Name: Yan Chen

Name: Masterful Limited

Date of Birth: 18 / 9 / 1992

Date Order Starts: 14 / 7 / 2026

Disqualification Length: 3 Years 6 Month(s)

CRO Number: 10942360

Last Known Address: 7a Wyndham Street, , , , YEOVIL, BA20 1JJ

Conduct: Yan Chen (“Mrs Chen”) failed to ensure that Masterful Limited (“Masterful”) met its financial obligations to HM Revenue & Customs (“HMRC”) and caused Masterful to trade to the detriment of HMRC from at least 8 April 2018 to cessation of trade on 1 February 2023. The detriment to HMRC is in respect of VAT totalling £86,266, between 8 April 2018 and 31 January 2023, in that: • On 3 December 2019 Mrs Chen registered Masterful for VAT with a proposed registration date of 1 January 2020. HMRC believed that the date of registration should be backdated initially to 1 November 2019. Following receipt of third-party information, HMRC determined that the correct registration date was 8 April 2018. • Masterful was notified of the change of effective date of registration to 8 April 2018 on 2 October 2020. Masterful was invited to provide a VAT return to HMRC to cover the period 8 April 2018 to 31 October 2019. • Masterful did not provide a VAT return to cover the period 8 April 2018 to 31 October 2019. • Masterful made a payment towards its VAT liabilities on 25 February 2020 for £300. This was allocated in full settlement against a penalty issued under schedule 36 Finance Act 2008. • Masterful’s last payment towards its VAT liabilities was on 29 May 2020 for £3,484 for the VAT period 01/20. • During trading Masterful submitted VAT returns for the 01/20 and 4/20 periods. Post-trading Masterful submitted the following: o 13 August 2024 for period 02/23 – nil return o 01 October 2024 for period 11/22 to 01/23 - £4,775 o 01 October 2024 for period 08/22 to 10/22 - £4,973 o 01 October 2024 for period 05/22 to 07/22 - £5,031 o 01 October 2024 for period 02/22 to 04/22 - £3,703 o 01 October 2024 for period 11/21 to 01/22 – £3,029 o 01 October 2024 for period 08/21 to 10/21 - £2,459 No further payment was made and returns from 04/18 to 10/19 and 07/20 to 07/21 remain outstanding. • Masterful was subject to a VAT assessment for the VAT periods from 04/18 to 10/19. The assessment totalled £38,080. VAT assessments for the period 07/20 to 07/21 totalled £10,186, surcharges of £3,783 and penalties of £8,704 were applied; no payments were made leaving an outstanding balance of £86,266 at liquidation. Differential Treatment • From April 2018 to January 2023 Masterful received over £400,000 into its business account. • Masterful received a Bounce Back Loan of £50,000 from its bank on 23 June 2020. At insolvency £16,688 was outstanding. • Between: o 05 August 2020 and 31 May 2021 £56,000 was paid to an associated party. £50,000 was said to be full settlement of a lease between June 2020 and June 2025 for trading premises, but this leaves £6,000 in unexplained payments. o 17 August 2021 and 13 November 2023 Mrs Chen removed £129,000 in cash and bank transfers from Masterful’s bank account. • Masterful paid £5,035 to HMRC in respect of VAT, PAYE, Corporation Tax and penalties during this period, of which £3,784 amount was towards VAT. 

This information is correct as at 24 / 6 / 2026

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