MR Sean LORAINS

Disqualified from

2021-07-05

Date of birth on record

April 1963

Between at least 03 December 2018 and 15 March 2020, when the company ceased trading, Sean Lorains (Mr Lorains) caused A.S. Roofing Specialists Ltd to trade to the detriment of HM Revenue & Customs (HMRC) in respect of a Value Added Tax (“VAT”). VAT • On 3 December 2018 Mr Lorain was informed by HMRC that a Time to Pay agreement would not be accepted. At this point the company owed £37,197 in respect of VAT tax and surcharges. • Between 03 December 2018 and 15 March 2020 the company submitted 15 monthly VAT returns to HMRC totalling £44,295 and incurred additional surcharges of £3,939 due to late payment. • During the same period HMRC received 4 payments totalling £13,500, the last of which was received on 28 February 2019, just over a year before the company ceased trading. • At the date of Liquidation VAT totalling £85,414 was outstanding, including surcharges and interest of £7,038 which are not included in this allegation. This figure includes assessments raised by HMRC for monthly VAT periods February 2020 to October 2020 totalling £13,166 which were applied after the company ceased trading on 15 March 2020 and are also not included in this allegation. How HMRC were treated detrimentally compared to other creditors • Bank statements for the period 01 March 2019 to 15 March 2020 show that debits from the account totalled £519,912. Of this at least £268,808 was paid to trade creditors and suppliers. The bank statements do not show any payments to HMRC during this period. • Prepared accounts for the company show that liabilities to HMRC increased incrementally from £41,484 as at the year ending 31 August 2018 to £123,953 at the date of liquidation, whereas trade creditors decreased from £23,885 to £45 during the same period. • HMRC claimed a total of £123,953 in the liquidation and are the largest creditor out of total liabilities of £123,998.