Azhar Ali Shafiq the Director of Buy1248 Ltd Who Was Allowed to Estimate His Turnover to Get a BBL, Given a 9 Year Ban for Over-Estimating His Estimated Turnover By Over 26 Times the Non-Estimated, Actual Turnover Amount!!

This madness has to stop, read on for the background of this case.

On 11 May 2020 Azhar Ali Shafiq (Mr Shafiq) caused Buy1248 Ltd (Buy1248) to apply for a Bounce Back Loan (“BBL”) of 50,000 using overstated turnover figures, which resulted in Buy1248 obtaining a BBL that was £47,124 more than it was entitled to.

In that:

Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover.
The turnover figure was self-certified by the applicant.
The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover.
Buy1248 was incorporated on 10 May 2019.
Mr Shafiq stated it commenced trading on the same date.
Therefore estimated turnover for the first 12 months of trading was required.
On 11 May 2020, Mr Shafiq applied for a BBL of £50,000 on behalf of Buy1248 declaring that its turnover was £300,000.
An analysis of bank statements from 11 May 2019 to 10 May 2020 showed bank income (excluding JRS payments) totalled £11,502.
Buy1248 received the BBL funds of £50,000 on 12 May 2020.
Total liabilities at liquidation amount to £70,079 of which £43,717 relates to the amount owed in respect of the BBL.

Azhar Ali Shafiq the Director of Buy1248 Ltd Who Was Allowed to Estimate His Turnover to Get a BBL, Given a 9 Year Ban for Over-Estimating His Estimated Turnover By Over 26 Times the Non-Estimated, Actual Turnover Amount!!

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HMRC, Cabinet Office and the Department of Business and Trade Have Now Flagged Bounce Back Loan Recipients Whose Actual Turnover Didn’t Match Their BBL Application and/or LTD Companies Who Were Not Registered for VAT But Declared a BBL Turnover Figure That Required VAT Registration