The law changes on a regular basis. Often the bulk of a legal statute may stay the same, but additional clauses may be added at a later date. Compliance is important, and many large companies have whole sections of their business devoted to making sure that their actions and practices are legal.
International laws demand up to date documentation
It’s not just in the UK where up to date company documentation really matters. Most companies trade on a global scale, and it’s vital to ensure that you’re aware of the legal practices of every country where you do business. This is where VP Notaries can come in very useful as their expertise includes the legal signing and authorisation of international business documents. Many companies aren’t too familiar with overseas business practices, so the help of a firm of legal professionals is vital.
It’s your responsibility to keep legal
If you break the law, you can’t complain that you weren’t aware of any legal changes that might affect your company. For example, money laundering regulations concern financial advisors, banks, insurers and many other trades and professions. The UK Government stresses the importance of ‘due diligence’ this phrase denotes that it’s your company’s responsibility to carry out security checks and other legal obligations to make sure that illegal funds aren’t flowing through your company coffers. If you don’t keep up to date with the legislation, your company will be fined.
Other areas of responsibility
Any business has to keep up to date records about their financial activities, their employees’ details, and tax affairs. It might seem that business is now expected to the government’s job in the area of record keeping. Compliance and transparency are the watchwords of any business in the 21st century, without regularly filed information about your business and it’ activities, then the government can’t collect sufficient taxes, make sure that immigration rules aren’t being broken and also ensure that the Data Protection Act is adhered to. The Information Commissioner’s Office is a vital resource if any company wants to check that all their Data Protection protocols are current.
Never assume anything
It’s always a big mistake in any sphere of life to make an assumption. Legislation may change, and you may not be aware of these adjustments. In order to ensure that your company is compliant at all times, it really is a good idea to have a specialist team devoted to this task. Up to date business documentation is vital.
If your business breaks the law, then your company could face millions of pounds in fines and penalties. With the UK’s election dominating the news, tax and tax avoidance is a key issue. If your company is at all concerned about this, ask the experts. It’s better to be secure in the knowledge that you are sticking to the letter of the law by employing experts to guide you than to face a punishing fine at a later date.