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HMRC offers deferral for AML registration fees

HMRC said that organisations struggling in the current climate can take advantage of a six-month deferral on their £300 AML registration fee.

29th May 2020
Editor in Chief (interim) AccountingWEB
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The tax department, which is responsible for regulating non-affiliated organisations for anti-money laundering compliance, added that organisations that stop trading due to coronavirus can deregister from the registration scheme.

The Cornavirus concession applies to all businesses with fees due between 1 May and 30 September 2020.

HMRC said it would send AML payment reminders in the usual way when payments are due and the organisation can then chose to pay at any time up to six months from the original due date. Another reminder will be sent before the new payment date.

The majority of practising accountants are regulated by their professional bodies, but unaffiliated firms are required to register with HMRC and pay a £300 fee per year for each registered business property.

The fee deferral was announced during the same week as HMRC’s IT system was upgraded to allow residential letting agents register online. Most of these AML registration, notification and payment processes can now be done online.

Replies (4)

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By rockallj
29th May 2020 13:04

Perhaps my professional body could do the same?

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By memyself-eye
30th May 2020 14:20

Ahh, how nice of them - they triple the AMLR fee and then offer a lousy six month deferral.

How about six years? - I'll be out of here by then.

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By Nebs
01st Jun 2020 12:25

I'm retired now, but follow a couple of websites just to keep up for my own simple tax affairs. I've often wondered, what do you get for your £300?

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By mbee1
01st Jun 2020 14:44

Nebs wrote:

I'm retired now, but follow a couple of websites just to keep up for my own simple tax affairs. I've often wondered, what do you get for your £300?


Nothing!
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