Accountancy firm Vantis has posted huge gains in profits and turnover in half-year results, but the good news was overshadowed by investigations into its offshore Vantis Tax division.
Acquisitions and organic growth led to a rise in profits from £1.4 million to £3.7 million, while turnover grew by more than a quarter (29 per cent).
However, significant gains in share price have been held back following the investigations by HM Revenue & Customs. The latest twist saw Vantis Tax receive a payment of more than £200,000 from Clerkenwell Medical Research, a company involved in an investigation into charity tax schemes, Accountancy Age reports.
Such schemes allowed individuals to get tax deductions as a result of charity reliefs, by buying companies before their value rises on flotation, and then qualifying for tax relief when they gift the shares to charity.
However, Vantis was keen to distance itself and said it had not been involved with schemes of this kind. It said the £200,000 payment was "for a range of consultancy services".
The firm's profit forecasts are £12.7 million for this year and £14.6 million for 2008.
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