Case details for William BUCHAN

Name: William BUCHAN

Name: Uubuchan LIMITED

Date of Birth: 31 / 5 / 1989

Date Order Starts: 15 / 11 / 2021

Disqualification Length: 4 Years 0 Month(s)

CRO Number: SC541537

Last Known Address: 10 Gorse Circle, Portlethen,, , , , ABERDEEN, AB12 4WB

Conduct: Between 28 February 2020 and liquidation on 16 October 2020 (“period”) William Buchan (“Mr Buchan”) failed to ensure that UUBuchan Limited (“the company”) made adequate provision for a future corporation tax liability of £12,539 which became due and payable on 01 November 2020 (“Due Date”) and contingent tax due on his outstanding directors loan account (“DLA”) under S455 Corporation Tax Act 2010 on the Due Date, by paying himself £29,002 net out of total income received of £31,399 (which included £13,398 of a £15,000 bounce back loan obtained on 02 June 2020.) Two weeks prior to the Due Date Mr Buchan placed the company into liquidation: • At the beginning of the Period the accounts to 31 January 2020 show that Mr Buchan owed the company £12,242, the corporation tax liability was £12,502 and the company had a positive balance sheet position of £121. • During the period Mr Buchan received £29,002 personally and repaid £159 into the company bank account. • On 02 June 2020 Mr Buchan obtained a bounce back loan on behalf of the company of £15,000. Between 03 June 2020 and 13 July 2020, £13,398 was withdrawn from the company (repayment due a year after it was taken). • At the time that the company was placed into liquidation there were no available funds in the bank account. • The Liquidator confirmed that Mr Buchan has not repaid any of his outstanding DLA. • As a consequence, HMRC are owed £12,502 plus S455 tax due on the DLA and the bank (whose claim is likely to be subrogated to HM Government) is owed £15,000 plus interest. 

This information is correct as at 25 / 10 / 2021

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