Accountancy and Money-Laundering Provisions: What to Know
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October 28, 2025It has long been assumed that every business accountants Cardiff and beyond must register with HMRC. However, this is not always the case. While registration is a legal requirement for many, some other companies are exempt yet must still comply with their obligations under the HMRC’s money-laundering regulations and other related legislation designed to detect and prevent financial crime.
Understanding who must register and who is exempt is vital in order to remain compliant and avoid penalties.
Who Must Register with HMRC?
Accountancy service providers who deliver accountancy services to clients, offer tax advice and conduct statutory audit work should register unless the advice they offer is only to an internal organisation rather than third parties.
Who Is Exempt from Registering with HMRC?
The description of who is exempt can be open to interpretation, and it is recommended that any company that is unsure how to classify their business check rather than assume. In general, payroll services providers, virtual assistants and customs practitioners need not register unless their workload falls into a broader category with a deeper accountancy theme.
Many accountants such as https://www.hazlewoods.co.uk/expertise/business-accountants/cardiff/ are supervised by their certifying professional body so do not need to register separately with HMRC.
The Purpose of Money-Laundering Provisions
Irrespective of whether an accountant is supervised by a professional body or HMRC, they must comply with money-laundering legislation to protect themselves and their clients from money laundering or terrorist financing, reporting any suspicious activity promptly so that it can be dealt with before it becomes a problem.