HMRC clobbers garage for not complying with anti-money laundering laws

Your business will need to register with HMRC if it takes:

•    a single cash payment of €10,000 or more for goods

•    several cash payments for a single transaction totalling €10,000 or more, including a series of payments and payments on account

•    cash payments totalling €10,000 or more which appear to have been broken down into smaller amounts so that they come below the high value payment limit

And yes, it is in euros and not in pounds.  At the time of writing, 10,000 euros is approximately £8800 and includes payments directly into your bank account as well as in notes over the counter.

The complete list of who needs to and who does not need to register is found here: https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration
 

Authors: Jason Williams

Published: 21 Sep 2017

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To ensure you are a real person signing up and to prevent automated signups (spamming) could we ask you to copy the letters and numbers shown below into the box.

(cAse SeNSItivE!)

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