Section 24 of Consumer Credit Act 1974

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

have to be careful when using companies house info for submitted accounts as a basis of argument, you need to make sure its been a very long time between the last set of accounts.

Ltd companies have 12 months from the date their accounts are made up to, to file accounts with HMRC and companies house (9 months to pay any tax due)

Therefore if a companies year end is 1st April 2012, they have until 31st march 2013 to submit.

Similarly, companies house can take i think 30 days to show any change in the company details.

That being said, an Annual Return MUST be filed on or before the 12th month from date of incorperation, if not, fines may be issued and directors prosecuted.

So if a change in ownership, or name isnt shown, it could be that the Annual Return hasnt been submitted yet.

So personally, i would only argue the toss if its clearly been more than 12 months since the last submitted AR or Accounts.

Obviously from your post, it states 2010 which is clearly more than 12 months, so its likely to be accurate.

Also, Any company listed as Dormant or Non trading, can NOT receive an income during that time, it is a serious offense to do so. They must file a form which re-instates the company as trading before any income can be received.

If a company is listed a Closed, it can be, closed, disolved, dormant or non trading, but any of those terms do also mean you can not receive an income while it remains the case.

One way to spark an investigation would be to notify companies house and HMRC that you believe a company to be trading whilst listed as closed, give the date it closed the company, and evidence if you can that they are still receiving revenue during that period. HMRC will be all over it like flys on the brown stuff.

[SaltnVinegar]

Re: Section 24 of Consumer Credit Act 1974

have to be careful when using companies house info for submitted accounts as a basis of argument, you need to make sure its been a very long time between the last set of accounts.

Ltd companies have 12 months from the date their accounts are made up to, to file accounts with HMRC and companies house (9 months to pay any tax due)

Therefore if a companies year end is 1st April 2012, they have until 31st march 2013 to submit.

Similarly, companies house can take i think 30 days to show any change in the company details.

That being said, an Annual Return MUST be filed on or before the 12th month from date of incorperation, if not, fines may be issued and directors prosecuted.

So if a change in ownership, or name isnt shown, it could be that the Annual Return hasnt been submitted yet.

So personally, i would only argue the toss if its clearly been more than 12 months since the last submitted AR or Accounts.

Obviously from your post, it states 2010 which is clearly more than 12 months, so its likely to be accurate.

Also, Any company listed as Dormant or Non trading, can NOT receive an income during that time, it is a serious offense to do so. They must file a form which re-instates the company as trading before any income can be received.

If a company is listed a Closed, it can be, closed, disolved, dormant or non trading, but any of those terms do also mean you can not receive an income while it remains the case.

One way to spark an investigation would be to notify companies house and HMRC that you believe a company to be trading whilst listed as closed, give the date it closed the company, and evidence if you can that they are still receiving revenue during that period. HMRC will be all over it like flys on the brown stuff.

Hi SXGuy

Thanks for the info.

Companies house definitely shows the state as converted/closed.

Last time full accounts submitted 31/12/2008.

SnV

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

In that particular case SnV then its clear that, the company has been closed. And shouldnt be trading under that name at all.

[SA Gold]

Re: Section 24 of Consumer Credit Act 1974

One way to spark an investigation would be to notify companies house and HMRC that you believe a company to be trading whilst listed as closed, give the date it closed the company, and evidence if you can that they are still receiving revenue during that period. HMRC will be all over it like flys on the brown stuff.

This i believe what happened with a sales company i worked for. Guy turns up outside in a suit, briefcase with trainers on asking to speak with the director of the company. Bird at the door says: "is he expecting you, do you have an appointment?" Guy replies: "i am from Inland Revenue i can turn up here unannounced"
This was just before the whole place went t1t$!

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

How long ago was this?

Ill have to check legislations, but i think up to a few years ago, they had to give written warning.

Like if a vat inspector just turned up and demanded to see the books, its not fair on the person, because they may not store the books on premises.

If its a tax related issue, they would write first explaning at least they are due for investigation, the date they intend to visit and a chance to change that date.

I have known PAYE inspectors to just turn up and ask if payment has been made but its rare.

I have also known a lot of inspectors flaunt there status to just demand whatever they like, and because most people think, oh shit an hrmc inspector better let them in, they get away with it.

But as far as i know, a random visit isnt always allowed, has to be some serious issues that can only be sorted through a random visit for them to justify their action.

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

Unannounced Visits
There are generally two types of unannounced visit and you should clearly establish at the outset what is happening.
The first is generally where a routine inspection is being carried out but there has simply been a failure somewhere along the line to notify the trader. You may simply ask HMRC to come back another time when you will have the records ready and will also have time to let your accountant know of the visit.
The second is what is where HMRC deliberately does not forewarn the business but simply turns up. In this case there will be a formal notice signed either by a Tribunal or An Authorised Officer of HMRC. This notice is actually a request to enter the premises. IT DOES NOT GIVE HMRC AUTOMATIC RIGHTS OF ENTRY. There is no penalty for refusing entry for a notice signed by the Authorised Officer. There could be an initial penalty of £300 if the notice has been signed by a Tribunal but even then only if it is held that there was not a reasonable excuse for not permitting entry perhaps because the trader wanted his accountant to there perhaps? These visits are not random and our advice would be to seek professional advice before letting them in.
Be aware that the visiting Officers will initially ask the business owner. If he/she cannot be traced they can ask anyone who is in charge at the time. If no one is actually in charge at the moment they can simply enter the premises and leave the notice displayed in a prominent place. They need only be told “no once and they should not enter.

http://www.broomfield.co.uk/2012/05/...uble-in-store/

[SA Gold]

Re: Section 24 of Consumer Credit Act 1974

How long ago was this?

2007. The place was shady to say the least. There were lots of things going on. Apparently, one of them was they set up a non-VAT company alongside their profitable one. It was only a matter of time before it went toes.

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

2007. The place was shady to say the least. There were lots of things going on. Apparently, one of them was they set up a non-VAT company alongside their profitable one. It was only a matter of time before it went toes.

LOL

[SaltnVinegar]

Re: Section 24 of Consumer Credit Act 1974

Hmmmm more investigation and I'm not sure it is good news.

There is a Casheuronet UK LLC registered in Deleware in the US, to which the CCL has been issued.

However, and this is the interesting one, the CCA's that they have been issuing state Casheuronet UK LLC, but with the address of the company in the UK, that according to companies house is now closed.

So, with devil being the detail, how important is this?

Does it matter at all?

Or does placing the UK division (which is no longer trading) make the agreement UE?

It may be too fine a point to argue perhaps?

[SXGuy]

Re: Section 24 of Consumer Credit Act 1974

Tricky one, one id not like to comment on tbh.

Could be that the uk address is just a postal address.

I wouldnt know how you prove this isnt the case.