Does my firm have to pay the economic crime levy?
I’m the managing partner of a mid-sized conveyancing practice. Our turnover will exceed £10 million for the first time this financial year. Will we have to register to pay the economic crime levy?
Due to the type of work your firm undertakes, it would be deemed to be “a business regulated by a professional body for anti-money laundering purposes”.
You would therefore be liable to pay the economic crime levy if turnover exceeds £10.2 million during the financial year ending 31 March.
The levy payable by a ‘medium entity’ such as your firm has been set by HM Revenue and Customs (HMRC) at £10,000.
The deadline for payment is six months from the end of the relevant financial year (no later than 30 September).
If you encounter any difficulties registering your firm, call HMRC’s economic crime levy helpline on 0300 322 9621.
For guidance on the size of the levy payable by large and very large firms, and for further information on how to register with HMRC, see our guide to the economic crime levy.
Disclaimer
While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.
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