NewsUK NewsSmall businessesA UK alcoholic beverage wholesaler has plunged into liquidation after HMRC issued a penalty on the business for deliberately suppressing sales with wine sold 'off the books'06:19, 26 May 2026A UK wine company has plunged into liquidation after a tax tribunal was heard as the business were selling bottles 'off the book'.‌Alcoholic beverage wholesaler New Claire Wine Ltd was appointed liquidators on May 19, 2026.‌Giles McCarthy of Netchwood Finance Ltd was appointed at the virtual meeting.‌According to The Gazette a special resolution was passed that the Company be wound up voluntarily; and an ordinary resolution was passed appointing the Liquidator for the purposes of the winding-up.The collapse of the company comes after a UK court upheld a higher penalty imposed by the tax authority on the business for deliberately suppressing sales.‌New Claire Wine’s directors challenged a January 2024 First-Tier Tribunal decision, which found the company had understated its sales in corporation tax and value-added tax returns.HMRC made a combined tax claim of £427,310. It was identified that there were severe discrepancies in the company's stock, with over 9,700 cases of wine bought off the books.There were also reportedly missing purchase invoices and unrecorded sales.‌Due to this, HMRC treated the omitted company sales as funds misappropriated by the director.The alcohol supplier then faced assessments for VAT, Corporation Tax, and director's loan account (Section 455) liabilities.The London-based company was also fined for deliberate tax return errors.‌In the current financial climate, many businesses appear to be struggling, with company insolvency increasing.Another UK alcoholic beverage company also recently entered liquidation.MWH Wine Merchants Limited were appointed Thomas Edward Guthrie and John William Rimmer of BRI Business Recovery to see through the winding up of operations on May 13.Article continues belowThe award-winning, independent wine merchant offered a variety of fine and rare wines, shipping worldwide before its closure.Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌Small businessesHMRCCourt case