Other useful information regarding coronavirus for members in Practice
Here we provide a range of other information that will be useful for members in Practice.
Temporary changes to pension processes
HMRC has implemented some temporary changes to pension processes to help scheme administrators during the coronavirus period. These changes apply for the next 3 months and will be reviewed at that time. The changes affect:
- Rent and loan payment holidays
- APSS105 relief at source repayment claims
- R63N – repayment request for registered pension schemes
- Relief at source – excess relief
- Accounting for Tax return submission and payment delays
- APSS262 – reporting transfers to a qualifying recognised overseas pension scheme (QROPS).
Detailed information on the changes is available in the Pension Scheme Newsletter 118.
The Information Commissioners Office have issued guidance through a series of FAQ for data controllers around data protection and the coronavirus.
Information on Companies House operations and filing arrangements. You can also sign up to receive further updates in this dynamic situation.
When times are tough, businesses and individuals feeling the pinch will try to recoup any losses wherever possible – including from their professional advisers. This blog from Brodies includes some helpful and practical actions to take to mitigate these risks.
Employer support for redundancy
AML verification of client identity
In light of the disruption their customers could be facing, firms may for example wish to consider alternatives to face-to-face identification or verification of customer identity. In particular, the 2019 Amendment to the Money Laundering Regulations specifies that information obtained through some electronic identification processes may be regarded as obtained from a reliable source which is independent of the person whose identity is verified. Where customers cannot produce a document required for CDD purposes due to the epidemic, firms should consider whether there are any other ways of being reasonably satisfied as to the customer’s identity.