Yacht Management less than 50m Financial Control
In the earlier days on yachting some people believed yacht management was a layer that ultimately cost the client more for micro management that is not required. This was not the case for an owner who came to us in 2006 when he lost confidence in his current yacht manager.
In 2006 we were introduced to a client through the yacht’s captain stating that the client was unhappy with the performance of the current manager and needed someone more reactive and professional to deal with.
After signing management contracts with the owners we started to long process of collecting all the yachts history, from accounts to technical certification and documentation. Once our accounts department started reconciling and re constructing the accounts they quickly started to notice irregularities and missing VAT reclaims.
Once the process was finished we learned that there was more than a quarter of a million worth of VAT that had been either incorrectly paid, or not reclaimed. We managed to recover from the French and Italian government more than €240,000.00 that was paid back to the yacht owner.
“More than €240,000.00 that was paid back to the yacht owner”
Today after 10 years we will successfully manage this yacht and the client remains loyal to Arrow and our team.
(Non Disclosure agreements prohibit any further details being revealed)