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Tuesday, 20 May 2014

Director banned after failing to pay business tax

Director of Smiths Storage (UK) and Miami Storage Limited, Warren Smith, has been disqualified for five years after not paying business taxes to HMRC and Leeds City Council for over a year.

The two storage companies went into liquidation in June 2011 and February 2012 respectively. The Insolvency Service found the companies to owe £177,000 to HMRC and £424,000 to HMRC. The total amount owed to creditors was over £738,000.

Failing to pay business tax, VAT and PAYE can lead to serious consequences if not dealt with quickly. The company can be issued with legal actions, like winding up petitions, which can seriously damage the company's reputation. Directors can also be made personally liable and even disqualified, as the case above shows.

If you are falling behind with VAT, PAYE or business taxes, the best thing you can do is to act quickly before it's too late. Call us on 0800 9700539 and speak to one of our corporate advisors - they will look at all available options for your specific situation.

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