In the UK, directors may be held personally liable for company penalties if they fail to fulfil their legal and fiduciary duties. This can happen if HMRC can prove that the director has deliberately concealed the facts and submitted incorrect data to HMRC.

A recent court case has established similar facts, and the taxpayer appeal has been allowed. (S Suttle and others v HMRC)

Typical scenarios for personal liability include wrongful trading (trading while insolvent), fraud, breaches of fiduciary duties, health and safety violations, environmental offences, tax evasion, failure to file required documents, and employee rights violations. Penalties vary depending on the severity and applicable laws.

WIM Accountants are here to help businesses with their accounting and taxation needs.

ACCAWe are a member firm of Association of Chartered Certified Accountants

ACCAWe are a member firm of Chartered Institute of Taxation

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