Case details for PETER SHARMA

Name: PETER SHARMA

Name: Capital Finance & Investment Limited

Date of Birth: 28 / 10 / 1961

Date Order Starts: 1 / 9 / 2021

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 08890180

Last Known Address: Dial House,, Kings Road,, , , ASCOT,, SL5 0AG

Conduct: Peter Sharma (“Mr Sharma”) failed to ensure that Capital Finance and Investment Limited (“CFI”) complied with its statutory obligations to submit adequate returns and payments to HM Revenue & Customs (“HMRC”) and caused CFI to trade to the detriment of HMRC from 7 April 2016 in respect of Value Added Tax (“VAT”), from 22 May 2016 in respect of Pay As You Earn (PAYE) and from 1 December 2016 in respect of Corporation Tax. VAT ? CFI was registered with HMRC for VAT on 21 October 2015. ? HMRC have provided information which shows no VAT submissions were filed for the quarters ending 02/16 to 02/19. ? A payment was received for the quarter ending 02/16 for the assessment filed by HMRC. No further payments were received. ? HMRC in liquidation have provided a proof of debt for VAT totalling £270,101.16 plus surcharges of 22,588.35, Officers penalty of £45,309.00 and interest of £12,504.49. Mr Sharma has stated that he disputes the amount of the VAT in the proof of debt. ? The quarter ending 05/19 assessment of £5,978.00 and interest of 55.18 has not been included as this was after liquidation. PAYE/NIC ? HMRC have provided information which shows that no PAYE/NIC submissions were filed and no payments were made for the period 22 May 2015 to 22 February 2019. ? HMRC applied a regulation 80 penalty for the years ending 2015/2016, 2016/2017 and 2017/2018 totalling £341,614.16. Mr Sharma has stated that he disputes this amount. Corporation Tax (“CT”) ? HMRC have provided information which shows that CFI submitted a CT return for the accounts for year ending 29 February 2016. A liability of £12,993.20 was shown and a payment of £902.40 was made on 8 April 2019, which left a liability owed of £12,090.80. ? CFI are shown to have made no further submissions for the years ending 28 February 2017 and 28 February 2018. ? HMRC applied an assessment year ending 28 February 2017 showing the tax liability of £16,000.00 with a penalty of £3,400.00, totalling £19,400.00 owed. ? HMRC applied a penalty for the year ending 28 February 2018 of £100.00. ? The total liability owed for CT from year ending 29 February 2016 to 28 February 2018 is £18,090.80 and a total penalty of £3,500.00 remained outstanding at the time of liquidation. Bank Analysis from 21 March 2017 to 20 April 2018 was carried out for the company bank account a total amount of £1,272,039.36 was paid in and £1,258,181.03 was paid out. That analysis and subsequent explanations by Mr Sharma indicate: - ? 105,000.00 was paid to a company for which Mr Sharma is a 50% shareholder. ? £649,614.00 was paid to World Trade 2000 Ltd for which Mr Sharma was the sole director and shareholder. ? £200,478.11 payments were made to loan companies, credit card companies, finance companies. ? £73,300.00 was paid to an account number which Mr Sharma has stated belongs to him. ? £15,570.57 payments were made to restaurants, hotels, high street shops etc. ? £8,427.20 cash was withdrawn from an ATM machine. ? £38,926.05 was paid to unknown entities ? No payments are shown to have been made to HMRC from this bank account. 

This information is correct as at 12 / 8 / 2021



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