Latest news with #InsolvencyService
The Sun
3 days ago
- Business
- The Sun
Rob Cross wins first darts match since being banned as company director over £450k in unpaid tax
ROB CROSS won his first darts match since his financial woes were made public. The 2018 world champion has been disqualified as a director for five years – until June 2030 – after his company failed to pay more than £450,000 in tax. 1 The Insolvency Service 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 Individual Voluntary Arrangement (IVA), a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Monthly contributions to the IVA will vary depending on the income he receives through his performances at darts tournaments during this year and future years. There is £30,000 available for the winner of this weekend's Nordic Darts Masters in Copenhagen and he began the event by beating Swedish thrower Andreas Harrysson 6-4 in round one. The world No.9 – who plays fellow Premier League star Chris Dobey in the quarter-finals on Saturday – says he spent Thursday walking round the Danish capital for '14-and-a-half miles'. Probably a chance to clear his head and get away from the news that was released by The Insolvency Service while he was away. Cross, 34, said: 'I've not picked up the darts for a while. 'I have had two-and-a-half weeks off. I had been a little bit lazy. I'll be better 100% in my next match. 'I didn't know where my game was at – I could have gone out there and hit 120 or a 48. Rob Cross follows Luke Humphries with stunning nine-darter 'Andreas is very dangerous and has played great. I am happy to get over the line and keep pushing. Tomorrow it has to come together. 'To win this would be fantastic. I have had time off and some difficulties. But it would mean a lot to win it this week. 'Tonight could have been tougher with a few boos and whistles, it could have swung the game in his favour. 'We all feel it when the darts are flowing and the crowd gets on your back. I'm very appreciative of that. Darts is tough. 'It has been nice to be here. The weather was better than I expected. I thought it was going to rain. It's a great place to go out and fill your lungs out with some air.' 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. His management team have declined to comment on the story.
Wales Online
3 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
3 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.
Daily Mail
4 days ago
- Business
- Daily Mail
Former world darts champion, 34, is BANNED as company director for five years over failure to pay £450k tax bill
Rob Cross has been banned as a company director for five years after his business failed to pay more than £450,000 in tax. The ban prevents him from being involved in the promotion, formation or management of a company, without the permission of the court, until June 2030. The 2018 world champion set up Rob Cross Darts Limited in 2017 to receive prize money and it took in more than £1.4million in winnings and sponsorship as he embarked on the most successful spell of his career. But, before Mr Cross liquidated the company in 2023, he took out £300,000, which should have been paid to creditors, including to His Majesty's Revenue and Customs (HMRC). He also took more than £400,000 from the company in the form of a director's loan before the company was liquidated. Meanwhile, £665,419 was paid into the personal account of someone with links to Mr Cross. By the time it went into liquidation, Rob Cross Darts Limited owed the taxman £465,403. The 34-year-old, who is playing in the Nordic Masters in Copenhagen this weekend, entered into an Individual Voluntary Arrangement (IVA) last year and will make monthly contributions to pay off the money he owes. 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.'
BBC News
4 days ago
- Business
- BBC News
Ex-world darts champion Rob Cross banned as director over taxes
Former world darts champion Rob Cross has been disqualified from acting as a company director for five years after his business failed to pay more than £450,000 in Insolvency Service said it also found the darts player withdrew more than £300,000 from Rob Cross Darts Limited between 2020 and 2023 that should have gone to ban prevents him from being involved in the promotion, formation or management of a company, without the permission of the who previously lived in Hastings but was born in Pembury, Kent, has been contacted for a comment by the BBC. 'Directly impact funding' In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Rob Cross Darts Limited was set up in May 2017 for the darts player to receive his earnings and prize money, the government Insolvency Service said its investigations found the company received more than £1m from Mr Cross's earnings between the start of March 2020 and liquidation in November 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 company had only paid £41,936 to HMRC between March 2020 and November 2023, the government said. Mr Cross's director's loan account was also overdrawn by £423,608 when the company went into liquidation with liabilities of £579, than £650,000 was also paid into the personal account of a connected party, the Insolvency Service Professional Darts Corporation (PDC) has also been contacted for a 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."
