Case details for DAVID EKONG ETUKUDO

Name: DAVID EKONG ETUKUDO

Name: SMART CONTRACTING LIMITED

Date of Birth: 9 / 7 / 1967

Date Order Starts: 29 / 10 / 2018

Disqualification Length: 5 Years 0 Month(s)

CRO Number: 07320669

Last Known Address: THE ANNEX, 30 LINKSIDE, , , NEW MALDEN, KT3 4LB

Conduct: From at least 01 January 2015 to 30 September 2017 (cessation) Mr David Ekong Etukudo (“Mr Etukudo”) failed to ensure that Smart Contracting Limited (“Smart”) complied with its statutory obligations to submit Corporation Tax (“CT”) returns and Value Added Tax (“VAT”) returns, or to remit payments in full, as and when due to HM Revenue & Customs (“HMRC”) and caused Smart to trade to the detriment of HMRC whilst withdrawing funds for his personal use. In that: Corporation Tax

  • The company was incorporated in July 2010. He stated that trading commenced in January 2012. Accounts have been prepared for the year ended 31 July 2012 and 31 July 2013, HMRC have not claimed any outstanding CT for these periods. Further accounts were prepared for the 8 month period ending 31 March 2014 and for the following year to 31 March 2015.
  • The CT due in the final two periods was £18,634 and £24,138 respectively. HMRC have confirmed Smart made payments totalling £10,662 in respect of the CT debt which was deducted from the CT due in the period ended 31 March 2014 leaving an outstanding debt of £8,012. This was due for payment by 01 January 2015 and remains outstanding at the date of liquidation. No payments have been made in respect of the period ended 31 March 2015, which should have been paid by 01 January 2016. The total amount remains outstanding at the date of liquidation.
  • Despite the company continuing to trade until approximately September 2017 no further CT returns were submitted and no further assessments have been made by HMRC.
  • HMRC’s total claim in respect of CT is £32,149.
  • Bank statements delivered for the company record income from 01 January 2015 to 10 November 2017 (the date of the last bank transaction), totalling £429,214. VAT
  • Smart submitted VAT returns to HMRC in respect of VAT quarters 03/15 to 09/16 disclosing a total liability to HMRC of £37,616.
  • During the period of trading between 19 February 2016 and 19 September 2016, HMRC record payments received from Smart totalling £14,150 of which £11,801 was allocated to VAT periods prior to quarter 03/15.
  • Smart failed to submit VAT returns to HMRC in respect of VAT quarters, 12/16 to 09/17, that resulted in HMRC issuing assessments totalling £20,723.
  • HMRC issued default charges against Smart in the total sum of £8,751.
  • The earliest unpaid VAT liability relates to the return for the quarter ended 31 March 2015, which fell due for payment on 07 May 2015.
  • HMRC’s total claim in respect of VAT is £67,800.
  • Bank statements delivered for the company record income from 07 May 2015 to 10 November 2017 (the date of the last bank transaction), totalling £377,614. Comparative Treatment
  • The last set of accounts prepared by Smart were for the period ended 31 March 2015. This recorded a dividend payment to the director of £102,045 and remuneration of £9,000.
  • The accounts also recorded an outstanding director loan owed to the company of £77,791.
  • Analysis of the bank statements from 01 April 2015 to the 10 November 2017 (the date of the last bank transaction) records cash withdrawals and payments to him totalling at least £335,112.
  • Therefore it appears that the director owed the company £412,903 at the date of liquidation.
  • Bank statements record income for the company from 1 January 2015 to 10 November 2017 of £429,214, payments to his personal bank account and cash withdrawals (which he confirmed were for his personal use) totalling £359,352 and payments to HMRC of £54,300.
  • At the date of the winding up order Smart had debts of approximately £103,698 of which £102,698 was owed to HMRC. 

    This information is correct as at 22 / 10 / 2018



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