Case details for Kamran Ghani Farooqui

Name: Kamran Ghani Farooqui

Name: Compact Business Services Limited

Date of Birth: 24 / 7 / 1973

Date Order Starts: 24 / 11 / 2021

Disqualification Length: 6 Years 0 Month(s)

CRO Number: 08899676

Last Known Address: 77 Ingledew Court, , , , LEEDS, LS17 8TY

Conduct: Kamran Ghani Farooqui (“Mr Farooqui”) caused Compact Business Services Limited (“CBS”) to file inaccurate Value Added Tax (“VAT”) returns in the period 31 October 2016 to 30 April 2020, which resulted in the under declaration of Value Added Tax of £162,374 and a liability to HM Revenue and Customs (“HMRC”) of £222,858 including interest and penalties. • HMRC Officers conducted an investigation in November 2019 after several requests for information from CBS to which they did not receive a reply. • Throughout the course of the investigation HMRC made several preliminary assessments for VAT, of which CBS has always disagreed, however has failed to supply any evidence to support the disagreement. • CBS did not declare output tax at the standard rate of 20% and failed to provide any evidence they were operating a margin scheme. Therefore, HMRC determined that the VAT due on all sales would be at the standard rate of 20%. • Evidence provided by the online marketplace showed CBS failed to declare income on all revenue streams. HMRC therefore raised an assessment for the VAT due on the under-declared sales. • CBS failed to provide purchase listings and evidence to support the input tax claimed on the returns. HMRC provided a 15% allowance for stock and overheads and reclaimed the difference between this amount and the amount claimed on the returns. • HMRC are the major creditor at liquidation with a claim of £226,583, out of £296,254. 

This information is correct as at 3 / 11 / 2021

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