Assessing and coding the Private Company details from the MOD PC 043-04010040

Ensure:

• MOD PC is completed fully and contact details are supplied
• All required documents have been supplied. These are listed in the MOD PC checklist

• Yes, go to Step 3
• No, if full details on MOD PC and required documents have not been supplied, advise customer or contact to provide the information within 14 days. Until information is received, procedure ends here

• See Identifying and making suitable referrals to the Complex Assessment Officer (CAO)

Procedure ends here

For Complex Assessment Officer (CAO) use only

Persons may be listed within the MOD PC, the tax return/financial statements, or other information obtained for the assessment of the company. They may be:

• directors
• shareholders
• persons who have loaned money to the entity
• other relevant persons

Where persons are listed, check if:

• the person or their partner are linked to the entity on the Link Summary (LS) screen
• the person or their partner have been in receipt of an applicable payment or benefit for any period of involvement
• there are any:
• outstanding CAO referrals for assessment of the entity, or
• scanned documents disclosing the person’s involvement with the entity on their or their partner’s record
• involvement with the entity was declared within a previous claim submitted by the person or their partner
• involvement in the entity was otherwise disclosed by the person or their partner

Action any outstanding CAO referral or unactioned assessment of disclosed involvement.

For persons who are not linked and appear to have undisclosed involvement for a period while in receipt of an applicable payment or benefit:

• report the details using the Report Suspected Fraud and Corruption System. See Report suspected fraud and corruption
• no further action is required. Do not:
• investigate undeclared involvement
• link to entity record
• send requests for information

For Complex Assessment Officer (CAO) use only

If an asset has been sold or disposed of within the last 5 years, the CAO will make a decision about deprivation.

For Complex Assessment Officer (CAO) use only

If the company owns real estate, check the customer’s estimate of the current market value of the property (see real estate details section of Mod PC.

Depending on the value of the other assets and liabilities in the company, and whether there is a current customer attributed with control, a valuation of the property may be required.

The CAO will request the valuation as part of their assessment.

For Complex Assessment Officer (CAO) use only

Check if a record already exists for the company. If a record does not exist, follow the instructions in Searching for and indexing private trusts and companies. Then return to this step.

Update income distributions, assets and liabilities from the profit and loss statement and balance sheets

• Code or update Attribution on Trust/Company Attribution (TRA) screen
• Code or update income on Trust/Company Income/Deduction (TRID) screen
• Code or update income distributions on Trust/Company Distribution (TRD) screen
• Code or update assets on the relevant asset screen
• Update liabilities on the Trust/Company Liabilities (TRLD) screen

For Complex Assessment Officer (CAO) use only

A closely held employee is an individual directly related to the entity from which they receive income. For example, directors or shareholders of a company.

If employment income is paid to a closely held employee:

• periodically, they are assessed as ordinary employment income and coded with frequency IOP or LOP from the date paid, for the period they represent. See Recording and correcting employment income details
• as a lump sum, they are assessed from the entitlement period start date of the period in which they are paid for the period they represent (up to 52 weeks). Record using frequency LOP with pay period start and end dates included. See Treatment of lump sums

These payments should only be recorded using continuous income frequencies if either the 1WE or 2WE exception or Pension Monthly Exception (MTE) Rule are met.