Case details for Giacinto ISOLDA

Name: Giacinto ISOLDA

Name: Crama Coachworks (Brookmans Park) Ltd

Date of Birth: 24 / 3 / 1968

Date Order Starts: 12 / 7 / 2019

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 09431718

Last Known Address: 27, STEWART PLACE, STATION ROAD, , WARE, SG12 9UN

Conduct: From at least 01 March 2016 Giacinto Isolda (“Mr Isolda”) failed to ensure that Crama Coachworks (Brookmans Park) Ltd ("Crama") complied with its obligations to HM Revenue & Customs ("HMRC") as regards Value Added Tax (VAT") and Pay As You Earn and National Insurance Contributions ("PAYE/NIC") and caused Crama to trade to the detriment of HMRC as a consequence of which HMRC are owed at least £239,207 and are the single largest creditor in the liquidation. In particular: VAT

  • Crama was registered for VAT under the 'Cash Accounting Scheme' with effect from 01 December 2015 and was therefore only obliged to pay VAT on its sales when it received payment from its customers.
  • All of Crama's sales were to a connected company of which he is the sole director and shareholder.
  • Crama issued monthly sales invoices to the connected company over the 15 month period December 2015 to February 2017 inclusive in the total sum of £632,840 plus output VAT of £126,568.
  • Over the period December 2015 to July 2017 Crama received payments totalling £544,664 from the connected company but these payments were not allocated to the (unpaid) invoices in a timely way or at all.
  • In Crama’s accounts as at 29 February 2016 book debts are shown as £119,902. The connected company owed Crama at least £207,751 at liquidation in September 2017.
  • Crama filed VAT Returns under the 'Cash Accounting Scheme' in relation to the same 15 month period (being the VAT quarters 02/16 to 02/17 inclusive) showing total sales of £48,011 plus output VAT of £9,602 (and nil or no returns for the subsequent period to liquidation): the majority of the sales invoices issued over this period being treated as unpaid by the connected company thereby reducing the level of sales and output VAT to be accounted for in Crama's VAT returns.
  • Crama's accounting records for the 15 month period to 28 February 2017 show a total net VAT liability of £125,865 of which £8,880 was declared in returns to HMRC and paid, resulting in a balance of £116,885 outstanding at liquidation.
  • Crama continued to provide services to the connected company over the following 5 month period March 2017 to July 2017 inclusive, however, for this period no sales invoices to the connected company were among the records delivered up. Crama failed to file VAT returns for 05/17 and 08/17 and HMRC raised assessments of £3,305. PAYE/NIC
  • Crama's PAYE/NIC liability for months 9-12 of the tax year 2015/2016 (i.e. the 4 month period from the commencement of trading in December 2015) totalled £37,013 which should have been paid in full by 19 April 2015. The liability for this tax year was not cleared until April 2017.
  • Crama's PAYE/NIC liability for months 1-12 of the tax year 2016/2017 totalled £141,058 against which Crama made payments/received credits of £22,533 leaving a balance of £118,525 due at liquidation.
  • Crama's PAYE/NIC liability for months 1-4 of the tax year 2017/2018 (i.e. the 4 month period to the cessation of trading in July 2017) totalled £5,401 against which Crama made payments/received credits of £2,621 leaving a balance of £2,780 due at liquidation, plus additional interest of £1,018. Different Treatment / Other
  • HMRC are the single largest creditor in the liquidation with a claim of at least £239,207 (£116,885 + £122,322).
  • The only other known creditor (with the exception of his claim of £44,105 ) has an estimated claim of £850.
  • In the period 01 March 2016 the amount due to HMRC increased from £43,923 to at least £239,206 whilst over the same period the amount due to other creditors reduced from £84,847 to £44,955.
  • At liquidation, at least £207,751 is due from the connected company in respect of services provided by Crama. As at 06 September 2018 the liquidator has only recovered £10,000 from the connected company. 

    This information is correct as at 24 / 6 / 2019



    If you believe this page contains any errors, please email civil.proceedings.team@insolvency.gov.uk with details of the error that you have found.

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