A FIRM of accountants in Portsmouth is joining forces with a law firm to help those who have been stung by tax avoidance schemes.
Taylorcocks, based in North Harbour, and law firm Moore Blatch are launching the initiative after changes in the law and increased activity from HM Revenue and Customs to clamp down on tax avoidance schemes.
Mark Osgood, from Moore Blatch, said: ‘This has meant a significant rise in the number of professional negligence claims against those financial advisors and accountants who advised their clients to enter these schemes.
‘Taylorcocks is working to help people correct their tax position and reduce the losses where possible while we are focusing on establishing liability, evaluating loss and taking legal action where appropriate.’
Taylorcocks is headed by tax specialist Paul Taylor. He said: ‘The kind of schemes involved include those where investors thought they were investing in a tax efficient scheme to save tax and produce a return on their investment but sadly they have lost out on both benefits – many losing thousands of pounds.’