Director submitted falsified documentation to reclaim VAT
Hassan Waqar has been disqualified as a director for 11 years after his four companies reclaimed almost £400,000 in VAT they were not entitled to
The four companies - HN Restaurants Limited, Kiani Construction Limited, Moneemint Ventures Limited and Zoya Investments Limited - submitted falsified documents to HM Revenue and Customs (HMRC) or failed to provide supporting evidence for VAT repayment claims
All four companies were struck-off the Companies House register between February and June 2023, with total debts to HMRC of more than £1.1 million in VAT assessments, penalties and interest
The boss of four companies which owed HMRC more than £1 million, including £400,000 in VAT they falsely reclaimed, has been banned as a director.
Hassan Waqar was the director of HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited when they submitted falsified documents to HMRC.
A fourth company, Zoya Investments Limited, failed to supply evidence to HMRC to support the repayment returns it had submitted.
The four companies owed HMRC more than £1.1 million in VAT and penalties when they were all struck-off the Companies House register during the first half of 2023.
Waqar, 30, who is now based in Dubai, has been disqualified as a company director for 11 years.
Victoria Edgar, Chief Investigator at the Insolvency Service, said:
Hassan Waqar submitted falsified documentation for VAT reclamations that his companies were not entitled to receive.
Our investigations found that he failed to provide supporting evidence for claims across multiple businesses, with over £1.1 million owed when these companies were struck off the Companies House register in 2023.
The Insolvency Service is committed to taking action against directors who fail to meet their legal and financial obligations, protecting the integrity of the business environment and the tax system.
HN Restaurants Limited was set up in May 2020 as a fast-food business. Kiani Construction Limited was a construction company incorporated in August 2021 which was involved in real estate sales.
Moneemint Ventures Limited, like HN Restaurants Limited, was established in May 2020, and was described by Waqar as a banking service platform. Zoya Investments Limited, incorporated in March 2021, traded in carrying out fitouts.
The four companies received a total of £396,982 in VAT repayments.
HN Restaurants Limited, Kiani Construction Limited and Moneemint Ventures Limited provided invoices to HMRC in support of their claims. HMRC contacted several of the suppliers who confirmed they had not issued the invoices to the companies.
Bank statements were provided by HN Restaurants Limited and Moneemint Ventures Limited to HMRC to support the repayment return, but they differed to the ones supplied by the banks.
Zoya Investments Limited did not provide any evidence to support its VAT repayment claims.
HMRC issued penalties to the four companies totalling £706,692.
The four companies were struck-off the Companies House register between February and June 2023.
Combined, the four companies owed £1,136,832 in VAT assessments, penalties and interest.
The Secretary of State for Business and Trade accepted a disqualification undertaking from Waqar, and his ban started on Thursday 26 June.
It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.
HMRC issued a joint and several liability notice to Waqar for HN Restaurants, making him personally responsible for paying the tax debts of the company.
