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Amendment to Money Laundering Regulations to help the self employed small business

Comment 21st August 2010

Dear Cameron,

I am now semi retired after 40 years as an accountant. My turnover was only £1400 for the year ending 31.3.2010 but on 1.10.2010 I will have to pay the £120 Money Laundering Regulation Fee, the fee would be the same even if my turnover was £50000.

As you will appreciate £120 is 8.5% of my turnover(my turnover will be much the same in the current tax year). I have to absorb most of this fee myself and consider it to be excessive given the value of my turnover. Could you please consider setting a turnover limit below which the fee is not payable, I would suggest £10000,or alternatively, having a fee which is on a sliding scale based on turnover.

 

Why does this matter?

It is important not to discourage people who, for whatever reason, wish to work part time, and equally important not to unfairly penalise them which this type of fixed fee certainly does.

We must remember that we are not just talking about retired accountants, but also about married or single parents working from home, perhaps for example providing a bookeeping service for a few small companies and who wish to work rather than rely on state benefits.I repeat we must not unfairly penalise people who wish to work.

Thank you for your time.

Roy C.Thompson

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