A FIRM which provided tax avoidance schemes including the one used by comedian Jimmy Carr is suing RSM Tenon over alleged unpaid commissions.
The dispute with Peak Performance Accountants – which ran the Jersey-based K2 scheme, sheltering £168m annually from the public purse – is one of two claims worth about £2m against Tenon after it closed down its specialist tax unit earlier this year, according to The Times.
The top ten firm disclosed the disputes as it revealed pre-tax losses for the year of £101.8m, with revenues falling 8.8% to £208m for the year ended 30 June 2012.
It added that, having undergone a major board reshuffle, divested several marginal service lines and bringing costs down by about £20m, it had extended its borrowing facilities with its sole lender, Lloyds, until 2014. The limit on the facility now stands at £93m, up from £88m.
“It’s a line in the sand,” chief executive Chris Merry told the publication. “Now we can really start to move forward.”
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