HMRC erroneously applies to wind-up Tungsten subsidiary

13th Oct 2016 12:12

(ShareCast News) - Tungsten Corporation was the subject of an administrative tax error, it said on Thursday, after a notice was published in the London Gazette on 10 October regarding an application for a winding-up order made against a subsidiary, Tungsten Network Limited.The AIM-traded firm said it related to a dispute over tax due by the subsidiary to HMRC."Based on correspondence with HMRC, Tungsten understood that the outstanding amount was required to be paid by 12 October," the board said in a statement."The publication in the London Gazette was therefore made in error, which HMRC accepts."Tungsten said the outstanding sum has now been settled in full, and it has received confirmation from HMRC that it is in receipt of the funds with the winding-up application to be withdrawn in due course."Tungsten confirms that it remains on track to meet guidance for its current financial year."