Case details for Muhammad Sheeraz HUSNAIN

Name: Muhammad Sheeraz HUSNAIN

Name: SFYK LIMITED

Date of Birth: 5 / 7 / 1984

Date Order Starts: 15 / 5 / 2019

Disqualification Length: 7 Years 0 Month(s)

CRO Number: 08138708

Last Known Address: 118 Village Road,, , , , ENFIELD,, EN1 2EX

Conduct: That Muhammad Sheeraz Husnain (Mr Husnain”) failed to ensure that SFYK Limited (“SFYK”) maintained, preserved or delivered up an adequate record of its sales income for the period 10 September 2012 to at least 31 August 2015, as a consequence of which HMRC raised assessments to account for apparent under-declarations and under-payment of taxes totalling £232,272 plus penalties of at least £25,487 and interest of £10,122 in that:

  • SFYK’s accountants prepared accounts for the years ended 31/08/13 and 31/08/14 and submitted its VAT returns for the quarters 11/12 to 05/16.
  • The amounts of Corporation Tax and VAT shown to be due by the returns were paid in full.
  • In March 2015 HMRC opened an enquiry into SFYK’s Corporation Tax and VAT Returns.
  • In September 2015 HMRC identified shortcomings in SFYK’s sales records and requested that, for the period 01/10/15 to 30/11/15, SFYK should retain all daily “Z” readings/till rolls and all written slips recording takings.
  • In March 2016 HMRC concluded that SFYK had under-declared its turnover by 55.24% in its accounts for the years ended 31/08/13 and 31/08/14.
  • In June 2016 HMRC issued determinations detailing additional Corporation Tax totalling £89,685 for the accounting periods commencing 11/07/12 and ending 31/08/15. These sums are included in HMRC’s claim in the liquidation.
  • In September 2016 HMRC notified SFYK that, as a result of under-declarations of VAT, additional VAT of £192,272 was due for the quarters 11/12 to 08/15. Interest charges of £10,122 were also imposed. These sums are included in HMRC’s claim in the liquidation.
  • In October 2016 HMRC informed SFYK that it was intending to charge SFYK a penalty of £25,487 because of inaccuracies in its Corporation Tax returns for the 2 years ended 31/08/14. This sum is included in HMRC’s claim in the liquidation.
  • In December 2016 HMRC informed SFYK that it was intending to charge SFYK penalties totalling £100,943 in respect of the under-declared Output tax for the quarters 11/12 to 08/15. This sum is not included in HMRC’s claim in the liquidation. 

    This information is correct as at 25 / 4 / 2019


    Name: Muhammad Faraz KHAN

    Name: SFYK LIMITED

    Date of Birth: 1 / 5 / 1991

    Date Order Starts: 15 / 5 / 2019

    Disqualification Length: 7 Years 0 Month(s)

    CRO Number: 08138708

    Last Known Address: 118 Village Road,, , , , ENFIELD,, EN1 2EX

    Conduct: That Muhammad Faraz Khan (“Mr Khan”) failed to ensure that SFYK Limited (“SFYK”) maintained, preserved or delivered up an adequate record of its sales income for the period 10 September 2012 to at least 31 August 2015, as a consequence of which HMRC raised assessments to account for apparent under-declarations and under-payment of taxes totalling £232,272 plus penalties of at least £25,487 and interest of £10,122 in that:

  • SFYK’s accountants prepared accounts for the years ended 31/08/13 and 31/08/14 and submitted its VAT returns for the quarters 11/12 to 05/16.
  • The amounts of Corporation Tax and VAT shown to be due by the returns were paid in full.
  • In March 2015 HMRC opened an enquiry into SFYK’s Corporation Tax and VAT Returns.
  • In September 2015 HMRC identified shortcomings in SFYK’s sales records and requested that, for the period 01/10/15 to 30/11/15, SFYK should retain all daily “Z” readings/till rolls and all written slips recording takings.
  • In March 2016 HMRC concluded that SFYK had under-declared its turnover by 55.24% in its accounts for the years ended 31/08/13 and 31/08/14.
  • In June 2016 HMRC issued determinations detailing additional Corporation Tax totalling £89,685 for the accounting periods commencing 11/07/12 and ending 31/08/15. These sums are included in HMRC’s claim in the liquidation.
  • In September 2016 HMRC notified SFYK that, as a result of under-declarations of VAT, additional VAT of £192,272 was due for the quarters 11/12 to 08/15. Interest charges of £10,122 were also imposed. These sums are included in HMRC’s claim in the liquidation.
  • In October 2016 HMRC informed SFYK that it was intending to charge SFYK a penalty of £25,487 because of inaccuracies in its Corporation Tax returns for the 2 years ended 31/08/14. This sum is included in HMRC’s claim in the liquidation
  • In December 2016 HMRC informed SFYK that it was intending to charge SFYK penalties totalling £100,943 in respect of the under-declared Output tax for the quarters 11/12 to 08/15. This sum is not included in HMRC’s claim in the liquidation. 

    This information is correct as at 25 / 4 / 2019



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