With their swanky suits, sprawling office complex in central Manchester and their fleet of supercars, One Formula Limited Liability Partnership have recently attracted the attention of HM Revenue and Customs. Typifying the modern-day supercar lifestyle, boasting Instagram and social media popularity and wining and dining with the super-rich, One Formula LLP seem to have now fallen fowl of HMRC. With charges being levelled against the tax efficiency experts, ranging from tax avoidance to tax fraud, their lavish supercar lifestyles may be short-lived. It is believed that HMRC are primarily interested in a series of charities associated with the tax efficiency experts, which are also based in Manchester.
It wasn’t long ago that the financial experts of One Formula LLP had taken a step into the charity sector, abandoning the supercar lifestyle for charitable endeavours. Promising to bring their financial expertise to a whole new market, they promised to raise millions for some of Manchester’s most worthy causes. Towards this end, the partnership pledged its support for an animal welfare charity, an anti-knife crime charity and a Cold War tank museum. Under the auspices of the animal welfare charity, the tax efficiency experts inaugurated a dogs and cats shelter in Manchester. The “One Formula to Tackle Knife Crime,” was a well-publicised as an apparently extremely well-funded drive responding to increasing stabbings and violent knife crimes in Manchester. Also, the Cold War Tank Museum, based on the outskirts of Manchester has become a major tourist attraction.
According to the latest rumours, HMRC has summoned One Formula LLP to disclose all their financial records. An internal source close to the nascent investigation has stated, “we’re looking at a case of tax avoidance on a multi-million-pound scale.” The source also mentioned that the HMRC are looking for evidence of fraudulent tax relief claims, bogus tax rebates and other forms of tax fraud. One Formula’s supercar lifestyle may be on the verge of tumbling down before them.