From time to time HMRC will visit businesses for anti-money laundering checks to ensure they have policies and procedures in place that are being utilised in the correct fashion.
These checks are carried out under Code of Practice 28 procedures.
The most important piece of advice we have is to never allow HMRC to visit your business without having professional representation with you.
The initial purpose of the visit is to help you to understand the regulations and make sure you have the correct policies in place.
However, if HMRC find anything that indicates your business has been involved in money laundering they will make a report to SOCA (Serious and Organised Crime Agency).
If they do make a report they will not tell you as this is known as ‘tipping off’.
These checks are carried out as routine and undergoing and one of these does not imply that HMRC suspects you of any wrongdoing.
The first thing to do when you receive information about an upcoming appointment is to contact KinsellaTax IMMEDIATELY.
Specialist help should be there for you to make sure all of your policies and records are in place and kept up-to-date.
You should choose an expert who are members of the Institute of Money Laundering Prevention Officers (IMLPO), such as KinsellaTax.
Read more on Money Laundering.