You may have heard that HMRC fees for anti-money laundering supervision are going to be increased.
HMRC has not increased its fees since 2019, but cites the need to make changes to ensure they maintain their effectiveness as a supervisor, helping to protect against money laundering and terrorist financing.
HMRC’s supervision activity is funded by the fees received from registered businesses, and these fees cover operating costs.
For those who already have the VA exemption, you will be please to know that this still stands, and you can find information about that here.
Virtual assistants that do not need to register
If you only provide a small amount of accountancy services as a virtual assistant, you may not need to register.
You will not need to register if all the following applies:
- Your work is reviewed by an accountant or bookkeeper who is registered for money laundering supervision.
- Being a Virtual Assistant is your main business
- Your annual business turnover is less than £30,000
- No more than 5% of your total business turnover applies to accountancy service activities
- The accountancy services you provide support your main business
- There is no other business activity you need to register under money laundering regulations
If you do have to register for MLR, here are the changes in fees that they are proposing…
The proposed fee changes include:
• an increase to the premises fee from £300 to £400
• an increase to the fit and proper test from £150 to £700
• a reintroduction of the application fee, a one off £400 fee
• no change to the approvals fee, keeping it unchanged at £40
• increasing the penalty administration charge to a sanctions charge of up to £2,000
More detailed information about the supervision fees changing is available on GOV.UK.