[dim view]

60s 70s Spireite, on 24 November 2015 - 09:19 AM, said:

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.

But that surely means that the individual Directors have failed to fill their tax forms in correctly and it is them, not CFC, who owes the taxman.?

[Wooden Spoon]

azul said:

1448357491[/url]' post='1162809']
Well I'm pretty sure they did receive grants, I think that is why there was that massive hold up. The club probably haven't realised that either. They'll just have to pay any grants back, presumably that can be done. It'll just be another bill to pop out the woodwork

That's what I was thinking!

[Wooden Spoon]

dim view said:

1448357704[/url]' post='1162810']
But that surely means that the individual Directors have failed to fill their tax forms in correctly and it is them, not CFC, who owes the taxman.?

That would be my take on it as well. I'd imagine that to be the case anyway
Having never run a business I wouldn't know, the nearest thing to it for me is having done the online self assessment form.

[60s 70s Spireite]

a kick in the balls, on 24 November 2015 - 09:25 AM, said:

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

Absolutely, but its not the job of the recipient to deduct the tax, only the payer.
The recipient should and hopefully will have declared the interest received on their tax return- but if they have received the interest gross and declared it as such (and Dim View might be right- they received it net) HMRC will be getting the tax twice, the basic rate deduction from the club plus the tax paid by the individuals. Will HMRC then refund the individuals? May be, may be not.

[brianclose]

dim view, on 23 November 2015 - 11:55 PM, said:

Perhaps for balance you should repeat the statistic that came out tonight about Doyle's scoring record immediately prior to him being sold, and let people know that we found out tonight that PC was going to drop him because of poor form.

5 goals in 8 games during January 2015 and 3 in the week prior to him leaving do not suggest a slowdown in form.

[dim view]

60s 70s Spireite, on 24 November 2015 - 09:42 AM, said:

Absolutely, but its not the job of the recipient to deduct the tax, only the payer.
The recipient should and hopefully will have declared the interest received on their tax return- but if they have received the interest gross and declared it as such (and Dim View might be right- they received it net) HMRC will be getting the tax twice, the basic rate deduction from the club plus the tax paid by the individuals. Will HMRC then refund the individuals? May be, may be not.

Call me a cynic, but my overriding thought on hearing the explanation was that an individual was to blame for retaining the payment to HMRC, probably to assist cash flow, rather than paying it promptly.

brianclose, on 24 November 2015 - 09:51 AM, said:

5 goals in 8 games during January 2015 and 3 in the week prior to him leaving do not suggest a slowdown in form.

I was surprised to hear the stat being aired. I can't actually remember the full content. Perhaps somebody with a better memory than me could repeat it?.

[Wooden Spoon]

60s 70s Spireite said:

1448358172[/url]' post='1162813']
Absolutely, but its not the job of the recipient to deduct the tax, only the payer.
The recipient should and hopefully will have declared the interest received on their tax return- but if they have received the interest gross and declared it as such (and Dim View might be right- they received it net) HMRC will be getting the tax twice, the basic rate deduction from the club plus the tax paid by the individuals. Will HMRC then refund the individuals? May be, may be not.

Ah yes of course. If I receive interest from the bank on savings the banks pays it before they pay me don't they. Yes, that makes sense.

Thank you.

[azul]

dim view, on 24 November 2015 - 09:53 AM, said:

Call me a cynic, but my overriding thought on hearing the explanation was that an individual was to blame for retaining the payment to HMRC, probably to assist cash flow, rather than paying it promptly.


I was surprised to hear the stat being aired. I can't actually remember the full content. Perhaps somebody with a better memory than me could repeat it?.

Lets hope not, the next step on that path would be to retain the tax deducted from players and staff.

[dtp]

Valley Blues, on 23 November 2015 - 10:48 PM, said:

Wood brought in to give help and guidance and to assist in Raglans development. I would have though Evo would have been ideal for that role???

Saunders also said that he recognised that we have a defensive weakness on the left side in that, whilst Dan Jones is good at getting forward he often finds himself out of position defensively. Jones, himself, acknowledges this. Wood is a talker, has played with Jones previously, and it is hoped will help Dan defensively, and thus tighten up that side of the defence.

And, you know what, I agree with him about Jones - whether Wood is the right man for the job remains to be seen.

[valemadness]

http://www.chesterfi...c_00001212.html

[dtp]

KevinArnottsGoldenBoot, on 23 November 2015 - 11:56 PM, said:

He was contracted to the end of this season, not last season. And it isn't his choice whether to honour his contract.

I'm not saying we should have kept him until this season ends, but we damn well should have kept him until the end of what was probably our best season ever. At the very, very, very least he should have been replaced with quality, not a player for 15k who's barely played a game for us.

You can argue all you like about Doyle but the facts are we did equally as well, if not better, without him. He had never shown that type of form previously in his career and, probably, never will again. He came on a free transfer and looked like it in his first season.

Doesn't matter how many rumours there are circulating about him preferring to stay at town on less than a quarter of what he is on now if that was the case he would he would have said "no" to the move and the rumours, heresay, is just that 'rumours/hearsay".

If we got anywhere near £1m for Doyle it was good money.

[60s 70s Spireite]

dim view, on 24 November 2015 - 09:53 AM, said:

Call me a cynic, but my overriding thought on hearing the explanation was that an individual was to blame for retaining the payment to HMRC, probably to assist cash flow, rather than paying it promptly.

Ashley Carson said in March:

This year we have also seen some other expenses that have crawled out of the woodwork. I am not at liberty to divulge yet, but the annual accounts will reflect these.

They were not budgeted for and are in excess of £140,000

To me that looks like a profit and loss hit. If the tax had been correctly deducted, then surely the payment over to HMRC would have been budgeted for?

DV, what is the reference to VAT you referred to? is it to do with the Trust?

[hilly81]

valemadness, on 24 November 2015 - 10:16 AM, said:

http://www.chesterfi...c_00001212.html

Textbook turn up and support the club dig at the end there...

[Steak pie please]

60s 70s Spireite, on 24 November 2015 - 09:22 AM, said:

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.

Every month I get an update on my Santander bank statement saying something like "£xxx interest paid minus tax =£xxx total"

Surely If I know any interest earned is taxable then any accountant past their first week of training knows it, and also that any tax deducted goes to the taxman not kept by the payee.

edit - got sidetracked before posting so things have moved on.

This post has been edited by Steak pie please: 24 November 2015 - 10:28 AM

[Westbars Spireite]

They don't get anything out of it except 2.5%......

Has he been around the banks and building societies recently to see the returns offered?

[60s 70s Spireite]

Steak pie please, on 24 November 2015 - 10:24 AM, said:

Every month I get an update on my Santander bank statement saying something like "£xxx interest paid minus tax =£xxx total"

Surely If I know any interest earned is taxable then any accountant past their first week of training knows it, and also that any tax deducted goes to the taxman not kept by the payee.

But as I have said before, do you deduct tax when you pay interest on your car hp, your bank loan/overdraft/, your mortgage interest or your credit card interest? You don't, because you don't have to. I am just telling you from my experience.

Directors say, 'we want to pay ourselves interest on our Directors Loans? We say 'fine, but you do know you will have to deduct tax'. 'Oh, we didn't know that'.

[Steak pie please]

Ah, I understand what you are getting at now. My apologies.

[Mr Mercury]

dim view, on 24 November 2015 - 09:53 AM, said:

Call me a cynic, but my overriding thought on hearing the explanation was that an individual was to blame for retaining the payment to HMRC, probably to assist cash flow, rather than paying it promptly.


I was surprised to hear the stat being aired. I can't actually remember the full content. Perhaps somebody with a better memory than me could repeat it?.

I thought CT said 4 in his last 18 games last night, but happy to be corrected.

[Andy Spireite]

valemadness, on 24 November 2015 - 10:16 AM, said:

http://www.chesterfi...c_00001212.html

Thanks. I'm not eligible to attend the AGM but the interview was interesting.

Clearly DA has no thought in his head about removing Saunders from his position. He also seems unable or unwilling to understand that crowds will vary according to the product being served up. He's talking about needing 7500 to sustain the club but I think we will be looking at an average 2000-2500 below this next season unless we try to entertain the crowd a bit more.

[JonB]

Mr Mercury, on 24 November 2015 - 10:54 AM, said:

I thought CT said 4 in his last 18 games last night, but happy to be corrected.

This is the season for Doyle prior to moving...

http://www.soccerbas...6&season_id=144