Any regulated businesses that need to sign up for the Economic Crime (Anti-Money Laundering) Levy (ECL) can now both register and make returns via the online service. Registrations and returns cannot be made by tax agents, so every affected business must sign up and make their returns directly.
To file a return online, businesses must have registered with the ECL and have requested their access code. Once they have both they can file their returns.
The ECL online service is accessible via GOV.UK and if your business needs to register, you will need:
- information about its UK revenue for the last financial year;
- the date when the organisation started anti-money laundering regulated activities;
- the contact details of a responsible person in their organisation, including all the following: name; role; email address; telephone number; the business sector the organisation operates in.
How often you file and pay depends on your collection authority
Depending on who your relevant collection authority is, you may need to file a return and pay a fee every year. It will be one of the Financial Conduct Authority, the Gambling Commission, or HMRC. You can find out background information on ECL at GOV.UK.
If your collection authority is HMRC, for example, then affected customer will only register for the ECL once but must submit a return and pay the ECL every year your UK revenue exceeds the threshold. This must be done by September 30 each year, so the payment for April 1, 2022, to March 31, 2023, is due on September 30, 2023.
Let us help you
If you think you may need to sign up to the ECL or have already signed up and need help with filing your returns, please get in touch and we will help guide you through the process.