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Decline in fortune

24 May 2012
Issue: 4355 / Categories: Tax cases , Admin
Trio Offset Ltd (TC1757)

A company had been late in paying its monthly PAYE payments during 2010/11 and incurred penalties totalling £6 354.

Although not disputing the lateness the company said in three months payment had been only one day late for one month it had been two days late and for another three months three days was the time period. Payment for December was 19 days late.

One of the directors explained the reason for lateness was because the company had faced difficult trading conditions in the year with turnover declining from about £3m to £2m and customers delaying payment.

The firm's bank had refused overdraft facilities; in September the company had to make a quarter of its employees redundant. The directors injected cash secured on their homes into the company to keep it trading.

The accounts showed bad debts of £56 187 for the year...

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