HMRC is increasing its AML supervisory fees from 1 December. Following feedback that its initially proposed increases were too much, it has reduced the amount of some increases. The new fees will be:
- £500 for the fit and proper test (up from £150) – this is for the initial check, with no charge for retests
- £300 application fee (which is being reintroduced) – which HMRC will waive for businesses eligible for the small business fee
- £400 for the premises fee (up from £300)
- £2,000 for a sanctions administration fee where HMRC imposes sanctions for non-compliance, with the fee for failing to provide information under a regulation 66 request staying at £350.
It will also look at how to make small businesses more aware of the Small Business Fee refund.