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50m + would be very bad if it goes wrong so taking my profits.
good luck to all.
Found this in Annual Report
The Group has recently been notified by HMRC of potential claims for unpaid export duty in connection with a customer’s transfer of stock from
Wincanton’s bonded warehouse to a third party UK export agent. The Group’s view is that its processes and controls have operated as designed at all
times, that the Group has discharged its responsibilities, and that any duty due is payable by third parties. Wincanton have received legal advice and
the claims are being disputed. As a result of the robust legal advice, no liability has been recognised in respect of these claims.
In my experience companies can be joint and severally liable for these type of issues. does anybody know how much is at stake?
Under sub heading contigent liability in the half yr numbers....
rivaldo you cannot ignore this it is 50m+ and although win has taken legal advice on this matter means nothing do you think that the vat man does not no have a top legal team believe me they no what they are doing!!!
this is different to hmrc under the customs & excise laws you are guilty until you prove them wrong not the other way round.
so that means if the vat man goes through with this claim win will have to pay the outstanding claim and then have to prove the vat man is wrong.
sounds very expensive to me .
i hope i am wrong but i dont think so ?
good luck to all here i am not a troll i was in here until yesterday morning. dyor.
It's not news, you know? It was at year end.
i suggest that everyone here reads the company statement again very carefully .
this is coming soon .
This situation has been known of apparently for some time.It is not a Wincanton problem actually.A customer using their bonded warehouse has imported goods, not paid the tax,then gone into administration.Nothing to do with Wincanton.Guilt by association does not wash if you have followed the strict guidelines of bonded ware-housing,which they did,hence no need to set aside 1p.