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Taxreturngateway bosses racked up £7m in just FOUR MONTHS | This is Money
The extraordinary success of a copycat website that enticed thousands of taxpayers to file their self-assessment tax returns for astronomical fees can be revealed today. Taxreturngateway generated revenue of £7million in just four months by charging customers up to £1,000 for processing their tax returns, an insider at Who4, the Sunderland-based owner of the website, […]
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Within a month of the website going live in October 2013, Who4’s directors were so confident that they had hit on a business winner they increased the processing charges – from a minimum £150 to £200 and a maximum £500 to £1,000 (exhibit one, right). And business still rolled in.
The insider says: ‘Over Christmas and into the New Year, usage of the site exploded as people filed their returns before the January 31 deadline. The income generated by the site also exploded. The directors used to play quite loudly “We’re In The Money” in the large office they shared. That should give you an idea of how they felt about the service they were providing although it must be said that they were always careful when addressing their staff to discuss the business in a positive light and talk about it as a value added service.’
In fact, it is not yet clear if the service was illegal, or not. The mole also confirms what The Mail on Sunday has already reported – that the directors were so flush with money they bought a number of cars for cash from the Stratstone Aston Martin dealership in Houghton-le-Spring, Tyne & Wear. They included a yellow Lamborghini Aventador, an Aston Martin DBS and an Aston Martin Vanquish.
He also backs up that the three directors enjoyed weekends in London and trips to New York and Las Vegas – ‘drinking, clubbing and gambling’. But he does add that they were in turn generous to their staff who at the peak totalled 25.
‘There were regular staff parties,’ he says. ‘Staff were often paid bonuses, earned double or triple time for overtime and the rate of pay was good. And Jamie Wyatt was a workaholic, often emailing staff at four o’clock in the morning.’
As the site’s success grew so did the complaints. But the directors claimed they were doing no wrong. ‘This is a capitalist society and we are not ripping anyone off,’ Oliver told the Daily Mail.
Read more: http://www.thisismoney.co.uk/money/n...#ixzz3A0uEcyAD
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Within a month of the website going live in October 2013, Who4’s directors were so confident that they had hit on a business winner they increased the processing charges – from a minimum £150 to £200 and a maximum £500 to £1,000 (exhibit one, right). And business still rolled in.
The insider says: ‘Over Christmas and into the New Year, usage of the site exploded as people filed their returns before the January 31 deadline. The income generated by the site also exploded. The directors used to play quite loudly “We’re In The Money” in the large office they shared. That should give you an idea of how they felt about the service they were providing although it must be said that they were always careful when addressing their staff to discuss the business in a positive light and talk about it as a value added service.’
In fact, it is not yet clear if the service was illegal, or not. The mole also confirms what The Mail on Sunday has already reported – that the directors were so flush with money they bought a number of cars for cash from the Stratstone Aston Martin dealership in Houghton-le-Spring, Tyne & Wear. They included a yellow Lamborghini Aventador, an Aston Martin DBS and an Aston Martin Vanquish.
He also backs up that the three directors enjoyed weekends in London and trips to New York and Las Vegas – ‘drinking, clubbing and gambling’. But he does add that they were in turn generous to their staff who at the peak totalled 25.
‘There were regular staff parties,’ he says. ‘Staff were often paid bonuses, earned double or triple time for overtime and the rate of pay was good. And Jamie Wyatt was a workaholic, often emailing staff at four o’clock in the morning.’
As the site’s success grew so did the complaints. But the directors claimed they were doing no wrong. ‘This is a capitalist society and we are not ripping anyone off,’ Oliver told the Daily Mail.
Read more: http://www.thisismoney.co.uk/money/n...#ixzz3A0uEcyAD
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