29 November 2017 Emma Keenan, Procurement Specialist
The Criminal Finances Act came into force on 30th September this year and is part of a wider attempt by the Government and HMRC to tackle tax evasion and avoidance.
I wanted to remind those responsible for procurement in their institutions of the information we have available for you which specifically relates to your role.
This paper explains more about the act, how it affects you and what you should do.
Section 6 of HMRC's VAT Notice 726 is a good reference as it details 'How to ensure the integrity of your supply chain', it looks at both suppliers and customers.
This article, also may be useful in that it provides some advice and gives illustrative examples of the different types of procedures which will affect a range of industries.
It is important that procurement teams discuss the act and its implications with their Tax departments to ensure thorough understanding throughout the institution.
If you need any further information, please contact me or our BUFDG Tax specialist Amanda Darley