Due Diligence
The issue of how well you know your suppliers and customers (KYC) can be a major concern for any business as MTIC or carousel frauds have moved away from mobile phones and computer components to other goods.
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 or have had VAT or excise duty repayments withheld by HMRC because it is alleged their due diligence has not been adequate.
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 attack by a fraudster. 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