Due Diligence Awareness

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Now, more than ever before, supply chain due diligence is vital to the security of your business. HMRC’s Guidance on the subject is important and sobering reading.

The guidance makes real the threat of penalties from tax and NI charges for non-compliance to paying the VAT for suppliers that go bust, but with HMRC refusing to tell you what you should be doing!  instead stating:

“We can’t tell you exactly what checks you should make because these will vary depending on how your business operates”

Unfortunately, the HMRC issues are only the tip of the iceberg. In addition to your compliance obligations for HMRC’s CIS, PAYE and VAT requirements, businesses large or small have legal obligations to amongst other things:

• The Criminal Finances Act 2017, including the Anti money-laundering regulations.
• The Modern Slavery Acts.
• The GDPR regulations.
• Right to Work in the UK legislation Policy
• The Bribery Act 2010.
• The jurisdiction of the Employment Agencies Standards Inspectorate.

At EEBS we have in place comprehensive policies for our supply chain due diligence that extends to, but is not limited to all of the above, and, our service includes free advice and assistance with helping your business comply with its own legal obligations.

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