Re: Fwd: Please Respond

Dear Darren,

Her Majesty's Revenue & Customs (HMRC) who have responsibility for VAT collection carry out regular reviews of all businesses who are VAT registered. In many cases, and for Foxcote, it has been on a three/four year cycle and they carried out their latest inspection last week. This is quite normal.

We are required to provide the full financial records, ie in and out invoices and VAT returns and calculations for the three years prior to their inspection. This we did.

From the review provided at the end of the day the inpsection passed successfully, without any errors or omissions being highlighted which would give concern - ie the job we are doing is being done properly.

The Inspector asked me at the end of the day why had the shoot (as opposed to any other area of business at Foxcote) suffered year on year trading loss. He said he did not expect  me to answer the question and he would write to me so that we may consider his question and then repsond. He said he did not know what he would be able to do about our answer when we did respond, but he felt he should still ask the question.

They could allege (and I am not really qualified to predit the consequences) that it is not a business. The consequence could be that we lose our VAT staus and the ability to reclaim (for Foxcote Corporation) VAT on expenditure.

HMRC have not yet written to me and when they do the letter must be sent to Saffery Champness, Macfarlanes and yourself to review.

We may well find that we can construct an appropriate answer that means this line of enquiry can go no further, however I am sure we all can see the nature of the enquiry and there exists the potential that we may not end it satisfactorily.

If you need to speak my mobile is 00 44 775 562067 and home is 00 44 1865 391511.

Regards
Mark


Mark Charter BSc MRICS FAAV
Partner
For and on behalf of Carter Jonas LLP
Tel: 01865 404406
Fax: 01865 310653
Mob: 07775 562067




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________________________________

From: DKIESQ@aol.com [mailto:DKIESQ@aol.com]
Sent: Fri 13/07/2007 18:19
To: Charter, Mark
Cc: jeeproject@yahoo.com
Subject: Please Respond


Mark,

Please provide me with a complete and thorough update regarding the VAT Audit and Foxcote asap.

Sincerely

Darren K. Indyke
Attorney-At-Law
457 Madison Avenue
4th Floor
New York, New York 10022
Tel: 212-750-1176
Fax: 212-750-0381
e-mail: dkiesq@aol.com

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