ECSH44575 | Annual premises fee

When a business registers for anti-money laundering supervision, it must pay HMRC a registration fee for each business premises, alongside any other supervisory fees due (such as approvals or fit and proper test fees). These fees must be paid annually.

If any new premises are added in the first 6 months after the fee is due, the full fee will need to be paid for these additional premises. For additional premises added less than six months before the next annual fee payment, 50% of the premises fee is due. All other fees such as fit and proper or approvals fees for new beneficial owners, officers or managers (BOOMs) must be paid in full.

If a premises is removed part way through the year, we will refund the business 50% of the premises fee if there is more than six months until its fees are next due. If the fees are due within six months, the premises fee is non-refundable.

Enterprise tax management platform (ETMP) sends out a secure communication advising the business that they should complete an annual refresh of information and advises the business of the fees due. The business must review the information on their business and submit an annual declaration and pay the annual fees within the timeframe specified. Reminders are sent out 28 days, 14 days and 7 days before the end of the month in which the fees and declaration are due.

Reminder notice not returned

A business’ registration will be cancelled if the business fails to complete their annual declaration refresh or pay their annual fees.

If the business submits annual declaration/refresh but fails to pay fees, the registration is automatically cancelled after one year if HMRC does not make a decision on the annual declaration/refresh. This is communicated to the business by an automatically generated secure communications.

Small business reduction

If the business can evidence a turnover less than £5,000, they can apply for a ‘small business’ reduction. See ECSH44725 for more information.