This week's press has been alive with this celebrity story. Middleton, 44, who was lead instructor on the Channel 4 TV show SAS: Who Dares Wins for five years to March 2021, has been banned as a director after his Sway and Starting Limited (“S&S”), run with his wife and co-director Emilie Middleton, collapsed owing millions of pounds and £1,136,794 in unpaid corporation tax and VAT.
S&S was set up in September 2014 to manage income from Middleton's television and media work, Emilie became a director in 2019.
Both the directors failed to settle over a million pound tax bill, owing HMRC more than £267,443 in VAT and over £869,351 in corporation tax between 2019 and 2022.
Insolvency Service analysis of the S&S bank accounts showed that £4,592,200 was paid into the company between April 2020 and November 2022.
The pair took out directors' loans of £2,961,745 from the company by the time S&S went into liquidation in December 2022. Middleton later agreed to repay £300,000 of the director's loan as a full and final settlement with the liquidators.
A statutory demand was served on Middleton with a view to his bankruptcy. He subsequently agreed to sell his matrimonial home and provide the remainder of the amount owed under the settlement.
In order to save costs, the liquidators accepted Middleton's proposal. The house sale is awaited together with another property valued at circa £40,000.
Both Ant and Emilie have been banned as company directors until March 2029.
The Insolvency Service commented: Ant and Emilie Middleton had legal and financial duties as directors to ensure their company paid the corporation tax and VAT it owed. Instead, they were taking millions of pounds out of the company at that time.
This disqualification should serve as a deterrent to other directors that if you do not pay your taxes while directing money elsewhere, you are at risk of being banned.
Perhaps the rules on Directors Loan Accounts need tightening further?
Peter Nichols – BFN Accounts & Tax