Businesses whose annual fees for money laundering supervision are due between 1 May and 30 September 2020 may apply to HMRC for a six-month break or deregister if they have ceased trading due to Coronavirus.
Propertymark encourages agents to investigate what action is best for them but cautions that de-registering a business means that all trading must have stopped, and businesses will need to be re-approved if they wish to start trading again.
If your business has continued to trade throughout
Businesses that continue to operate must remain registered with HMRC for money laundering supervision. All obligations under the Money Laundering Regulations (MLR) must still be met if the business is trading.
HMRC will issue businesses with a reminder when payment is due, and businesses may either:
- pay in the normal way
- pay at any time up to six months from the original due date
If your business has temporarily suspended trading
You may choose to deregister from HMRC supervision if you have temporarily closed your business due to Coronavirus and stopped all MLR activity. You will need to make a new application to re-register your business if you resume trading, and you will not be able to trade again until the new application has been approved.
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