HMRC is consulting on three main options for changes to its money laundering supervision fee structure from 1 December 2018, in order to preserve the policy that businesses should pay for the costs of supervision, rather than this being funded through general taxation. In addition, two new charges are proposed.
The three main proposals for revisions from 1 December 2018 are:
retain the current fees structure, but increase the level of fees significantly;
alter the fee structure to no longer charge for each premises, introducing instead a flat fee of £100 per business plus a turnover-based fee of around 0.03% of turnover, excepting businesses with a turnover below £20,000; and
retain the current fees approach based on each premises, but with a scaled fee that increases with the number of premises a business registers with HMRC.
The two additional fees proposed are:
an administration charge for late payment of the annual registration renewal fee; and
a fit and proper re-testing fee, set at one fifth (£20) of the fit and proper test fee.
The paper puts forward three options for the late renewal administration charge:
a flat fee of £100;
a fee of 5% of the registration fee, subject to a minimum of £50; and
an escalating fee based on the lateness of the payment.
HMRC is consulting on three main options for changes to its money laundering supervision fee structure from 1 December 2018, in order to preserve the policy that businesses should pay for the costs of supervision, rather than this being funded through general taxation. In addition, two new charges are proposed.
The three main proposals for revisions from 1 December 2018 are:
retain the current fees structure, but increase the level of fees significantly;
alter the fee structure to no longer charge for each premises, introducing instead a flat fee of £100 per business plus a turnover-based fee of around 0.03% of turnover, excepting businesses with a turnover below £20,000; and
retain the current fees approach based on each premises, but with a scaled fee that increases with the number of premises a business registers with HMRC.
The two additional fees proposed are:
an administration charge for late payment of the annual registration renewal fee; and
a fit and proper re-testing fee, set at one fifth (£20) of the fit and proper test fee.
The paper puts forward three options for the late renewal administration charge:
a flat fee of £100;
a fee of 5% of the registration fee, subject to a minimum of £50; and
an escalating fee based on the lateness of the payment.
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