Bank Charge Refunds Limited (06160501): administration
- Status
- Administration ended
- Administration began
- 2016-10-04
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2007-03-14
- Location
- Manchester
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Rising costs / inflation
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
In 2011, the director sought advice from its accountant in relation to investing the Company's profits The advice provided by the accountant culminated in the Company entenng into a tax avoidance scheme
The tax advantage in entering into the Blackstar scheme was that the Company received a Corporation Tax deduction in its accounts The employee meanwhile received an interest free loan without any tax or national insurance The EBT would them remain in existence indefinitely with the loan remaining in place
The Blackstar Scheme involved the Company either giving employee funds, or putting funds into a loan account, an amount of which the employee agreed to subscnbe for shares The employee would pay the first 1 pence of each share and kept 99 pence per share to be paid at a later date
Administrators' statement of proposals (2016-12-01) · Companies House register