One Formula Limited Liability Partnership and their associated charities have drawn the attention of HMRC for tax avoidance and tax fraud. The Manchester-based tax efficiency provider brings together a financial advisor, city trader, insurance advisor, ex-Wales international rugby player and a former police officer. Boasting unrivalled fiscal expertise, the Manchester financial firm promise tax savings to the super-rich. However, under the ever-watchful eye of HMRC, the organisation’s fortunes seem to have turned bleak. Experts have speculated that HMRC’s interest in One Formula Limited Liability Partnership is related to charges of tax avoidance and tax fraud.
Rumours have stated that the company sought to organise a massive tax avoidance scheme, premised on tax fraud, conducted through a network of charities it recently founded. Among the charities on the company’s books, there is an animal welfare charity which operates a cats and dogs shelter in Manchester. Also, the Manchester financial firm has thrown its weight behind a knife crime charity, launched under the slogan of “One Formula To Tackle Knife Crime.” Finally, based on an executive’s private collection, One Formula LLP also established a Cold War Tank Museum, which boasted one of the world’s largest collections of Cold War tanks and military historical artefacts.
Financial experts familiar with charity tax exemptions warned that Gift Aid schemes, as well as lesser known tax exemption schemes such as the Museum Galleries and Exhibitions Tax Relief scheme, cost the government billions in lost revenue each year. With tax fraud an ever-growing phenomenon, HM Revenue and Customs have vowed to claw back every penny owed to the public purse. While HMRC refused to comment on a tax fraud case related to One Formula Limited Liability Partnership, a spokesmen for the government agency stated, “I can confirm we’re in the seminal stages of a major tax fraud and tax avoidance investigation.”