The Legislation
The Criminal Finance Act 2017 introduced corporate liability for businesses that fail to prevent tax evasion facilitated by individuals acting on their behalf. Applicable globally, the Act holds companies and partnerships criminally liable for enabling tax evasion, even if Senior Managers are unaware. Non-compliance can lead to unlimited fines, a criminal record, and disqualification from public sector contracts.
The Legislation
The Criminal Finance Act 2017 introduced corporate liability for businesses that fail to prevent tax evasion facilitated by individuals acting on their behalf. Applicable globally, the Act holds companies and partnerships criminally liable for enabling tax evasion, even if Senior Managers are unaware. Non-compliance can lead to unlimited fines, a criminal record, and disqualification from public sector contracts.
The Legislation
The Criminal Finance Act 2017 introduced corporate liability for businesses that fail to prevent tax evasion facilitated by individuals acting on their behalf. Applicable globally, the Act holds companies and partnerships criminally liable for enabling tax evasion, even if Senior Managers are unaware. Non-compliance can lead to unlimited fines, a criminal record, and disqualification from public sector contracts.
Business Challenge:
Business Challenge:
Business Challenge:
Companies must implement "reasonable prevention procedures" to mitigate liability, as ignorance is not a defence. Key considerations include:
Companies must implement "reasonable prevention procedures" to mitigate liability, as ignorance is not a defence. Key considerations include:
Companies must implement "reasonable prevention procedures" to mitigate liability, as ignorance is not a defence. Key considerations include:
Risk Assessments: Identifying exposure to tax evasion risks based on business activities and supply chains.
Risk Assessments: Identifying exposure to tax evasion risks based on business activities and supply chains.
Risk Assessments: Identifying exposure to tax evasion risks based on business activities and supply chains.
Audit Supply Chains: Ensuring partners and suppliers adhere to tax regulations.
Audit Supply Chains: Ensuring partners and suppliers adhere to tax regulations.
Audit Supply Chains: Ensuring partners and suppliers adhere to tax regulations.
Due Diligence: Evaluating the risk of tax evasion across associated persons.
Due Diligence: Evaluating the risk of tax evasion across associated persons.
Due Diligence: Evaluating the risk of tax evasion across associated persons.
Training & Communication: Embedding anti-tax evasion policies and ensuring staff understand compliance obligations.
Training & Communication: Embedding anti-tax evasion policies and ensuring staff understand compliance obligations.
Training & Communication: Embedding anti-tax evasion policies and ensuring staff understand compliance obligations.
Proportionality: Balancing prevention measures with the complexity and scale of the business.
Proportionality: Balancing prevention measures with the complexity and scale of the business.
Proportionality: Balancing prevention measures with the complexity and scale of the business.
Our Solution:
Honest Accounting provides tailored advice to businesses, helping them:
Conduct robust risk assessments.
Implement due diligence across supply chains.
Deliver effective training and communication strategies.
Ensure compliance with global tax regulations and avoid penalties.
With Honest Accounting, you gain a trusted partner to navigate complex legislation, protect your business, and focus on growth.
Our Solution:
Honest Accounting provides tailored advice to businesses, helping them:
Conduct robust risk assessments.
Implement due diligence across supply chains.
Deliver effective training and communication strategies.
Ensure compliance with global tax regulations and avoid penalties.
With Honest Accounting, you gain a trusted partner to navigate complex legislation, protect your business, and focus on growth.
Our Solution:
Honest Accounting provides tailored advice to businesses, helping them:
Conduct robust risk assessments.
Implement due diligence across supply chains.
Deliver effective training and communication strategies.
Ensure compliance with global tax regulations and avoid penalties.
With Honest Accounting, you gain a trusted partner to navigate complex legislation, protect your business, and focus on growth.
Explore Other Legislation Support
Explore Other Legislation Support
Explore Other
Legislation Support
Honest Accounting
Office 527/89,
The Gatehouse,
White Cross Business Park,
South Road,
Lancaster,
LA1 4XQ
T: 0333 138 0003
E: customerservice@honestaccounting.co.uk
Companies House Number: 14895837
Honest Accounting
Office 527/89,
The Gatehouse,
White Cross Business Park,
South Road,
Lancaster,
LA1 4XQ
T: 0333 138 0003
E: customerservice@honestaccounting.co.uk
Companies House Number: 14895837
Honest Accounting
Office 527/89,
The Gatehouse,
White Cross Business Park,
South Road,
Lancaster,
LA1 4XQ
T: 0333 138 0003
E: customerservice@honestaccounting.co.uk
Companies House Number: 14895837