Ismail AGAC

Disqualified from

2020-04-22

Date of birth on record

September 1977

Ismail Agac (“Mr Agac”) failed to ensure that Leram Ltd (“LL”) complied with its statutory obligations to HM Revenue &amp; Customs (“HMRC”) in that he failed to register LL for Value Added Tax (“VAT”), from at least 01 September 2016 (the date of his appointment as director of LL), at a time when LL’s turnover was over the VAT registration threshold. Subsequently LL was compulsory registered for VAT by HMRC, which resulted in outstanding VAT liabilities.<br>A trader must register with HMRC for VAT if the business’ VAT taxable turnover is more than the statutory limit;<br>Mr Agac was appointed as the sole director of LL on 01 September 2016. LL was not registered for VAT purposes at 01 September 2016, despite LL’s turnover exceeding the VAT registration threshold;<br>On 07 June 2018, HMRC made an unannounced visit to LL. Following an investigation HMRC wrote to LL on 04 December 2018 advising the company should have been registered for VAT from 01 February 2016 as a transfer of going concern. HMRC compulsory registered LL for VAT purposes;<br>On 11 January 2019, HMRC notified LL that it had assessed VAT liabilities for the period 01 February 2016 to 31 December 2018 in the sum of £56,258;<br>On 19 February 2019, HMRC issued a Civil Penalty of £29,535 to LL as HMRC considered Mr Agac’s actions were deliberate. No payments were made by LL to HMRC in respect of the penalty;<br>On 14 May 2019, in the absence of VAT returns from LL HMRC issued a VAT Assessment for the period 01 February 2016 to 31 December 2018 for £56,258 of this amount at least £44,545 was in respect of the period of Mr Agac’s directorship. No payment was made to HMRC by LL.<br>On 01 August 2019 LL entered into Creditors’ Voluntary Liquidation;<br>At the date of liquidation, the total amount owed to creditors is £133,666 of which at least £107,766 is owed to HMRC in respect of VAT and £23,000 is owed to Mr Agac.