Fish and chip shop directors banned

A recent investigation by the Insolvency Service has seen two married restaurant directors disqualified for a total of 5 years each. The Directors of Gambino Fish Ltd trading as Quality Fish, were the subject of an in-depth investigation by HMRC.

The investigation found that the directors caused or allowed the company to submit inaccurate statutory VAT returns. The company had failed to record all its cash takings and had therefore under-declared the VAT due to HMRC. As a result, HMRC raised a VAT assessment of £53,332. At liquidation, the company owed HMRC in excess of £164,000 in relation to VAT, PAYE and national insurance contributions and corporation tax.

The two company directors were disqualified after the Secretary of State for Business Energy and Industrial Strategy accepted the disqualification undertakings. The disqualification means that the directors cannot promote, manage, or be a director of a limited company for five years from 10 December 2017.

Commenting on this case Lawrence Zussman, Deputy Head of Investigations with the Insolvency Service, said:

‘Much of the public service is funded by the correct amount of taxes being paid. By not declaring and paying the correct amount of taxes, the public has been deprived from receiving the services it deserves from the public sector. The Insolvency Service will not hesitate to take action against directors so they cannot abuse limited liability provided by trading through a company.’

Posted in General

Exeter Accountant MJ Smith & Co

Celebrating 25 years of excellence.

Free 1st Meeting
Fixed Fees
Free Support!

Find out more

Client Portal Login

Forgot Password?

Latest News

Amendments to UK data protection law in the event of a no deal Brexit

Following the publication of its technical notice in September 2018 on “Data protection if there’s no Brexit deal”, the government …
Read More

How the £1,000 trading allowance works

There is a £1,000 tax allowances for miscellaneous trading income that has been available to taxpayers since April 2017. This …
Read More

When is lettings relief available?

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family …
Read More