When you start or grow your business, you will need to consider the business insurances you need. Different insurances will ensure your business is compliant with the latest legislation. For
The anti-money laundering supervision fees are changing from 1 May 2019.
HMRC is introducing significant enhancements to its supervision and taking a more robust approach to tackling non-compliance with the Money Laundering Regulations. Key improvements include:
- increasing the number of staff available for more face to face and desk-based interventions with registered and unregistered businesses
- providing more educational products and activity, including webinars and online-learning. Helping registered businesses to get things right the first time
These enhancements come at a cost. HMRC’s anti-money laundering supervision fees are changing from 1 May 2019:
- the annual registration fee is increasing to £300 per premises for businesses with a turnover of £5,000 or above
- the annual registration fee is increasing to £180 for businesses with a turnover below £5,000
- the charge for fit and proper (F&P) testing is increasing to £150
- the approval check fee will remain at £40
All customers will pay the £300 premises fee when they renew. However, if their turnover is less than £5,000 they can apply for a reduction. Information on how to do this is on GOV.UK.
HMRC published a discussion document last year which invited comments on the fee structure. The summary of responses to this has been published on GOV.UK.