Creating a strong risk management framework
To avoid financial costs and reputational damage
- Business Risk Review
- Criminal Finances Act
- Corporate Criminal Offence – facilitation of tax evasion
- Senior Accounting Officer
- Tax Strategy
- Tax Risk Review
Tax governance has grown rapidly in complexity and importance over recent years and shows no sign of abating. Barely a week goes by without new HMRC investigations or news of a company not paying enough tax. As the government reaffirms its promise to tackle tax avoidance, tax governance has become a central tax issue.
The numerous rules and regulations taken together serve two primary functions: Firstly, formalising control and responsibility for tax compliance by the business; And secondly, enabling HMRC to identify and address tax non-compliance.
The various requirements allocate responsibility for corporate compliance to specific individuals within a business and expose businesses to increased scrutiny to encourage tax compliance. Good tax governance demands that businesses keep up to date with new developments without losing sight of the established basic rules. The financial and reputational penalties for non-compliance can be significant, both for the company and senior management.
To help your business mitigate the risk of penalties, reputational damage and future enquiries, our expert team can help you focus and direct resources and planning into strong tax governance framework.