ECL31400 | Enforcement: Penalties: Failure to make a complete and accurate ECL return

Where a person is liable to pay the Economic Crime Levy to HMRC, they must make a return to HMRC on or before 30th September after the end of the financial year for which the liability arises.

If a person fails to make a complete and accurate return such that a lower amount of levy has been charged for the financial year, they will be subject to a penalty of either

(a) £250; or

(b) the amount which is 5% of the difference between the amount of levy paid as a result of the failure to make a complete and correct ECL return and the amount HMRC considers due,

This is at HMRC’s discretion.