A repayment agency that charged taxpayers significant amounts to make claims for tax refunds, has been banned from operating by HMRC.
It is now a criminal offence for Tax Credits Ltd (TCL) to trade as a tax repayment agent after it was revealed that the company had committed serious anti-money laundering breaches.
Approximately 11,000 TCL clients will now receive their tax refund directly from HMRC after their claims were put on hold during the investigation.
The TCL clients affected will be contacted by HMRC by the end of the month.
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Email JaimeAngela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said, “TCL have ignored their responsibilities under the anti-money laundering measures designed to protect us all from financial crime.
“We will not allow a small number of bad actors to tarnish the reputation of the whole tax agent sector.
“It is crucial taxpayers understand the entitlements they can claim directly from HMRC and are properly protected from the misleading tactics used by some repayment agents. The greater protections we’re bringing in will help to stop people unwittingly losing their hard-earned money to misleading agents.”
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