RegulationBusiness RegulationTax failings and missing cash see accountants disqualified as directors

Tax failings and missing cash see accountants disqualified as directors

Two advisers are heavily reprimanded by the Insolvency Service: One for failing to manage his firm's tax affairs; another for misappropriating funds

Tax failings and missing cash see accountants disqualified as directors

TWO ACCOUNTANTS have been disqualified as directors after separate investigations by the Insolvency Service.

Peter Lashmar was disqualified for seven years after it was found that he had failed to make sure his Lymington practice Lashmars had kept proper records, dealt with its tax affairs or register for VAT.

Mark Edmonds, an unqualified accountant of Tunbridge Wells, received a 12-year bankruptcy restriction order for abusing his position of trust by misappropriating client funds.

Lashmar, 64, was issued with a civil evasion penalty of £35,270 by HM Revenue & Customs, which remained unpaid when Lashmars (UK) Limited was placed into liquidation. The taxman lodged a claim with the liquidator for £211,424 in unpaid taxes and penalties.

“Directors have a clear, statutory duty to ensure that their companies maintain proper accounting records and, following insolvency, deliver them to the office-holder in the interests of fairness and transparency,” said Mark Bruce, Insolvency Service chief investigator.

Lashmar was also ordered to pay £5,500 in costs.

Mark Edmonds, 53, received a 12-year bankruptcy restriction order following the misappropriation of £57,284.30 from a social club client – where has placed in a position of trust over its finances. The taxman also filed a petition in respect of his personal tax affairs. His total money owed was £261,766.

The order also restricts Edmonds from obtaining credit and acting in the management of a company.

Andrew Stanley, official receiver from Kent, said: “Mr Edmonds held a position of trust with his client, which he breached by carrying out actions of dishonesty. The Insolvency Service looks closely at individuals and takes action where wrongdoing is uncovered.”

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