HMRC has published guidance on changes to the fee payment and registration arrangements for businesses registered for money laundering supervision, introduced during the coronavirus emergency
Businesses due to renew money laundering supervision with HMRC with an annual fee due between 1 May and 30 September 2020 have two options.
They may be able to take a payment deferral for six months from the date any fee is due, and they are also able to deregister if they stop trading due to coronavirus.
However, any business that continues to operate and carry out activity covered by the Money Laundering Regulations (MLR), must stay registered with HMRC and continue to meet their obligations under the MLR.
HMRC will send businesses a reminder on the date their payment is due and they can either pay in the normal way, or pay at any time up to six months from the original due date.
The tax authority will contact any business which chooses to defer payment again before the new payment date.
Businesses which have temporarily closed due to coronavirus or have stopped all MLR activity can choose to deregister.
When they are ready to reregister, these businesses will need to make a new online application which will set a new date for registration and the payment of the annual fee.
Money service businesses and trust or company service providers will not be able to trade again until their application has been approved.