Businesses at Risk of Further HMRC Admin Charges and Penalties

Businesses are at risk as HMRC are to hand out additional admin charges which will apply to all penalties issued from Wednesday, July 25.

The UK’s tax authority – HMRC – almost doubled the fines it handed down for AML breaches in the last financial year.

Though the total number of penalties has reduced from 901 to 655 from 2017-18, revenue from fines has risen from £1.2m to £2.3m during the same period, as detailed by the Financial Times earlier this month.

HMRC oversees compliance within anti-money laundering markets including accounting firms, law, conveyancing and estate agents.

Whats more, a recent report from Property Industry Eye has detailed how those found to be in breach of anti-money regulation will not only be fined but also have to pay a ‘penalty administration charge.’

A failure to register or notify HMRC of changes to your business will result in a charge up to £350.

For compliance breaches, such as failing to keep your records updated or complete satisfactory customer due to diligence – the charge will be up to £1,500.

HMRC says that if it writes to a business regarding a penalty, it will include details of the administration charge as well as the penalty itself.

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