Latest news with #IVA
Wales Online
4 days ago
- Business
- Wales Online
PDC darts star Rob Cross given five-year ban after 2018 world champ failed to pay £450k
PDC darts star Rob Cross given five-year ban after 2018 world champ failed to pay £450k Rob Cross, who won the PDC World Darts Championship in 2018, has been banned as a director for five years after his company went into liquidation with a huge tax debt Rob Cross has been with a ban from being a director (Image: 2024 Getty Images ) Ex-world darts champion Rob Cross has been disqualified from serving as a director for five years following his company's inability to clear a substantial tax bill. Rob Cross Darts Limited was in debt to HMRC and other creditors to the tune of £450,000 when it was liquidated. Cross is now prohibited from taking on any directorial roles until June 2030. Established eight years prior to manage his earnings and prize money, his company fell into financial trouble. From March 2020 to November 2023, Cross extracted over £300,000 from the firm in what were funds that were due to HMRC and other creditors. Last year, the 34-year-old – who won the World Darts Championship back in 2018 – entered an Individual Voluntary Arrangement (IVA) in hopes of repaying some of the debt. The payments Cross makes under the IVA will fluctuate based on his future darts income. By November 2023, when the company was dissolved, it had accrued debts including £403,896 in corporation tax, £49,071 in VAT, and £12,436 in PAYE and National Insurance contributions, having only paid HMRC £41,936 since March 2020, reports the Express. Cross admitted that his withdrawal of £306,403 from the company was "to the risk and ultimate detriment of HMRC." Article continues below Kevin Read, Chief Investigator at the Insolvency Service, said: "When directors fail to pay the correct amount of tax, it directly impacts the government's ability to fund vital public services such as the NHS, schools, transport infrastructure and our national defence. "Rob Cross's company owed more than £400,000 in corporation tax alone when it went into liquidation. For more than three years, he withdrew funds from the company, which should have gone to HMRC and other creditors. Rob Cross (right) was part of this year's Premier League Darts line-up (Image: Getty ) "This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. "The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. "Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations." Article continues below May 2017 saw the inception of Rob Cross Darts Limited, with Cross appointed as director on the founding day. According to the Insolvency Service's probe, from March 2020 until its liquidation in November 2023, the enterprise accrued slightly over £1 million via Cross's darts winnings. Sponsorships contributed £169,500, while £261,901 flowed in from his management outfit. Besides the £306,403 Cross withdrew himself, an additional £665,419 was transferred to a close associate's personal bank account – whether this was Cross remains undisclosed. His banishment from corporate involvement – be it in directing, forming or promoting any business – stands unless he secures court approval.
Daily Mirror
4 days ago
- Business
- Daily Mirror
Darts star Rob Cross receives five year ban as director over £450k unpaid taxes
Rob Cross, who won the PDC World Darts Championship in 2018, has been disqualified as a director for five years after his company went into liquidation with a tax debt of £450,000 Rob Cross has been handed a five-year disqualification from serving as a director, after his company, Rob Cross Darts Limited, failed to settle a £450,000 tax debt. The firm owed a hefty sum to HMRC alongside other creditors when it was wound up. The former world darts champion is now banned from becoming a director until June 2030. His company was created eight years ago to receive his earnings and prize money. Cross, 34, withdrew more than £300,000 from the company between March 2020 and November 2023, money that should have been paid to HMRC and other creditors. Last year, in an attempt to settle some of the arrears, Cross entered into an Individual Voluntary Arrangement (IVA), with repayments set to fluctuate based on his future darts winnings. As November 2023 rolled around and liquidation hit, the accounts revealed an outstanding £403,896 corporation tax bill, £49,071 VAT, and £12,436 owing for PAYE and National Insurance contributions. Just £41,936 had found its way to HMRC in the period from March 2020 until the time of liquidation. Cross has admitted that withdrawing £306,403 from the business was "to the risk and ultimate detriment of HMRC", reports the Express. Insolvency Service Chief Investigator, Kevin Read, said: "When directors fail to pay the correct amount of tax, it directly impacts the government's ability to fund vital public services such as the NHS, schools, transport infrastructure and our national defence. "Rob Cross's firm was in the red for over £400,000 in corporation tax alone when it went bust. For more than three years, he siphoned off funds from the company that were due to HMRC and other creditors. "This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. "Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations." Rob Cross Darts Limited came into being in May 2017, with Cross taking up the director's mantle on the very day it was established. Insolvency Service probes revealed that the company raked in just over £1 million from Cross's earnings from early March 2020 until its collapse in November 2023. Sponsorships brought in £169,500, while £261,901 flowed in from his management company. Besides the £306,403 Cross withdrew, another £665,419 found its way into the personal account of someone linked to him. It remains unclear if this was Cross himself. His disqualification bars him from engaging in the promotion, formation or management of a company, without court approval.
Local Spain
4 days ago
- Business
- Local Spain
How would Spain's proposed 21% VAT rate on tourist flats work?
A new proposal by the Spanish government could mean that up to 80 percent of tourist flats in Spain pay VAT, known as IVA (El Impuesto sobre el Valor Añadido) in Spanish. The ruling Socialist-led coalition recently presented a draft bill intended to ease access to housing, especially rentals, among Spaniards. The post-pandemic increase in the number of tourist flats (pisos turísticos) in Spain have been blamed by many across the country for cutting market supply and raising prices. Among the proposed measures, charging VAT on tourist flats is an attempt to dissuade landlords from renting to tourists. Currently, holiday flats that also provide hotel services, such as cleaning or bed linen changes, must pay the same VAT as a hotel, a rate of 10 percent. However, the new proposals would change that quite substantially. The government wants to impose a higher rate of 21 percent on tourist flats rented to the same tenant for no more than 30 nights in municipalities with over 10,000 inhabitants, even if they do not provide hotel services. If the bill goes through the Spanish Congress and is approved, around 295,000 tourist flats will be obliged to pay the new rate. The text proposes that short-term rentals (of less than 30 nights) should be taxed like any other economic activity. This affects around 80 percent of all registered tourist homes in Spain and more than 368,000 in total, according to the latest data from Spain's national stats body, INE. 'It is a matter of tourist homes being taxed as what they are: an economic activity,' said Isabel Rodríguez, Minister for Housing and the Urban Agenda, in a press conference presenting the draft legislation. The idea will be debated in Congress during the first half of June. However, the measure, if passed, will very likely be challenged in court as some tax experts warn that the measure is unconstitutional, according to reports in the Spanish media. That means the measure is far from certain to happen. What's the current law on VAT for holiday rentals in Spain and what would change? As currently constructed, the law means that VAT is only levied on holiday rentals when the accommodation offers extra-hotel services – servicios extrahoteleros in Spanish — and at the lower 10 percent rate. In most cases, the services provided by managers and owners of holiday homes are limited to handing over the keys, cleaning at each departure, and little more. In these cases, short-term tourist rentals are legally equivalent to renting a flat or dwelling and are therefore exempt from VAT. However, when hotel services are offered like daily cleaning or breakfasts, VAT has to be applied. Without the reform pushed by the government, the Spanish tax authorities do not consider the length of stay as a condition or determinant when declaring the rental income of a holiday home. The government wants to widen the net of holiday rentals that pay VAT while simultaneously increasing the rate by more than double. Which holiday rentals pay VAT? Under the current rules, according to Spanish property website Idealista other circumstances that make a holiday rental liable to VAT include: Why does the government want to do this? By widening the number of tourist flats that can be charged VAT, the Spanish government aims to, firstly, increase tax revenues, but secondly, and perhaps most importantly, disincentivise landlords from putting their property on the tourist market as opposed to the long-term rental market. However, the move also mirrors European legislation. The European VAT in the Digital Age
Scottish Sun
5 days ago
- Business
- Scottish Sun
Former world darts champion Rob Cross banned as director after company failed to pay more than £450k in tax
The former electrician has entered a legally binding agreement to pay off his debts CROSSED WIRES Former world darts champion Rob Cross banned as director after company failed to pay more than £450k in tax FORMER world darts champion Rob Cross has been disqualified as a director for five years after his company failed to pay more than £450,000 in tax. Voltage, 34, is banned as a company director until June 2030 and entered into an Individual Voluntary Arrangement (IVA) last year in a bid to pay off some of the money he owes. 2 Rob Cross has been banned as a director after failing to pay a £400k tax bill Credit: Rex 2 The 34-year-old former world champ is due back in action this weekend Credit: Getty The Insolvency Service also found that the Premier League Darts star withdrew more than £300,000 from Rob Cross Darts Limited between March 2020 and November 2023 that should have gone to creditors, including to HM Revenue and Customs (HMRC). The world No.9 also took out more than £400,000 from Rob Cross Darts Limited – which was set up eight years ago to receive his earnings and prize money – in the form of a director's loan account by the time the company went into liquidation. In an attempt to repay part of his debts, Cross has entered into an IVA, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. The monthly contributions Cross makes to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. Cross famously won the PDC World Darts Championship in 2018 – he trounced the retiring Phil Taylor 7-2 in the final – on his debut appearance in the competition. Kevin Read, Chief Investigator at the Insolvency Service, said: "When directors fail to pay the correct amount of tax, it directly impacts the government's ability to fund vital public services such as the NHS, schools, transport infrastructure and our national defence. "Rob Cross's company owed more than £400,000 in corporation tax alone when it went into liquidation. "For more than three years, he withdrew funds from the company which should have gone to HMRC and other creditors. "This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. "The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. Fans sing along to Luke Littler's walk-on song as darts star shares footage from stage "Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations." Rob Cross Darts Limited was formed in May 2017, with Cross appointed as director on the same day. Insolvency Service investigations found that the company received more than £1million from Cross's earnings between the start of March 2020 and the date of liquidation in November 2023. A total of £169,500 in sponsorships and £261,901 from his management company was also paid into the company. However, in the same period, Cross withdrew funds of at least £306,403 from the company which he acknowledged was 'to the risk and ultimate detriment of HMRC'. A further £665,419 was paid into the personal account of a connected party. By the time the company went into liquidation, it owed £403,896 in corporation tax, £49,071 in VAT, and £12,436 in PAYE and National Insurance contributions. The company had only paid £41,936 to HMRC between March 2020 and November 2023. Cross's director's loan account was also overdrawn by £423,608 when the company went into liquidation with liabilities of £579,805. The Secretary of State for Business and Trade accepted a disqualification undertaking from Cross – a former electrician – and his ban started on June 5. It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. Cross is due to play Andreas Harrysson in Copenhagen in the first round of the Nordic Darts Masters. SunSport have contacted his management team for a response.
Telegraph
7 days ago
- Business
- Telegraph
Ugo Monye signs deal to pay off tax debts
The 52-year-old was previously the subject of a bankruptcy petition by HMRC, which it withdrew in September 2023 after saying he had reached an IVA. That IVA is now listed on the individual insolvency register as having 'failed'. Vickery had a request to be made bankrupt granted in February last year after reportedly racking up debts to HMRC and others totalling six figures. Monye retired from playing aged 31 in 2015 after spending his entire 13-year career with Harlequins. In that time he helped them to their first Premiership title in 2012, while he also won 14 caps for England and two for the Lions, finishing top try-scorer on the latter's 2009 tour of South Africa. Shortly before retirement, he joined what was then BT Sport as a rugby analyst. In 2021, he took part in the BBC's Strictly Come Dancing show, a week after it emerged he had split from his wife of five years. He told The Sun at the time: 'We weren't in a volatile relationship, we never hated each other and there was no third party. Forget the Strictly curse – it's the Covid curse!' A week after Strictly began, Monye was named one of the new captains on A Question of Sport following the BBC's controversial dumping of veteran trio Sue Barker, Matt Dawson and Phil Tufnell. A furious Barker, now 69, later questioned whether her age had played a part in the decision. During the two-year tenure of McGuinness, Monye and Quek, ratings plunged from a high of four million in the final years of Barker's reign to less than a million. Monye, who earlier that year joined the Princess of Wales for a rugby skills session after becoming a 'champion' in her childhood campaign, Shaping Up, also hit the headlines that November amid allegations he had been racially abused while working for TNT Sports at an Exeter Chiefs match.
