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Punkyfish managing director jailed

Young fashion retailer Punkyfish’s managing director has been jailed for 18 months after failing to pay VAT.

Kemal Gediz took almost £68,000 in tax and national insurance contributions deducted from his employee’s wages, according to the HMRC.

Investigators from HM Revenue and Customs also found that Gediz under-declared his sales to avoid paying between £300,000 and £500,000 in VAT.

According to a statement from HMRC Gediz submitted a VAT return in May 2011 for Aliko, trading as Punkyfish.

The return showed £1.2m of sales for an 18 month period; however after HMRC visited Gediz paperwork was found showing that sales were actually £7.3m.

Gediz pleaded guilty to the offences and appeared for sentencing at Canterbury Crown Court on May 17.

David Margree, assistant director of criminal investigation at HMRC, said: “Kemal Gediz’s idea of getting ahead in business was to falsify his accounts and steal from his own employees. In doing so he deceived not only HMRC and his staff, but also the thousands of businesses that operate honestly and within the law.”

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