Years of practicing as a team have allowed us to develop areas of in-depth specialist knowledge, most notably, but not exclusively, in the FCA-regulated arena. In these sectors it is essential to keep up-to-date with the specific regulations, and to understand HMRC’s approach to current tax issues. Our focus on these industries means that we can share best practice around the firm, with the whole team able to offer advice on highly complex matters.
We have acted for dozens of hedge fund managers over the last two decades, providing audit, taxation, management accounting and other assistance. Our clients in the sector range from small start-ups with a couple of principals to multi-billion dollar managers with hundreds of employees. Our experience in the sector means we can give good clear advice quickly, and that we deliver compliance services efficiently with minimal fuss. We also provide assistance with registration and compliance with the UK reporting fund regime for offshore funds.
We work with managers of both UK and offshore PE and VC funds, giving advice on structuring, executive remuneration and VAT, as well as providing our full range of audit, accounting and tax compliance services. We can carry out Client Asset (CASS) audits, planned and performed to a level appropriate to the situation, whether that is a handful of shareholdings or a significant flow-through of client money.
We have regularly carried out audits for UK-based VC funds, including several established as Enterprise Capital Funds with backing from the British Business Bank. Typically, we provide a non-statutory audit opinion, supported by work in accordance with UK auditing standards, and designed to meet the requirements of a fund’s LPA. We are able to advise on the significant accounting issues affecting such funds, including valuations of illiquid and early-stage investments, treatment of carried interests, and dealing with all types of complex financial instruments.
We provide limited assurance reports to the FCA alongside our statutory audit work for firms that do not hold any client assets. For firms that do hold client money or client assets, we can provide a full CASS audit resulting in a reasonable assurance report to the FCA. We have carried out client asset work for a range of regulated entities including fund managers, wealth managers, brokers and insurance firms.
In addition to our work with asset managers, we have assisted an array of regulated businesses in the UK. These have included wealth managers, corporate finance firms, insurance brokers, depositaries, administrators, brokers, e-money issuers, authorised payment institutions and regulated advisory firms. We provide audit services to firms of all sizes, and to the UK branches of international groups. We provide a plethora of tax and outsourcing solutions, all building on our thorough understanding of the regulated sector.
We have worked with a large number of restaurant businesses in the UK, often those operating high street chains. We can provide practical advice and assistance to management teams looking to grow a business from foundation, through multiple rounds of private equity funding and potentially to IPO. We have provided capital allowances computations for dozens of restaurant fit-outs and have successfully negotiated many HMRC enquiries on behalf of our clients. As auditors, our familiarity with the systems and practices used in the sector, as well as the regulatory environment in which it operates, allows us to provide a thorough and efficient service. We have acted for buyers, sellers and investors in numerous corporate transactions in the industry.
We have worked with numerous information technology companies, some of which are investees of the private equity or venture capital funds for which we act. Whilst an audit is not always appropriate for pre-revenue companies, our depth of experience in financial reporting and tax can assist such businesses avoid falling into traps that might come to light in an exit-related due diligence exercise.
We are also able to assist with the often-critical R&D tax credit regime, which can provide much needed cash flow for qualifying companies. We can guide your technical team through the supporting documentation that the claim requires, and we can prepare and complete the necessary tax returns. Our fees for such claims are based on the level of work rather than being tied to the amount of the claim, and, as such, are significantly lower than those charged by specialist R&D firms.
We have experience of working with all sorts of businesses in the property sector, including residential and commercial developers, property SPVs, funds and family offices. We can provide clear tax advice, efficient accounting and robust audits to both UK and non-resident owners. Our experience in this sector has given us an excellent understanding of property accounting and tax, including valuations, lease treatments, VAT and capital allowances.
EVMS Partners LLP is a limited liability partnership incorporated in the United Kingdom and registered in England and Wales at 167-169 Great Portland Street, 5th Floor, London, W1W 5PF under number OC444092.
Members: Daniel Edgson CTA, FCA; Philip Vipond FCA; Alexander Macpherson FCA; and Helen Snook FCA.