February 9, 2015 / 1:46 PM / 3 years ago

BRIEF-Cello says HMRC review may include wider range of items

Feb 9 (Reuters) - Cello Group Plc

* Received guidance from HMRC that scope of impending review may now include a wider range of items sold to Cello Signal’s charity clients than anticipated

* Detailed contracts and invoices have not yet been reviewed by HMRC

* Any backdated VAT assessment arising would be substantially contractually recoverable from clients should this be appropriate

* Estimates that maximum potential liability could now in theory be in excess of that indicated at time of pre-close trading update

* Intends to defend its historical position on this issue which it believes has been in line with received historical industry-wide practice

* Has received professional advice that broadening of scope of review proposed by HMRC is not appropriate and directly contradicts previous guidance Source text for Eikon: Further company coverage:

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