Manchester financial firm One Formula LLP is under an expansive HMRC investigation following reports it was engaged in a major tax fraud scheme. Promoting itself as a tax efficiency company, One Formula LLP lent its services to the super-rich, including many footballers from Manchester. Promising multi-million-pound savings, the tax efficiency firm vowed to secure tax exemptions, tax reliefs and tax rebates for its wealthy clients. However, after suspicions were roused in relation to a charitable project related to One Formula LLP, namely a Cold War Tank Museum, a police investigation was initiated. Soon after, HM Revenue and Customs were called in, with the government agency summoning financial records related to all the company’s operations.
One Formula LLP was formed as a tax efficiency financial advice firm which combined the expertise of a financial advisor, city trader, insurance advisor, ex-Wales international rugby player and a former police officer. In recent years, the company served to assist wealthy clients reduce their tax bills. From suggesting tax efficient savings and investments, to securing tax reliefs, tax rebates and tax exemptions, One Formula LLP helped to save their clients millions. However, after a Cold War era historical artefact enthusiast spotted inconsistencies at a museum affiliated with One Formula LLP, suspicions were aroused. As historical experts were called in, suspicions grew further. Ultimately, the police handed the investigation over to the HMRC who have since formally declared a tax fraud investigation.
“We’re looking closely at all of One Formula LLP’s financial records and those of businesses affiliated to the partnership. While we are unable to confirm or deny that we suspect tax fraud, we are seeking further information in relation to tax exemptions, tax relief claims and tax rebates in which the company has played a part,” a spokesman from HMRC Criminal Justice Department said in a press statement.