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Encouraging tax evasion will be outlawed under Criminal Finances Act 2017

A new law to be established as part of the Criminal Finances Act 2017 will mean that businesses will be considered liable for a criminal act committed by any member of staff with involvement in, or even encouraging, tax evasion acts by individuals, such as suppliers or companies.

Firms will even be liable in instances where management were unaware of criminal acts. The legislation will likely be introduced in September this year.

Legal eagles Pinsent Masons revealed that over three quarter (76%) of firms in the UK had no knowledge of the new law. Researching economic sectors at greater risk of involvement in tax evasion, well over half (58%) of the accountancy and financial services were not aware of the law either. The same was found to be true of 72% of the legal sector.

Pinsent Masons’ head of tax said:

“The financial services, accounting and legal sectors are likely to be the most affected by the new legislation. These sectors will face the biggest challenges when it comes to carrying out risk assessments, and ensuring that adequate procedures are in place to prevent any potential facilitation of tax evasion.”

Accountants will certainly have been made aware of the new law at this stage. They, in particular, will be ever more vigilant in ensuring that they are not inadvertently involved in tax evasion, so will be working extra hard to see that their clients’ books are as accurate as possible. With that said, it’s a great time to hire an accountant in the Wirral.

Posted by Peter
May 10, 2017
Tax

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