MR Lawrence RUSSELL

Disqualified from

2020-12-01

Date of birth on record

August 1982

During the period from 22 December 2016 to cessation of trading on 06 November 2019, Lawrence Russell (“Mr Russell”) caused F W Projects Ltd (“FW Projects”) to trade to the detriment of HMRC and failed to ensure FW Projects complied with its statutory obligations to HMRC, in that: PAYE/NIC and Student Loan Tax • From 22 December 2016 to 05 October 2019 returns submitted showed tax due in respect to PAYE/NIC and Student Loans was £35,821. Payments totalling £9,418 were made during this period leaving a balance outstanding of £26,403. The interest charged during this period totalled £1,140. Corporation Tax • Tax due in respect to Corporation Tax for the year ending 31 January 2017 was £3,342 and interest was charged at £215 and for the year ending 31 January 2018 was £1,894 with interest at £62. Payments totalling £76 were made leaving a balance outstanding in respect to Corporation Tax at £5,437. VAT • Returns were submitted from quarters ending November 2016 to August 2017 and totalled £49,668 plus surcharges of £5,680. • In the absence of returns HMRC have raised assessment for quarters ending from November 2017 to August 2019 at £114,191 plus surcharges at £17,129. • No payments were made in respect to VAT. Differential Treatment of Creditors • The accounts to 31/01/2017 show the HMRC liability was £40,456 and all other creditors at £80,372. The accounts to 31/01/2018 shows the HMRC liability was £66,616 and all other creditors totalled £30,145. By the date of liquidation the HMRC liability had increased to £219,647 whilst all other creditors had increased to £47,697. • The yearly rent of the trading premises was £60,500 and was personally guaranteed by the director. No liability to the landlord was declared in the liquidation. • The increase in the liability to HMRC from year ending 31/01/2017 to the date of liquidation in contrast to all other creditors whose liabilities have not accrued by the same level and to the personally guaranteed landlords liability which was nil at the date of the liquidation demonstrates that HMRC were disadvantaged in their treatment.