Case details for Shafiqul Islam

Name: Shafiqul Islam


Date of Birth: 10 / 7 / 1969

Date Order Starts: 18 / 11 / 2021

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 07443030

Last Known Address: 34 Brighton Road, , , , Worthing, BN11 3ED

Conduct: (1) Shafiqul Islam (Mr Islam) failed to ensure that Luck3 Ltd (hereinafter referred to as “Luck3”) maintained proper accounting records, or in the alternative, failed to preserve and deliver up to the Liquidator such records as were maintained for the period 01 December 2017 to 28 February 2020. As a result, it has not been possible to ascertain or verify: • The true level of sales income generated by Luck3. Mr Islam stated at interview that online sales funds were paid into the personal bank account of a third party, and no evidence of the level of income generated from these sales has been provided. Mr Islam stated funds paid to the third party were used to pay rental costs for Luck3, however no evidence has been provided of either the amount of income received by the third party, nor of any of the funds being used for the benefit of Luck3. • Whether payments to Mr Islam totalling £85,000 represent genuine company expenditure. At interview, Mr Islam stated he had an income of £6,240 in 2018 and income of £6,514 in 2019. Bank statements show £85,000 of payments made to Mr Islam in the same period. • The true level of VAT due from Luck3 and whether VAT returns submitted on behalf of Luck3 accurately represented the VAT liability of the company. For FYE 30/11/18 VAT Returns were submitted for VAT quarters 02/18, 05/18 and 08/18 and no return was submitted for the quarter 11/18. The turnover declared to HMRC on those returns was £29,687. Income received into the main bank account for FYE 30/11/18 totalled £183,976.21. • From the period 11/18 to cessation of trade on 28 February 2020, Luck3 failed to submit VAT Returns to HMRC. Central assessments and default surcharges were raised by HMRC for VAT quarters 11/18 to 05/19, totalling £4,175.65 which were paid by the company, but it is not possible to establish whether these amounts covered the full amount that should have been due to HMRC. • Central assessments and default surcharges raised by HMRC for VAT quarters 08/19 to cessation of trade totalling £5,134.60 remain unpaid at liquidation. (2) Mr Islam caused Luck3 to suppress and conceal sales figures which resulted in Luck3 deliberately under-declaring and underpaying Corporation Tax (“CT”), in that: • On 06 March 2019 HMRC concluded an investigation into the accuracy of the CT liability declared by Luck3 for FYE 30/11/16. • An assessment for £14,412.15 was issued for FYE 30/11/14. • An assessment for £27,053.40 was issued for FYE 30/11/15. • An assessment for £37,813.47 was issued for FYE 30/11/16. • A further assessment for £44,859.65 was also issued for FYE 30/11/17 on 08 May 2019 • In total, assessments were raised for £124,138.67, of which Luck3 made payments totalling £469.77 • HMRC concluded that the suppression of Luck3’s sales and under-declaration of CT liability was deliberate. • Interest of £7,453.89 and a penalty of £46,103.65 has been added to the claim, resulting in a total due to HMRC at liquidation of £177,829.34 

This information is correct as at 28 / 10 / 2021

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