Ruling

FRP administrators win £177m claim against fraudulent LCF directors

The Joint Administrators of London Capital & Finance plc (LCF) and London Oil & Gas (LOG) have secured a substantial judgement against LCF’s former CEO, Andy Thomson, and others. Ruling on a High Court claim in excess of £177.5m, a judge found that Thomson and his fellow defendants knowingly participated…

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Today’s news in brief – 7/6/2024

Elman Wall, a travel industry accountancy firm, has rebranded to Xeinadin following a two-year transformation backed by Exponent’s investment. The rebrand aims to enhance the firm’s services, particularly in travel VAT and the Tour Operators Margin Scheme (TOMS), while also expanding expertise in R&D tax credits, corporate finance, and cloud…

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FRP secures industry-first restructuring ruling for restaurant chain

FRP has revealed it supported restaurant group Tasty PLC (Tasty) in becoming the first AIM-listed company to successfully secure a Restructuring Plan. The London-headquartered business – which is behind the dim-t and Wildwood restaurant chains – faced an uncertain future after “persistent” difficult trading conditions impacted its profitability. The business…

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FTT dismisses HMRC’s appeal to charge VAT on Mega Marshmallows

The First Tier Tribunal (FTT) has appealed against HMRC’s decision that supplies of Innovative Bites Ltd (IBL) ‘Mega Marshmallow’ are standard rated supplies of confectionery pursuant to Excepted Item 2 of Group 1 of Schedule 8 to the Value Added Tax Act 1994 (‘VATA’). The ruling follows IBL’s argument that…

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Amazon wins £215m EU tax battle

Amazon has won its case against the EU Commission over a £215m tax battle in the European Court of Justice. The Commission had alleged that Amazon had struck a deal with Luxembourg enabling the company to avoid 75% of its EU tax. The ECJ dismissed the claims insisting it had…

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Presenter Kaye Adams wins IR35 case after 9-year battle

TV Presenter Kaye Adams has won her case against the tax man after a nine-year battle over her earnings while at the BBC. HMRC said Adams owed £124,000 in income tax and National Insurance contributions as it claimed she should have been taxed as an employee for her work at…

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Apple loses latest round of €13bn Irish tax dispute

Apple has run into a setback in its appeal against an order to pay an €13bn (£11.3bn) tax bill in Ireland, after advocate general Giovanni Pitruzzella at the European court of justice (ECJ) said a ruling in the tech company’s favour should be dismissed.  As the proceedings are ongoing, Apple…

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Exclusive: What the CIPFA ICAEW partnership means for accountants

“When we look at what we do as an organisation and where our members work, they are predominantly in business and practice. There’s a part of the global economy that we are underrepresented in and we’ve known this for a while. The public sector has bailed out the rest of…

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FRP provides restructuring plan for Clintons

A cross-disciplinary team from specialist business advisory firm FRP has helped Esquire Retail Limited (t/a Clintons) to secure a restructuring plan ruling that enables the business to continue its transformation and avoid insolvency. Clintons is a well-known retailer of greeting cards and has a network of stores across the UK.…

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FRP Advisory helps Prezzo secure restructuring plan

A multi-disciplinary team at FRP Advisory has provided financial advice to Italian restaurant company Prezzo. Thanks to support from specialist business advisory firm, FRP Advisory, Prezzo has become the first mid-market company to successfully secure a restructuring plan in the face of a challenge by HMRC. The casual dining chain…

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