Another levy is being put in place! The Economic Crime Levy (ECL) applies currently to those firms who are supervised under the Money Laundering Regulations (MLR) and whose UK revenue exceeds £10.2m per year.
These firms will need to:
- register for the ECL with HMRC
- submit a return by 30 September every year, which includes your UK revenue for the relevant accounting period
- pay a fee every year.
The first fee is due on the 30 September 2023 and HMRC will update guidance on how to make a payment later in the year.
For medium-sized firms (turnover between £10.2m and £36m), the fixed-fee levy is currently set at £10,000 per annum.
Read HMRC's policy paper, Get ready for the Economic Crime Levy.
