Tax Credits Ltd (TCL) can no longer trade as a repayment agent after HMRC found the company had committed serious anti-money laundering breaches.

As a result of breaching the regulations, which are designed to prevent businesses being exploited by criminals to launder money, it is now a criminal offence for TCL to trade as a tax repayment agent.

TCL was set up in February 2020 with a sole director, Nicola Jane Walmsley, while Barry Brennan owns 75% or more of the company’s shares and is named as a person with significant control. The latest annual report shows a balance sheet of current assts of £1m, including £584,000 in cash holdings, with six staff.

The company offered taxpayers an option to use an online ‘fast track’ process to submit their refund claim. This involved giving an electronic signature and ticking a box. By ticking this box, TCL says it gave them permission to sign a deed or letter of assignment on the taxpayer’s behalf.

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