Case details for JAGRAJ SINGH MAND

Name: JAGRAJ SINGH MAND

Name: MAGNET SITE SERVICES LIMITED

Date of Birth: 3 / 2 / 1976

Date Order Starts: 17 / 1 / 2019

Disqualification Length: 5 Years 0 Month(s)

CRO Number: 09363251

Last Known Address: 3 ASHLEY STREET, , , , BILSTON, WV14 7PA

Conduct: Mr Jagraj Singh Mand (“Mr Mand”) failed to ensure that Magnet Site Services Limited ("Magnet") complied with its statutory obligations in relation to Her Majesty’s Revenue and Customs (HMRC) by failing to declare and make payments in respect of CIS and caused Magnet to trade to the detriment of HRMC from 19 April 2015 at the latest, to cessation of trading in October 2016. As a result HMRC estimated it was owed £315,640 in respect of undeclared CIS. In that: CIS

  • HMRC has submitted a claim in the liquidation which includes the sum of £315,640 claimed in respect of undeclared CIS relating to tax years 2014/15, 2015/16 and 2016/17.
  • No CIS returns were filed, or payments made, to HMRC in respect of the Company's CIS liabilities at any time.
  • In respect of tax year 2014/15, Magnet's accounts record cost of sales as being £20,839. HMRC has established that these relate to subcontractors costs and consequently raised a Regulation 13 Determination in the sum of £6,249 which represents undeclared CIS due charged at a rate of 30%.
  • In respect of tax year 2015/16, Magnet's accounts record cost of sales as being £220,242. HMRC has established that these relate to subcontractors costs and consequently raised a Regulation 13 Determination in the sum of £66,072 which represents undeclared CIS due charged at a rate of 30%.
  • In respect of tax year 2016/17, HMRC established that income from third party CIS returns between 6 April 2016 to 5 November 2016 totalled £811,064 and consequently raised a Regulation 13 Determination in the sum of £243,319 which represents undeclared CIS due charged at a rate of 30%. Comparative treatment
  • HMRC, whose claim totalled £490,099, was the majority creditor in the liquidation by a significant margin, the only other creditors being trade and expense creditors owed the sum of £21,200 and he owed the sum of £1,800.
  • From 19 April 2014 to liquidation on 23 February 2017, the Company's bank account received credits totalling £1,381,758 and expended £1,385,168 of which payments of £65,053 can be identified as having been made to HMRC in respect of the Company's liabilities to HMRC during this period.
  • During this period, net payments were made to him totalling £18,532 and cash withdrawals totalling £69,015 were also made from the Company's bank account. 

    This information is correct as at 8 / 1 / 2019



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