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HMRC are to implement option three of the informal consultation on fees charged to the businesses the department supervises under money laundering regulations.
Measures set to take effect from 1 April include:
HMRC are to implement option three of the informal consultation on fees charged to the businesses the department supervises under money laundering regulations.
Measures set to take effect from 1 April include:
- per premises registration fee to increase by £5 in 2016/17;
- non-refundable processing fee of £100 to firms registering for the first time;
- cost of fit-and-proper person test raised to £100; and
- removal of transitional cap on the fee payable by estate agencies with more than 20 premises.
The current structure will apply to applications for registration received before 1 April, while those received from the date will be processed under the new structure.
An in-year increase in premises will not require a new application fee of £100 for each set of premises, given the number of premises owned by larger businesses can vary within the year, said the Revenue, but an additional premises fee of £110 will have to be paid for each new premises opened, continuing the process already in place.
The tax department added that the consultation on fees highlighted other issues officials need to consider in more detail:
- impact of fees on the smallest businesses on HMRC’s register;
- frequency and extent of support and communication that businesses on taxman’s register receive;
- addressing misunderstandings and misconceptions about anti money laundering supervision and the role of the Revenue as supervisor; and
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giving feedback to registered businesses on the positive impact that compliance with anti-money laundering regulations provide.
