Case details for Nadeem Wahid

Name: Nadeem Wahid

Name: LONDONPROPERTYTRADE LIMITED

Date of Birth: 6 / 8 / 1970

Date Order Starts: 8 / 7 / 2019

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 08265524

Last Known Address: 11 Keel Drive, , , , BIRMINGHAM, B13 9XD

Conduct: From at least 31 October 2013 Mr Wahid failed to ensure that London complied with its statutory obligation to HM Revenue and Customs (HMRC) in respect of Value Added Tax (VAT) by failing to register London for VAT when the company had exceeded the VAT registration threshold and in addition, he caused London to trade to the detriment of HMRC in respect of Corporation Tax (CT) from at least 1 August 2014 when monies due for the period ended 31 October 2013 fell due. At liquidation, HMRC were owed at least £38,608 which remains unpaid. In that:- VAT

  • A trader must register with HMRC for VAT if its VAT taxable turnover is more than the statutory threshold in any 12 month period.
  • The statutory threshold for VAT registration for the period 1 April 2013 to 31 March 2014 was £79,000. Londonís Accounts for the period 23 October 2012 to 31 October 2013 show turnover of £145,160. The company had exceeded the VAT threshold by 31 October 2013 at the latest.
  • The company failed to register for Vat throughout its trading.
  • It has not been possible to calculate the VAT liabilities for the period from 23 October 2012 until Liquidation. Corporation Tax
  • Corporation Tax returns were submitted for Period 23 October 2012 until 31 October 2013 in the total sum of £20,597. Whilst London made a payment of £920 towards this liability, no further payment has been made and the sum of £19,677 remained due at Liquidation.
  • A Corporation Tax return was submitted for Year Ended 31 October 2014 in the sum of £14,284. Furthermore a penalty of £100 was incurred for this period. No payment has been made in respect of the Corporation Tax and the penalty, and the sum of £14,384 remained due at Liquidation.
  • No Corporation Tax returns were submitted for the Years Ended 31 October 2015 and 31 October 2016 and penalties were incurred for these periods in the total sum of £700. No payment has been made towards this sum and the sum of £700 remained due at Liquidation.
  • At Liquidation a total of £38,608 remained due in respect of Londonís Corporation Tax liabilities for the Years ending 31 March 2013 until Liquidation, including interest of £3,847. Differential Treatment
  • Londonís accounts prepared for the Period Ended 31 October 2013 list Crown liabilities as totalling £50,081, whilst all other creditors are listed as totalling £35,386. At Liquidation the Crown liabilities are listed as totalling £56,108 (excluding VAT liabilities which have not been determined), whilst all other creditors are listed as totalling £4,627.
  • Bank statements show that from, and including, 1 November 2014 (the period from the last audited accounts) up to Liquidation on 29 September 2017, £1,009,155 was expended from Londonís bank account. HMRC have stated that during this same period they received £920. 

    This information is correct as at 19 / 6 / 2019



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