Chapter LPOG4500

Published date10 April 2016
Record NumberLPOG4500

Legal Definition of Due Diligence: Reasonable steps taken by a person to avoid committing a tort or offence.

A warning about VAT Fraud: Where it can be shown that a trader knew or should have known that transactions they entered into were connected with any fraudulent evasion of VAT, they will lose their right to recover the VAT incurred on those transactions.

It is good commercial practice for all businesses to carry out checks to establish the credibility and legitimacy of their supplies, customers and suppliers. However, these checks will need to be more extensive in business...

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