HMRC has provided outline details of a new online, digital system for anti-money laundering supervision set to be introduced next year
The system will allow all registrations, renewals, updates and payments to be made online.
Currently businesses registering for the first time are asked to complete their form online, print it off and post it to HMRC. Businesses renewing their registration are sent a letter and asked to respond by post.
The new online system is designed to reduce errors and ‘rejected’ applications - these will be flagged up instantly, avoiding forms being returned for re-submission.
HMRC says it will reduce the delays in the current approach and will better meet business needs, as it has been designed and tested with a user group over the past year providing feedback.
Using the system for the first time will involve a one-off completion of the business’s details. This is the same if the business is already registered with HMRC or if it is registering for the first time.
The system will allow applicants to save their entries and come back to them for up to 28 days. Once registered, when businesses come to renew a year later, the details will be stored and the process will be quick, easy and completely paperless.
HMRC says it will be communicating with businesses when the system is ready to launch in 2017.
Users of the new system need an online ID, and if they do not have one already, they need to register at government gateway online.
