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bigduckontax, Accountant
Category: Tax
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I was sole beneficary of an offshore (BVI) company. My Tax

Customer Question

I was sole beneficary of an offshore (BVI) company. My Tax Advisor maintained two client accounts on the behalf company. I asked him in 2011 to close the company. I've constantly tried to contact him since then to either get bank statements of the client accounts or the funds but he is avoiding me. I can't even find out if the company has been closed. Now I've looked at the few bank statements I have and I've just seen that in 2011-2012 80K went missing. Can I take legal proceedings against him and/or report him to the CIoT?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question. I feel there are three ways to move this matter forward.
Probably, if he is a member of that Institute, reporting is one such. The other is, I would suggest a writ in an English Court which might wake him up and, as there is a serious amount of money adrift, as it appears there is, you should report his antics to the police also.
I do hope I have shown you a way forward over this very worrying matter.
Customer: replied 2 years ago.

Does it matter that:

1) The company is a BVI company - I was sole beneficary and not owner or shareholder.

2) I trusted him to hold client accounts where only he and one of his assistants where signatories? I wasnt a signatory (wish I was now...)

3) I guess he didnt steal the money in his own name, more likely transferred the money into his LLP (where he is partner/director) as I understand his LLP has been having financial problems last 3 years.

4) Who do I take the court writ against - him personally or his LLP?

5) Who do I report to the police - him personally or his LLP?

6) As his assistant was also a signatory will she get problems?

Expert:  bigduckontax replied 2 years ago.
With respect, a bad mistake not being a signatory to the accounts thus having access thereto and thus a handle as to what was going on. The fact that it is a BVI company is probably an irrelevance as it was being managed wholly within the UK.
If he did transfer moneys to his LLP when which was in financial difficulties that constitutes a fraudulent preference, a criminal offence. Using client funds for improper purposes is fraud.
You should issue the writ as advised by your solicitor, you are going beyond taxation matters and I can only give you a very general opinion in this area. That professional is the proper person to advise on that subject.
Report the whole matter to the police; after all he is a part, indeed he may be the only participant, in the LLP.
The assistant may well have unwittingly got herself into difficulties over this matter. However, I could not possibly comment.
Customer: replied 2 years ago.

Thanks for your information. So I need to contact a UK Tax Lawyer? Or a different kind of legal professional? Thanks for your help. When you answer this I will rate you!

Expert:  bigduckontax replied 2 years ago.
A solicitor is the obvious profession to use at this stage in my opinion. That is what we call a lawyer in the UK as you probably know! He is so called because he as part of his duties he or she solicits the High Court.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3590
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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