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Monday 28 September 2015

HMRC official paperwork is a mess






We have mentioned before how HMRC's records are not accurate.

SME's can file their own unaudited accounts and annual returns and the problem is either one of dishonesty or simple inability. Either way you cannot rely in the accounts and returns that are filed at Companies House. HMRC certainly do not check them.

Here is a typical example. Peach Lettings raised money on Crowdcube over a year ago. Their AR01 filed recently shows only one shareholder - the founder. On inspection the return does say that the company had raised money by crowdfunding, but then fails to list the shareholders. According to the AR01 the company has share capital of over £1m. This is of course complete nonsense.

We have no idea if Peach Lettings did or did not complete the raise on Crowdcube. They say they did and it completed according to Crowdcube's records. But the only official documentation shows it didnt happen.

Where does that leave investors in ECF? Shouting for help.

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