[BlueRover52]

Dema Reborn, on 23 November 2015 - 10:29 PM, said:

We can't match Championship wages so in effect he is saying we will never go up.....

Mentioning the "C" word was a big mistake from the start.Most fans took it that the club actually had some ambition to achieve that goal.

[Lincs Spireite]

Mr Mercury, on 24 November 2015 - 07:54 AM, said:

I agree, I thought CTs comments re Doyles slow down in scoring and the possibility of him being dropped were not only unfair on Doyle ignoring his massive work rate but also said to try to justify the sale! Sadly you can't comment and ask everything in the time allotted. I thought CT let himself down there.

Thanks for your feedback Mr.M. Did the club explain in detail how they propose to fund the debt next year with little or no player sales ??
Also was any reference made to the potential, no sorry definate reduction in fan base , ie gate income, due to poor results, and unattractive football.

[60s 70s Spireite]

Mr Mercury, on 24 November 2015 - 07:54 AM, said:

I agree, I thought CTs comments re Doyles slow down in scoring and the possibility of him being dropped were not only unfair on Doyle ignoring his massive work rate but also said to try to justify the sale! Sadly you can't comment and ask everything in the time allotted. I thought CT let himself down there.

Five goals in his last seven games for us. He wanted a period in the stiffs for a such a shocking return.
As you say CT lets himself down with the comments you report.

On another matter, the issue of the tax not deducted from interest payments, to be fair I think CT can point the finger at the professional advice, either internal or external not given. I deal with scores of larger business owners, I can't think of any who recognise that tax has to be deducted from interest payments to individuals.
It's nearly always an intervention we have to make, hopefully because the owner or MD told us what they proposed to do, or we spotted the issue when reviewing the accounts.

[spireitewolf]

Mr Mercury said:

1448352478[/url]' post='1162783']
That's not what was said.

Ok

[Steak pie please]

60s 70s Spireite, on 24 November 2015 - 08:14 AM, said:

Five goals in his last seven games for us. He wanted a period in the stiffs for a such a shocking return.
As you say CT lets himself down with the comments you report.

On another matter, the issue of the tax not deducted from interest payments, to be fair I think CT can point the finger at the professional advice, either internal or external not given. I deal with scores of larger business owners, I can't think of any who recognise that tax has to be deducted from interest payments to individuals.
It's nearly always an intervention we have to make, hopefully because the owner or MD told us what they proposed to do, or we spotted the issue when reviewing the accounts.

I may be being thick here, I am not in the financial expertise area, but my bank gives me interest on my savings account (i.e. my very short term loan of money to them) and they always tax it before giving it me. In my naivety I would assume a football club being loaned money would have to pay interest to the directors and it would be taxed. What is the difference?

[Westbars Spireite]

Spire-ite, on 24 November 2015 - 08:04 AM, said:

Why, do you think the football side of things is not being utterly mismanaged?

I don't. But I don't need to learn about that from the AGM.

[Mr Mercury]

Bowzer spirey, on 24 November 2015 - 08:13 AM, said:

Thanks for your feedback Mr.M. Did the club explain in detail how they propose to fund the debt next year with little or no player sales ??
Also was any reference made to the potential, no sorry definate reduction in fan base , ie gate income, due to poor results, and unattractive football.

Basically it's to sell a player! Of course income streams are being developed, the illuminated sign outside for example and the briefly touched upon new record sponsorship deal. Like you I myself worry if we continue to struggle on the pitch and don't have any assets to sell. CT also mentioned that if we cut the wages budget by 500k we'd be a mid table L2 side!

[Bonnyman]

Mr Mercury, on 24 November 2015 - 07:54 AM, said:

I agree, I thought CTs comments re Doyles slow down in scoring and the possibility of him being dropped were not only unfair on Doyle ignoring his massive work rate but also said to try to justify the sale! Sadly you can't comment and ask everything in the time allotted. I thought CT let himself down there.

Turner should stick to being John Sittons lap dog with comments like that,what a complete buffoon.Even when he wasn't scoring he was providing ,he was leading goalscorer in the country and nearly in Europe ,no way was Cook ever going to drop him.Its the comment of a man with a tongue looser than a prozzies knickers . Credibility in anything he says gone.

[Siberian Spireite]

Mr Mercury, on 23 November 2015 - 10:33 PM, said:

Part 2.
The club are on the verge of announcing a record sponsorship deal , but no further info at present.

I hope it is with Go! Discs.

Seriously, thanks for putting so much effort into the summary.

[dim view]

Steak pie please, on 24 November 2015 - 08:24 AM, said:

I may be being thick here, I am not in the financial expertise area, but my bank gives me interest on my savings account (i.e. my very short term loan of money to them) and they always tax it before giving it me. In my naivety I would assume a football club being loaned money would have to pay interest to the directors and it would be taxed. What is the difference?

The problem (I think) is that CFC paid the Directors their interest after deducting the tax, but then did not pass the tax on to the Tax Man.

[Siberian Spireite]

Bonnyman, on 24 November 2015 - 08:34 AM, said:

Turner should stick to being John Sittons lap dog with comments like that,what a complete buffoon.

Careful- next thing you know, you'll be in the car park with a mate, and your dinner.

[dim view]

Mr Mercury, on 24 November 2015 - 08:26 AM, said:

Basically it's to sell a player! Of course income streams are being developed, the illuminated sign outside for example and the briefly touched upon new record sponsorship deal. Like you I myself worry if we continue to struggle on the pitch and don't have any assets to sell. CT also mentioned that if we cut the wages budget by 500k we'd be a mid table L2 side!

As a non accountant, am I being naïve in stating that the profit might have been getting on for £500k if the unexpected payments had been settled in previous financial years, as they should have been?.

Were you satisfied with the explanation about the huge VAT payment?.

[Mr Mercury]

dim view, on 24 November 2015 - 09:02 AM, said:

As a non accountant, am I being naïve in stating that the profit might have been getting on for £500k if the unexpected payments had been settled in previous financial years, as they should have been?.

Were you satisfied with the explanation about the huge VAT payment?.

I did seem to understand the reasoning behind that, but it's really not my field. Like I've said I've tried to report on the bits folk will find interesting, the actual breakdown of the finer points is best left to those that fully understand that area.

[azul]

60s 70s Spireite, on 24 November 2015 - 08:14 AM, said:

Five goals in his last seven games for us. He wanted a period in the stiffs for a such a shocking return.
As you say CT lets himself down with the comments you report.

On another matter, the issue of the tax not deducted from interest payments, to be fair I think CT can point the finger at the professional advice, either internal or external not given. I deal with scores of larger business owners, I can't think of any who recognise that tax has to be deducted from interest payments to individuals.
It's nearly always an intervention we have to make, hopefully because the owner or MD told us what they proposed to do, or we spotted the issue when reviewing the accounts.

He just handed his critics another massive stick to beat him with. The trouble with Turner is his is just not very intelligent

And your second point proves the our business leaders aren't very bright either. Obviously they've never filled out a self assessment tax return or understood why people like ISAs. Obviously they have the likes of you to do that stuff now but were they born with a silver spoon in their mouth not to have ever done one

This post has been edited by azul: 24 November 2015 - 09:17 AM

[60s 70s Spireite]

dim view, on 24 November 2015 - 08:47 AM, said:

The problem (I think) is that CFC paid the Directors their interest after deducting the tax, but then did not pass the tax on to the Tax Man.

I stand to be corrected, but if that was the issue there would be no effect on profits (as the provision for tax deducted would have been held back in creditors). The way it has been reported from the AGM is that the £140k hit the profit and loss account, which suggests it wasn't deducted in the first place, and HMRC have discovered it and demanded the tax, plus likely as not, interest and penalties.

[60s 70s Spireite]

Steak pie please, on 24 November 2015 - 08:24 AM, said:

I may be being thick here, I am not in the financial expertise area, but my bank gives me interest on my savings account (i.e. my very short term loan of money to them) and they always tax it before giving it me. In my naivety I would assume a football club being loaned money would have to pay interest to the directors and it would be taxed. What is the difference?

But do you don't deduct tax from interest paid to your bank do you? I think that's why folk tend not to think about deducting tax from interest paid by a company.

[Wooden Spoon]

azul said:

1448356583[/url]' post='1162802']
He just handed his critics another massive stick to beat him with. The trouble with Turner is his is just not very intelligent

And your second point proves the our business leaders aren't very bright either. Obviously they've never filled out a self assessment tax return or understood why people like ISAs. Obviously they have the likes of you to do that stuff now but were they born with a silver spoon in their mouth not to have ever done one

You beat me to it Azul, I was going to mention the self assessment form and the part on it about interest payments and tax. Blimey if someone who is/was a simple sole trader would be aware of it from doing an online form then surely.........

[azul]

a kick in the balls, on 24 November 2015 - 09:14 AM, said:

Can't argue with that.

Where does this leave the trust? Are they contractually obliged to still provide facilities/ services? Are they providing any income at all?

It doesn't sound like it is self sufficient if CFC is having to pay their bills let alone pt money into the club. Sounds like another ill thought out white elephant

Guess DA will be having his executive boxes, fish and chip shop and supporters bar after all

[Wooden Spoon]

60s 70s Spireite said:

1448356929[/url]' post='1162804']
But do you don't deduct tax from interest paid to your bank do you? I think that's why folk tend not to think about deducting tax from interest paid by a company.

Online self assessment tax form? Income from interest payments have to be declared?

[Wooden Spoon]

azul said:

1448357049[/url]' post='1162806']
It doesn't sound like it is self sufficient if CFC is having to pay their bills let alone pt money into the club. Sounds like another ill thought out white elephant

Maybe. I honestly don't know anything about the trust or what it's doing.
If the trust are contractually obliged to provide facilities having received funding from grants etc where does this leave them and the club though?