Case details for ASAD SALAM

Name: ASAD SALAM

Name: Fbit Limited

Date of Birth: 9 / 2 / 1965

Date Order Starts: 24 / 6 / 2019

Disqualification Length: 4 Years 0 Month(s)

CRO Number: 05264102

Last Known Address: FLAT 10, AUGUSTUS COURT, AUGUSTUS ROAD, , LONDON, SW19 6NA

Conduct: From May 2009 onwards, Asad Salam (‘Mr Salam’) failed to ensure that FBIT Limited (“FBIT”) complied with its statutory obligations to submit returns or to remit payments in full, as and when due, to Her Majesty’s Revenue and Customs (‘HMRC’) in respect of Value Added Tax (“VAT”), Pay As You Earn (“PAYE”) & National Insurance Contribution (“NIC”), and he caused FBIT to trade to the detriment of HMRC resulting in total liabilities owed to HMRC, the majority creditor at liquidation, of £37,831 inclusive of charges and interest. In that:

  • Between January 2012 and April 2015, FBIT incurred VAT liabilities of £28,375 inclusive of surcharges, based on returns submitted to and assessments raised by HMRC. FBIT made no payments towards these liabilities;
  • For the tax years ending April 2009 to April 2015, FBIT incurred PAYE & NIC liabilities of £11,123, inclusive of interest, based on returns and real time information submitted to HMRC. FBIT made payments of £1,668, leaving an outstanding liability of £9,455;
  • FBIT’s prepared accounts dated 31 October 2011 record liabilities owed by the company totalling £8,172. Of these liabilities, £4,569 is owed to HMRC, £1,516 owed in respect of bank loans and overdrafts, and £2,087 owed to other creditors. At the liquidation date, FBIT’s liabilities consisted of £73,653 in respect of outstanding tax liabilities, £5,100 owed in respect of outstanding trade creditors and £1,000 owed to the director. No liabilities to bank;
  • Copy bank statements for FBIT’s business bank account for the period 01 November 2011 to 04 May 2015 record payments received into the account of £465,799. In the same period, the statements record outgoing payments of at least £71,569 to Mr Salam, and £306,452 to trade and expense creditors and £75,313 cash, cheque and credit card bill payments which have not been verified. There are no apparent payments made to HMRC. 

    This information is correct as at 2 / 8 / 2019



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