ECSH44550 - Application Fee
When a business registers for anti-money laundering supervision, it must pay HMRC an initial application fee, alongside any other supervisory fees due (such as premises fees, approvals or fit and proper test fees).
This fee is imposed to cover the costs of scrutinising new applications to register (applying for and processing annual declaration is a more streamlined process, for both HMRC and for supervised businesses).
The application fee will also apply to businesses who have had their registration cancelled for failing to pay their fees on time.
Small business reduction
If the business can evidence a turnover less than £5,000, they can apply for a ‘small business’ reduction, which waivers this fee. See ECSH44725 for more information.