The HMRC is targeting car dealers registered as “high value dealers” to crack down on potential money laundering.
Michelle Malone, ASE tax manager, said dealers should be prepared for a call from the HMRC who will be looking to arrange a compliance visit.
Malone advises that if HMRC do not feel that the regulations are being correctly adhered to then a compliance visit may follow but the purpose of the initial call is twofold:
• To re-verify registration details and to gather additional details such as the type of goods sold
• To ensure that obligations under these rules are understood
She warns not to provide information to anyone stating that they are from the anti-money laundering team unless the call date has been pre-arranged and the identity of the caller is verified, as HMRC will confirm in writing the date that their officer will phone and no dealer will receive an unannounced call.