Six-time Paralympic champion David Weir has been banned from being a company director for four years after a probe found he failed to pay £50,000 in tax.
The wheelchair-racing athlete was ruled to have missed tax deadlines and caused his personal firm to continue trading whilst withdrawing funds for the benefit of himself.
The Insolvency Service began an investigation into the athlete’s financial affairs after he put his company David Weir Limited into liquidation in 2017.
They said they found Weir, who won four gold medals at London 2012, received more than £400,000 from the company during its five years of trading, but only paid out £30,000 in corporation tax.
HMRC say they were owed £49,469 in respect of corporation tax when the 40-year-old, from Wallington, Surrey, closed the business.
Weir, who is nicknamed the Weirwolf, has now been disqualified from acting as a director of any UK company until 2023.
The Insolvency Service’s case report into Weir states: “Mr Weir failed to
ensure that David Weir Limited met its financial commitments as regards to corporation tax and S455 Tax and caused the company to continue trading whilst withdrawing funds for the benefit of himself.
“As a result the company became unable to meet its financial commitments to HMRC and at liquidation there was £49,469 due to HMRC in respect of corporation tax and Section 455 tax.
“David Weir Limited’s financial year ended on 31 May with its first trading period ending 31 May 2013.
“Corporation tax of £33,817 was due on that first period of trading with payment due by 1 March 2014.
“He failed to cause David Weir Limited to make any payment of corporation tax until 13 June 2014 when a payment of £1,000 was made, a further partial payment of £5,000 was paid on 16 September 2014 and a final partial payment of £24,000 was made on 13 March 2015. A total of £30,000 was paid against the first period of trading in respect of which £3,817 remained outstanding.
“No further payments of corporation tax or Section 455 Tax were made prior to liquidation on 8 February 2017.
“During David Weir Limited’s period of trading Mr Weir received an estimated £409,931 from the company, whilst only causing the company to make payments of £30,000 to HMRC in respect of corporation tax.
“This was from turnover of an estimated £575,675.
“On 25 November 2016 he emailed the company accountant stating that he had decided that he needed to abandon the company, despite this he received the benefit of £25,780 from the company after that date and made no payments in respect of corporation tax.
“At liquidation £3,817 remained outstanding in respect of corporation tax for the period ended 31 May 2013, £18,866 for the year ended 31 May 2014 and £24,009 for the period ended 31 May 2015. A total of £46,691 plus interest of £2,778.”
Weir endured a difficult Rio 2016 and afterwards retired from track racing.
He had vowed never to wear a Great Britain vest again, but later changed his decision and hopes to be selected to compete for ParalympicsGB at Tokyo 2020 in the marathon.
He won a record eighth London Marathon title last year and finished fifth in this year’s race.
A spokesman for Weir said he was unavailable for comment.
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