You’d be forgiven for thinking that taking cash payments for the goods and services you provide is a basic business requirement, but if those payments exceed €10,000, HMRC want to know about it.
Money Laundering regulations require any business who accepts cash payments at this level to register as a ‘High Value Dealer’, regardless of how frequently you might do so.
So who needs to register?
Any business that accepts (or makes) cash payments of €10,000 or more OR the equivalent in any other currency.
These payments can be a single cash payment or several payments that add up to more than €10,000 but which relate to one transaction.
When should I register?
Before you make or accept the first payment. The process can take up to 45 days, so make sure you allow enough time for the registration to be completed. You will also need to renew your registration annually.
What if I don’t register?
Failure to do so is a criminal offence and penalties are severe.
Can I avoid the need to register?
Only if you don’t accept such large cash payments. It’s therefore a good idea to include this in your terms and conditions and make sure that your team are aware of it.
How do I register?
Do get in touch if you’re taking cash payments of this level and are unsure of the need to register or have any questions around the process.