At the cutting edge?

03 August 2005 / Richard Curtis

Issue: 4019 / Categories: Comment & Analysis , Business , Companies , Income Tax

RICHARD CURTIS reviews the decision in B E Studios Ltd v Smith & Williamson Ltd.

B E STUDIOS LTD (BES) was incorporated in June 1999 to specialise in the design, production and sale of software for computer games and other commercial uses. After starting on a relatively small scale it started to recruit staff and this process was complete by June 2000. In October 2000, the company retained chartered accountants, Smith & Williamson Ltd, (S & W) to provide tax, financial planning and accountancy advice.

RICHARD CURTIS reviews the decision in B E Studios Ltd v Smith & Williamson Ltd.

B E STUDIOS LTD (BES) was incorporated in June 1999 to specialise in the design production and sale of software for computer games and other commercial uses. After starting on a relatively small scale it started to recruit staff and this process was complete by June 2000. In October 2000 the company retained chartered accountants Smith & Williamson Ltd (S & W) to provide tax financial planning and accountancy advice.
Accounts to 30 June 2000 showed a loss of £25 637 and by the time of the following year's loss of £459 035 the company had realised that it needed a fresh injection of capital to survive and LF Consulting Group Ltd were instructed to assist in the preparation of an 'Information Memorandum' for potential investors. This pointed...

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