YILDIZ IMPORT ENTERPRISE LTD

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Disqualified Directors Conduct

Cengiz Yildiz
January 1966
Disqualified from being a director because of their conduct for the period of
8 Years 0 Month(s)
Disqualification starts from
11 January 2021
Improper conduct which resulted in their disqualification
From the date of his appointment as a director on 01 May 2017 onwards, Mr Cengiz Yildiz (Mr Yildiz) caused Cotton Design Ltd (“Cotton Design”) to submit inaccurate nil returns to HM Revenue and Customs (“HMRC”) for Value Added Tax (“VAT”) for the VAT quarters ending 06/17, 09/17, 12/17, 03/18 and 06/18. During this period, HMRC enquiries concluded that Cotton Design had turnover of £2,507,008 against which HMRC therefore raised a VAT assessment of £442,795, all of which remained outstanding on the date of Liquidation. • Cotton Design was registered for VAT from 01 January 2014. • During Mr Yildiz’s directorship Cotton Design submitted nil VAT returns for the VAT quarters ending 06/17, 09/17, 12/17, 03/18 and 06/18. • HMRC deregistered Cotton Design for VAT on 01 February 2019. • On 04 February 2019, HMRC commenced an investigation into the trade and tax affairs of Cotton Design which included the analysis of its banking activities. • On 13 February 2019, HMRC informed Cotton Design that it had provided services but failed to declare the inputs and outputs on its VAT returns for the VAT quarters ending 03/17, 06/17, 09/17 and 12/17. The services attracted VAT totalling £112,750 that Cotton Design had failed to declare; of this amount, at least £64,062 of the undeclared VAT was accumulated during the directorship of Mr Yildiz. • As part of HMRC’s investigations into the day to day trade and tax affairs of Cotton Design, a Notice of Assessment was issued to Cotton Design on 16 May 2019 stating that Cotton Design had been under-declaring its true VAT liabilities. The notice of assessment included an officer’s VAT assessment from the VAT quarters ending 06/15 to 06/18 totalling £1,208,256, of which £442,795 of the VAT liabilities had been accumulated during the directorship of Mr Yildiz and related to the VAT quarters ending 06/17, 09/17, 12/17, 03/18 and 06/18, for which Cotton Design had submitted inaccurate nil VAT returns to HMRC. • HMRC’s claim in the Liquidation is for a sum of £1,332,030. The total liabilities in the Liquidation are £1,332,130
CEM DENIZ YILDIZ
August 1996
Disqualified from being a director because of their conduct for the period of
7 Years 0 Month(s)
Disqualification starts from
11 January 2021
Improper conduct which resulted in their disqualification
Mr Cem Deniz Yildiz failed to ensure that Yildiz Import Enterprise Ltd (hereinafter referred to as Yildiz) complied with its statutory obligation to register for Value Added Tax (‘VAT’) with HMRC Revenue and Customs (‘HMRC’) from 15 June 2016 (HMRC VAT assessment start date) to 01 November 2017 (date of resignation as director). HMRC investigative enquiries concluded that during this period, Yildiz had income of £6,000,456 against which HMRC raised a VAT assessment of £1,000,076, which remained outstanding in its entirety at Liquidation. • Yildiz failed to register for VAT throughout the period that it traded. • HMRC commenced an investigation on 04 February 2019, after Yildiz had ceased to trade • HMRC submitted an application for VAT registration for Yildiz on 01 April 2019, as a result of which Yildiz was subject to compulsory VAT registration with effect from 01 October 2016. • Yildiz should have filed a VAT return by 07 July 2019 with HMRC for the period from 01 October 2016 to 31 May 2019 but failed to do so, although trading had ceased by this time. • HMRC assessed Yildiz’s income as being £8,513,615 for the period from 15 June 2016 to 11 June 2018, against which HMRC raised an officer’s VAT assessment of £1,418,936. • On 11 July 2019, HMRC issued the VAT assessment of £1,418,936 to Yildiz. • HMRC’s claim in the Liquidation is for a sum of £1,428,571. The total liabilities in the Liquidation are for a sum of £1,428,671

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