Nottinghamshire businesses have been fined for breaching HMRC anti-laundering rules. Certain types of business are required to register with HM Revenue and Customs, which oversees Money Laundering Regulations, and on Thursday, June 8 the government department published the details of businesses which had not complied with these rules between July 1 and December 31, 2022.
HMRC's list of compliance and registration penalties, which included four Nottinghamshire companies, was caveated by the government body. It said the businesses may have changed their behaviour, may no longer be based at the published address, those at the published address may have no connection with the published business, and that the firms could be under new, and completely different management.
The largest fine in the county was issued to Lighthouse Estate Agents Limited EAB, of Station Street, Kirkby-In-Ashfield, which had to pay £14,500 after it was judged to have failed to register at the time needed. Director Simon Wright explained the fine was the result of an "unfortunate" mistake.
Is the government doing enough to help with the cost of living? Let us know
"It was a clerical error from an old director when the company was set up," Mr Wright said.
"It has been rectified and we paid the fine, it is as simple as that - it was nothing sinister. We actually were going through some compliance upgrades, registered with them, and then annoyingly got a fine."
He said the Government did not do enough to support small businesses, and that he had unsuccessfully pleaded with HMRC to help the family-run business avoid the hefty fine. "We carry out all due diligence as a business and we were transparent with them [HMRC]," Mr Wright added.
"I am annoyed because we are just a small family business and having a fine has an impact on us, it comes out of our own pockets. I think the thing is they need to communicate with businesses more and help, but they didn't listen to my reasoning so we'll just have to get on with it and suck it up."
HMRC has a range of enforcement powers that it can use for businesses which do not comply with the Money Laundering Regulations, including civil penalties, criminal proceedings and removal from the register. Inspire UK Property Investment Limited, registered at Minster Gardens in Newthorpe, also had to pay up for failing to apply for registration at the required time.
The business paid £3,500 and did not appeal the breach. When contacted, a representative for Inspire UK Property Investment Limited declined to comment on the fine.
The two other Nottinghamshire businesses fined for breaching the regulations are both based in Mansfield Business Centre. Accountancy Solutions (Midlands) UK Limited ASP and G Mann Accountancy Solutions Limited ASP, which HMRC said were registered to the same office, were both fined for failing to apply for registration in time.
The two businesses were fined £4,381 and £2,650 respectively and both decided not to appeal. The office of both companies was contacted for comment.
HMRC explained that hundreds of companies in the UK had been fined £3.2 million in total for breaching anti-money laundering rules. HMRC is one of 25 Anti-Money Laundering supervisors in the UK.
Do you support any of the following strikes? (Nurses, teachers, ambulance staff, firefighters) Tell us here
READ NEXT:
