On 30th September 2017 the The Criminal Finances Act 2017 comes into force and can affect YOU!
Covering areas such as; Proceeds of Crime; Money Laundering; Investigations; Civil Recovery and Corporate offences ie Tax evasion.
WHO DOES IT AFFECT? The Act allows prosecution of not only those ‘directly committing’ the offence but ALSO those ‘passively allowing’ the offence to occur e.g. The Directors and business owners responsible for the actions of employees and anyone acting on their behalf e.g. Subcontactors.
WHAT SHOULD YOU DO? Have Prevention procedures in place to identify and prevent tax evasion; adequate records of risk assessments; carry out staff training; monitor and carry out due diligence.
EXAMPLES OF TAX EVASION: Non-disclosure of income; disallowable expenditure hidden in tax returns; personal expenditure not declared in P11d’s Benefit In Kind returns; not complying with IR35 regulations.
SUMMARY: So don’t conceal / hide or turn a blind eye, as you and the offender will get caught and prosecuted!!