Taxman issues warning after jeweller banned from running business
Company directors have been warned to keep detailed financial records after Gary Wright director of a watch and jewellery wholesaler AS Diamonds in Stevenage was banned from acting as a director for six years for failing to explain away irregular payments. Wright treated HMRC 'detrimentally', according to the Insolvency Service, by charging VAT on almost £500,000 worth of sales invoices but not filing any VAT returns or paying any VAT to HMRC. Although Wright did submit accounting records, they were considered 'inadequate' by the Insolvency Service who claimed they were unable to verify the purpose of payments made to himself