A Burnley man whose firm was involved in £170,000 tax scam has been given a 12 year ban from running businesses.
Stoyan Petkov Kostov, of Travis Street, used his Kostov Group company to abuse the Government's Construction Industry Scheme to the tune of the six figure sum. The CIS is run to allow contractors to deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs . These count as advance payments towards the subcontractor’s tax and National Insurance and Kostov registered his firm as both contractor and subcontractor as he claimed more than £170,000 from HMRC. That money was based on payment allegedly received from a third party contractor company between April 2019 and January 2020 but an investigation of bank statements was unable to find any record of these.
According to the Insolvency Service, which issued the 12 year ban, 28-year-old Kostov has failed to deliver up any books and records to support the CIS claims made.
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