Client failed to notify us of a transfer of property from limited company to himself.
I discovered this whilst reviewing papers for tax investigation.
Capital gains tax due is about £100k plus the client needs to pay money to company for asset.
Client claims to have misunderstood.
I propose bringing in specialised firm to deal with revenue, but what is my position,
I am particularly concerned re other clients. Is revenue likely to investigate them?
Can the revenue refuse to accept accounts from an accountant who failed to pick up this error?
There was nothing in company books to suggest that any transaction had taken place and the solicitor
did not register the change at land registry for several months. It is not an audit client.
Thanks in anticpation
Anon