MR PATRICK EKUNDAYO

Disqualified from

2021-02-04

Date of birth on record

September 1954

Between 01/03/2013 and 30/04/2018, Patrick Olusoji Ekundayo (Mr Ekundayo) failed to ensure that Peaches Limited (Peaches) registered for Value Added Tax (VAT) and between 01/03/2013 and Liquidation on 03/07/2018 Mr Ekundayo failed to ensure that Peaches submitted any VAT returns to HM Revenue and Customs (HMRC), resulting in liabilities accruing to HMRC of £237,365.92. Mr Ekundayo also failed to ensure that Peaches submitted accurate Corporation Tax (CT) returns and National Insurance Contributions (NIC) returns to HMRC, resulting in under declared liabilities to HMRC of £264,512.90. In that:- VAT • Peaches failed to register for VAT, resulting in HMRC compulsorily registering the company for VAT on 28/11/2017 with effect from 01/03/2013 (when its turnover exceeded the VAT registration threshold in force at the time). • On 02/01/2014, Mr Ekundayo was advised by Peaches’ accountants to register Peaches for VAT. • Peaches failed to submit any VAT returns to HMRC from 01/03/2013 to 03/07/2018. • At Liquidation, HMRC claimed £237,365.92 from 01/03/2013 to 30/04/2018 and a penalty totalling £128,771 on the basis of HMRC’s view that the failures to register for VAT and to submit VAT returns were deliberate. CT • At Liquidation, HMRC claimed £247,380.86 in respect of under declared CT from the period ending 31/08/2013 to the period ending 31/08/2017. This resulted from reclassification by HMRC of expenses claimed by Mr Ekundayo during this period as director’s drawings. NIC • At Liquidation, HMRC claimed £17,132.04 in respect of under declared NIC from the tax year 2012/2013 to the tax year 2017/2018. This represented NIC due on the expenses which had been reclassified by HMRC as drawings.