Due Diligence and Supply Chain Verification.
Knowledge of your suppliers and customers is important for many businesses particularly when challenged by HMRC. Undertaking relevant and appropriate levels of due diligence is imperative in the battle against fraud.
Fraud Victims due to inadequate Due Diligence
SKS has experience with clients who have been in business for many years selling products such as soft drinks, energy drinks, razor blades, perfume, textiles, alcohol and domestic household goods. Recently these types of businesses have become victims of fraud and have been assessed for excise duty or have had VAT repayments withheld by HMRC because it is alleged their due diligence has not been adequate.
Risk Reduction using Due Diligence
HMRC conduct extended verification exercises that can take many months to complete disrupting business in the process. SKS can help you develop and implement robust systems to reduce the risk of becoming victims of fraud. These systems will demonstrate the control and procedures you have in place in the event that HMRC make enquiries into the trading activity of your business.
To discuss how we can help you please contact us.