Businessman jailed following tax investigation

Peter Davis, aged 58, has been sent to prison for 4 years. Mr. Davis, from London and director/ shareholder of Formula 1 Teamwear Ltd, had operated various shops in large shopping centres in London, Glasgow, Liverpool and Cardiff together with few smaller shops and websites. In order to retain his businesses going and to fund his lavish lifestyle, Mr Davis fraudulently submitted seventeen VAT returns from 2009 and 2013, and fraudulently claimed £961,307. Mr. Davis also owned an Italian restaurant in central London but under declared his sales by more than 50%. He had made fraudulent claims for VAT of £58,507. Read more…