions, progressive hiring practices and strong compliance, businesses can show not only are they a sound investment, but they have a net positive impact on the world. ESG is about assessing that net positive impact in the world, and taking concerted, defined and measurable action to improve it. 

VinciWorks has created a comprehensive guide about ESG that explains what it is and advises businesses on all they need to know and what steps they can take to work towards becoming ESG compliant.

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Anti-money laundering compliance for FCA-regulated firms

Anti-money laundering could be any law, regulation or procedure designed to respond to the threat of money laundering. However, it can be hard to decipher the precise rules which you need to be aware of. This is because the AML policies and procedures which apply to your organisation will depend on a number of factors, such as the jurisdiction in which you are based, the customers you work with, and the products and services you offer. In this blog, we will focus on the AML rules which apply to the UK’s financial service firms and introduce the guidance produced specifically for this sector. 

The Proceeds of Crime Act 2002

The offences in the UK’s Proceeds of Crime Act 2002 (POCA) fit into two categories. First, are the ‘core’ offences that apply to everyone, and aren’t specific to the financial sector. These include:

  • Concealing or disguising criminal property
  • Removing criminal property from the jurisdiction
  • Acquiring, using or possessing criminal property
  • Entering into – or becoming concerned in – financial arrangements which you know or suspect involve criminal property

An arrangement concealing or transferring terrorist property could also be an offence under POCA. But this is explicitly prohibited under the Terrorism Act 2000

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On-demand webinar: DAC6 — 10 months on

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Wednesday 10 November, 12:00pm (UK)

Following multiple delays, DAC6 has now been in force in most EU Member States since January 2021. Businesses across Europe are now reporting on cross-border transactions, with many still grappling with when, how and what they need to report.

In this webinar, Director of Best Practice Gary Yantin and Head of Legal and Product Research Ruth Mittelmann Cohen discussed the challenges that intermediaries and taxpayers face, give an overview of how the different EU Member States and the UK have implemented DAC6 and reveal the reporting patterns emerging from the different tax authorities. They also gave an update on the UK’s consultation document on MDR.

The webinar covered:

  • DAC6 recap
  • Top challenges firms are facing
  • Findings from different tax authorities
  • Approaches to legal professional privilege
  • UK MDR
  • What comes next?

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