ECSH44725 | Businesses with turnover below £5,000

If the business has a turnover less than £5,000, they can apply for a ‘small business’ reduction.

The business will have to pay the full premises fee and application fee for registration, but they will receive the relevant refund if their application or annual refresh has been accepted. Current fees can be found here.

The business can apply for this “small business reduction” within 12 months of payment by submitting an application to [email protected] with ‘Turnover Reduction’ in the subject line.

In the email the business should include:

• Their anti-money laundering supervision registration number (12 digits starting with an X).

• Their previous years turnover (if trading for more than 12 months).

• Their anticipated turnover if the business is new.

We will check the accuracy of the information businesses provide using HMRC records such as self-assessment tax returns, corporation tax returns or company accounts for business turnover. We will contact a business if we need them to send extra information or documents.

We will not be able to process a business’ application until it makes the full payment. Once that is complete, we will refund the appropriate amount of the registration or annual supervision fee.

We will aim to process refunds within 30 days once we have the required information.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)