Latest news with #IVA
Scottish Sun
3 days ago
- Business
- Scottish Sun
Iceland relaunches interest-free loans for customers to ease pressure during school holidays
The supermarket has already given out up to £12.5million in interest-free loans to 31,000 customers DEBT HELP Iceland relaunches interest-free loans for customers to ease pressure during school holidays Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ICELAND boss Richard Walker wants to help families "relax and make memories" this summer and not worry about food bills. The frozen food chain has relaunched its interest-free loan scheme for the fourth year in a row. Sign up for Scottish Sun newsletter Sign up 1 Mr Walker said: "The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop." Credit: Arthur Edwards / The Sun Shoppers can borrow between £25 to £75 interest free in partnership with responsible lender Fair for You on Iceland's Food Club cards to online or in-store. Loans are repaid in £10 weekly instalments, and returning customers can borrow up to £100 once their first loan is repaid. Iceland said families will spend over £550million extra on food during the school holidays, with nearly three-quarters of parents facing higher costs because kids eat more at home. Extra snacks and drinks add further strain to budgets. Meanwhile, over a quarter of parents have turned to Buy Now, Pay Later schemes or loans to cover their grocery bills. Many even sell personal items to make ends meet. Mr Walker said: "The summer holidays should be a time for families to relax and make memories, not worry about how they're going to afford their next food shop. But the reality for millions is very different. "Our Food Club will be available this summer, offering real, practical support that helps people stock up their fridges and freezers without falling into debt traps." Applications for the Food Club are open now via Iceland has already given out up to £12.5million in interest-free loans to 31,000 customers. Four methods you can use to clear debt If you do borrow cash, be sure to factor in how you're going to repay it. Iceland has partnered with a dietitian to help families make the most of their £75 Food Club loan. They've created a budget-friendly shopping basket filled with healthy meals and snacks. For £75, a family of four can enjoy 126 balanced portions. For more information and to apply, visit: How to get free debt help There are several groups which can help you with your problem debts for free. Citizens Advice - 0800 144 8848 (England) / 0800 702 2020 (Wales) - 0800 144 8848 (England) / 0800 702 2020 (Wales) StepChange - 0800138 1111 - 0800138 1111 National Debtline - 0808 808 4000 - 0808 808 4000 Debt Advice Foundation - 0800 043 4050 You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting or Speak to one of these organisations - don't be tempted to use a claims management firm. They say they can write off lots of your debt in return for a large upfront fee. But there are other options where you don't need to pay. Meanwhile, inflation hit its highest level in nearly 18 months last month, driven by rising food prices. Rising inflation means prices are going up faster than they were the month before, pushing up grocery and household bills. Consumer Prices Index inflation rose to 3.6% in June, the highest since January 2024, according to the Office for National Statistics. Food prices have risen for the third month in a row, hitting their highest annual rate since February 2024. Inflation for food and non-alcoholic drinks increased to 4.5% in June, up slightly from 4.4% in May.
Yahoo
03-07-2025
- Business
- Yahoo
Former World Champion Rob Cross faces up to insolvency nightmare
Former PDC World Champion Rob Cross isn't the first person to receive a dreaded brown envelope from HMRC ( The UK's equivalent of the Inland Revenue) – and he certainly won't be the last. Every day, thousands of UK residents are greeted by that ominous logo on their doormat. Unfortunately for Voltage, being a high-profile sporting figure meant the news spread like wildfire. As of 5th June 2025, following an investigation by the UK Insolvency Service, the decorated darting star was officially disqualified from acting as a company director for five years. The reason? Failing to pay more than £450,000 in taxes. Advertisement Now, with a plan in place and the matter in hand, the 34-year-old spoke to Online Darts' Phill Barrs about the ordeal – the toll it's taken, and how he intends to move forward: 'Look, I've got to talk about it, to be fair. It's not the proudest moment of my life. I know I've done wrong, and I've put my hands up to it. 'Going down the IVA route means I won't be paying all of that money back – I get that. I've made mistakes. It's going to leave a mark on me, no doubt. But I'm trying to do the right thing now. Mentally, it's been tough – this has been hanging over me for two years. I've been trying to get some kind of resolution, some peace of mind. 'It needs to be paid back, and I'll do what I can. But at the same time, this isn't breaking news for me. I've lived with it for a long time. I had to learn the hard way about putting all my eggs in one basket. At least now I know where I'm going. Advertisement 'The only relief I can take is that it's finally out in the open. I'm working, I've got a plan, and I will pay it back. I can move forward now.' SIGN UP FOR A DARTS WORLD MEMBERSHIP TODAY! When asked whether he was surprised the news became public, Cross was candid: 'No, not really. I knew it was going to surface eventually. It's me – no one else is to blame. If anything, I'm more surprised it took nearly two years to come out. The UK Government didn't want me to go bankrupt, and rightly so. At the time, I didn't think I needed to either. 'But here we are. I've just got to stick to the plan, keep working, and get it sorted. It gives me some breathing room, and hopefully, some closure too.' Advertisement It's a harsh lesson – and an expensive one. But with the weight now public and the path forward clear, Cross can hopefully return to doing what he does best: throwing tungsten and winning titles. For the full stories and more in depth coverage of everything darts, together with the latest issues of their legendary publications, head on over Darts World subscriptions options include Print, Digital and All Access packages, as well as exclusive products and competitions
The Sun
27-06-2025
- Business
- The Sun
‘Not the proudest moment of my life' – Darts star Rob Cross breaks silence on £450k tax issue that led to ban
ROB CROSS admits being banned as a company director for unpaid tax is 'not the proudest moment' of his life. The World No.9 has spoken for the first time after being disqualified from acting as a company director for five years after his business failed to pay more than £450,000 in tax. 1 Four-time major winner Cross set about making it right and has entered into an Individual Voluntary Arrangement to repay the money. He said: 'It's not the proudest moment of my life. I've done wrong, and I'll hold my hands up to it. 'Going down this route with the IVA to pay the money back means I'm not running. I suppose you make mistakes in life. 'I'm willing to correct them; it's going to tarnish me, but I'm going to do the right thing. 'It's been going on for two years. It has taken two years to get to something of a resolution. It's cost me a lot of money to get there. 'It needs to be paid back. This isn't new news to me. I was probably suffering more than two years ago with it.' He added: 'I have to admit it's the only thing I am happy with. It's sorted, it's there now. I can just carry on working, pay it back and move forward. 'I was surprised it took the best part of two years to come out. It was a long wait, but there were so many complicated things. JOIN SUN VEGAS: GET £50 BONUS 'The UK government didn't want me to go bankrupt, which is rightfully so, and I don't think I've needed to. 'I'm sorry to let all of my fans down. I will get it sorted and get back on my feet. Hopefully, it won't linger over me for the rest of my life.' Fans spot perfect way Rob Cross beat Gerwyn Price after Welshman showed off chippy on Sky Sports Former world champion Cross returns to action today as he begins the defense of his US Masters title against Danny Lauby at Madison Square Garden. Cross believes his game is in a good place and he is buzzing to defend the crown in New York. He said: 'Absolutely amazing. I was buzzing walking in. Such an iconic arena. I've been here twice. 'It's been my third time this year. I loved it from day one, but winning it last year was very, very special. 'I've had some new darts and I have to admit, I'm not going to lie, I've had a massive rest. 'I've rested up and sort of tried to build the batteries, that was the aim. 'Even basing it off Copenhagen, I thought I played steady and I was consistent and I never really practised there much, so I'm good. 'I'm mentally good and that's where I need to be.'
Wales Online
06-06-2025
- Business
- Wales Online
PDC darts star Rob Cross given five-year ban after 2018 world champ failed to pay £450k
PDC darts star Rob Cross given five-year ban after 2018 world champ failed to pay £450k Rob Cross, who won the PDC World Darts Championship in 2018, has been banned as a director for five years after his company went into liquidation with a huge tax debt Rob Cross has been with a ban from being a director (Image: 2024 Getty Images ) Ex-world darts champion Rob Cross has been disqualified from serving as a director for five years following his company's inability to clear a substantial tax bill. Rob Cross Darts Limited was in debt to HMRC and other creditors to the tune of £450,000 when it was liquidated. Cross is now prohibited from taking on any directorial roles until June 2030. Established eight years prior to manage his earnings and prize money, his company fell into financial trouble. From March 2020 to November 2023, Cross extracted over £300,000 from the firm in what were funds that were due to HMRC and other creditors. Last year, the 34-year-old – who won the World Darts Championship back in 2018 – entered an Individual Voluntary Arrangement (IVA) in hopes of repaying some of the debt. The payments Cross makes under the IVA will fluctuate based on his future darts income. By November 2023, when the company was dissolved, it had accrued debts including £403,896 in corporation tax, £49,071 in VAT, and £12,436 in PAYE and National Insurance contributions, having only paid HMRC £41,936 since March 2020, reports the Express. Cross admitted that his withdrawal of £306,403 from the company was "to the risk and ultimate detriment of HMRC." Article continues below Kevin Read, Chief Investigator at the Insolvency Service, said: "When directors fail to pay the correct amount of tax, it directly impacts the government's ability to fund vital public services such as the NHS, schools, transport infrastructure and our national defence. "Rob Cross's company owed more than £400,000 in corporation tax alone when it went into liquidation. For more than three years, he withdrew funds from the company, which should have gone to HMRC and other creditors. Rob Cross (right) was part of this year's Premier League Darts line-up (Image: Getty ) "This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. "The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. "Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations." Article continues below May 2017 saw the inception of Rob Cross Darts Limited, with Cross appointed as director on the founding day. According to the Insolvency Service's probe, from March 2020 until its liquidation in November 2023, the enterprise accrued slightly over £1 million via Cross's darts winnings. Sponsorships contributed £169,500, while £261,901 flowed in from his management outfit. Besides the £306,403 Cross withdrew himself, an additional £665,419 was transferred to a close associate's personal bank account – whether this was Cross remains undisclosed. His banishment from corporate involvement – be it in directing, forming or promoting any business – stands unless he secures court approval.
Daily Mirror
06-06-2025
- Business
- Daily Mirror
Darts star Rob Cross receives five year ban as director over £450k unpaid taxes
Rob Cross, who won the PDC World Darts Championship in 2018, has been disqualified as a director for five years after his company went into liquidation with a tax debt of £450,000 Rob Cross has been handed a five-year disqualification from serving as a director, after his company, Rob Cross Darts Limited, failed to settle a £450,000 tax debt. The firm owed a hefty sum to HMRC alongside other creditors when it was wound up. The former world darts champion is now banned from becoming a director until June 2030. His company was created eight years ago to receive his earnings and prize money. Cross, 34, withdrew more than £300,000 from the company between March 2020 and November 2023, money that should have been paid to HMRC and other creditors. Last year, in an attempt to settle some of the arrears, Cross entered into an Individual Voluntary Arrangement (IVA), with repayments set to fluctuate based on his future darts winnings. As November 2023 rolled around and liquidation hit, the accounts revealed an outstanding £403,896 corporation tax bill, £49,071 VAT, and £12,436 owing for PAYE and National Insurance contributions. Just £41,936 had found its way to HMRC in the period from March 2020 until the time of liquidation. Cross has admitted that withdrawing £306,403 from the business was "to the risk and ultimate detriment of HMRC", reports the Express. Insolvency Service Chief Investigator, Kevin Read, said: "When directors fail to pay the correct amount of tax, it directly impacts the government's ability to fund vital public services such as the NHS, schools, transport infrastructure and our national defence. "Rob Cross's firm was in the red for over £400,000 in corporation tax alone when it went bust. For more than three years, he siphoned off funds from the company that were due to HMRC and other creditors. "This case demonstrates that we will pursue action against directors who deprive the public purse of much-needed funds. The rules apply equally to everyone in business, and we expect all company directors to comply with their legal responsibilities. "Enforcing these rules consistently is crucial in maintaining a level playing field and preventing companies from gaining an unfair competitive advantage over compliant businesses that properly fulfil their tax obligations." Rob Cross Darts Limited came into being in May 2017, with Cross taking up the director's mantle on the very day it was established. Insolvency Service probes revealed that the company raked in just over £1 million from Cross's earnings from early March 2020 until its collapse in November 2023. Sponsorships brought in £169,500, while £261,901 flowed in from his management company. Besides the £306,403 Cross withdrew, another £665,419 found its way into the personal account of someone linked to him. It remains unclear if this was Cross himself. His disqualification bars him from engaging in the promotion, formation or management of a company, without court approval.
