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Businesses whose UK revenue exceeds £10.2m a year and that are supervised for anti-money laundering purposes by HMRC, the CIOT or the ATT will be required to register online with HMRC for the economic crime levy (ECL).
New guidance on the levy explains that businesses will have to submit returns and pay any levy due by 30 September following the end of the financial year. The first payments will be due by 30 September 2023 and will be for the financial year 1 April 2022 to 31 March 2023.
Tax agents are not able to register clients for the levy. HMRC intends to publish more detailed guidance on registration later this year.
