Legal, accountancy and financial advisory businesses face large fines if they fail to prepare for the forthcoming Criminal Finances Act which comes into effect at the end of the week, 30 September 2017.
Amongst other things, the act introduces a new criminal offence if a company fails to prevent its “associated persons” – a member of staff or even an external agent – from facilitating tax evasion by a third party, deeming a firm’s involvement or otherwise in the offence as irrelevant.
It is therefore of the utmost importance that firms protect themselves by setting up a compliance programme with procedures to prevent the facilitation of tax avoidance.
If you have not already done so, SMEs must act now to ensure these procedures are in place by 30 September!
If you would like to discuss this matter in further detail, please contact our tax specialist your usual Beavis Morgan Partner.