Update: corporate criminal offences

HMRC is using its corporate criminal offences powers

HMRC investigations into corporate criminal offences are on the rise. This affects businesses of all sizes, including sole traders and partnerships.

HMRC is ramping up the use of its corporate criminal offences (CCO) powers. Currently, HMRC have nine businesses under investigation for failing to stop the facilitation of tax evasion. They also plan to investigate a further 21 businesses in a variety of business sizes and sectors, including financial services, property and technology.

Article published in Accountancy Daily

Clamping down on tax fraud

HMRC said: “We are clamping down on serious and complex tax fraud and seeking to make use of powers under the Criminal Finances Act”.

In a bid to tackle those committing serious fraud, HMRC has a range of civil and criminal powers at its disposal in order to recover any unpaid tax. If found guilty, it may lead to large penalties, prosecution and even imprisonment.

corporate criminal offence image 540w
How we can help

We have written a guide which explains the Criminal Finances Act 2017 and also explains some procedures you should consider putting in place.

If you have any questions or concerns, please do not hesitate to contact us. Our tax experts can assess your current position and advise what you need to do in order to satisfy HMRC that you have sufficient procedures in place.

As yet there have not been any convictions, make sure you aren’t the first!

For more information

Please contact a member of our tax advisory team:

01483 416232