Technology sector

We assisted a computer financial services company based in the London area which has a global customer base. The company encountered difficulties as a result of a flaw within their accounting systems which led to an underpayment of VAT by approximately £400,000 over a period of 3 years.

A voluntary disclosure was immediately made to H M Revenue & Customs which further revealed an additional liability of £50,000 in back interest. As a result of poor advice from its previous consultants, the business initially failed to secure the support of the Crown.

Having instigated a number of initiatives, conducted further investigation into the circumstances which included a significant investment into a, now, unconnected business, and with continued discussions with the Crown we are confident that their support over a period of 10 months will be secured.

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