A practical approach to UK tax and payment reporting regulations

Eric Brotten (eric.brotten@optum.com) is Director of International Compliance Programs at Optum in Eden Prairie, Minnesota, USA.

We are well into 2018, and many of us are starting to plan for an annual compliance risk assessment. However, if your company does business in the UK, you may have two new potential areas of compliance risk. With your Finance, Accounting, and Tax colleagues, you will need to confirm the establishment of programs to support compliance with the UK’s Criminal Finance Act (CFA) and the Reporting on Payment Practices and Performance Regulations (RPPPRs). Both made their way into the regulatory landscape in April 2017. If you’re lucky, your colleagues will know what you’re talking about and have an adequate program in place. For those of us not so lucky, there are some immediate practical steps that can be taken.

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