Pages: 1 2 [3] 4   Go Down
Print
Author Topic: Southend Utd expected Admin  (Read 9067 times)
Power to people

Offline Offline

Posts: 6381





Ignore
« Reply #30 on: Wednesday, November 4, 2009, 08:34:52 »

There is a consortium interested in taking over Southend, I wonder if they will be given more time to sort things out ?

I thought originally HMRC was due to petition for a winding up order but then cancelled it and applied to put them into admin
Logged
Simon Pieman
Original Wanker

Offline Offline

Posts: 36317




« Reply #31 on: Wednesday, November 4, 2009, 08:45:45 »

Are they in admin yet? Yawn.
Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #32 on: Wednesday, November 4, 2009, 09:12:25 »

There is a consortium interested in taking over Southend, I wonder if they will be given more time to sort things out ?
Rejected already, do keep up Smiley
http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8340347.stm

Quote
I thought originally HMRC was due to petition for a winding up order but then cancelled it and applied to put them into admin
They were but when they realised the scale of the indebtedness, they apparently reckoned they'd get very little back from a liquidation and would have more chance of recovering a greater portion of the money owed via admin so went for that instead. In other words, this isn't a case of HMRC backing off from liquidation per se, just financial tactics.
Logged
jonny72

Offline Offline

Posts: 5554





Ignore
« Reply #33 on: Wednesday, November 4, 2009, 12:22:44 »

Not strictly true, VAT is a flat rate of gross turnover.

Is that enforced on football clubs or is it opt in as it is for other businesses?
Logged
Simon Pieman
Original Wanker

Offline Offline

Posts: 36317




« Reply #34 on: Wednesday, November 4, 2009, 12:37:46 »

Is that enforced on football clubs or is it opt in as it is for other businesses?

I wasn't referring to the flat rate scheme, my choice of words was a bit poor.

The point I was trying to make is that STFC once had a huge VAT bill because they didn't have a clue as to the VAT position due to poor accounting. It could probably happen at other clubs too.

But seeing as you charge VAT as part of the ticket price you should already have the money to pay over. Any VAT you claim back on purchases to reduce the VAT paid over is a bonus.
Logged
Barry Scott

Offline Offline

Posts: 9111




« Reply #35 on: Wednesday, November 4, 2009, 12:56:33 »

So they owe £2.1m? Shitty lost that last year and £6.5 this year... Come on Shitty, keep chasing the dream. Please. Cheesy
Logged
jonny72

Offline Offline

Posts: 5554





Ignore
« Reply #36 on: Wednesday, November 4, 2009, 13:09:11 »

I wasn't referring to the flat rate scheme, my choice of words was a bit poor.

The point I was trying to make is that STFC once had a huge VAT bill because they didn't have a clue as to the VAT position due to poor accounting. It could probably happen at other clubs too.

But seeing as you charge VAT as part of the ticket price you should already have the money to pay over. Any VAT you claim back on purchases to reduce the VAT paid over is a bonus.

Unfortunately its a bit too easy for any business to use money due for VAT (and other HMRC payments) as an aid to cash flow, which just creates another problem when the payment is due. I'm sure HMRC could tighten things up to stop the problems getting as big as they do, but its another area that the football authorities could clamp down on.

Maybe an automatic 3 point deduction if you don't make your monthly / quarterly payment on time. Add on the same penalty for failing to make salary payments on time and the deductions would soon mount up, which in turn would be a pretty massive incentive for clubs to stop spending money they don't have.

The current 10 point administration deduction just doesn't work and they need to do something to sort it.
Logged
nevillew
Tripping the light puntastic

Offline Offline

Posts: 4156




Ignore
« Reply #37 on: Wednesday, November 4, 2009, 13:47:30 »

Not strictly true, VAT is a flat rate of gross turnover.


**pedant** Unless you're dealing with zero rated goods or services as a proportion of the total **pedant**
Logged

Paolo Di Canio, it's Paolo Di Canio
nevillew
Tripping the light puntastic

Offline Offline

Posts: 4156




Ignore
« Reply #38 on: Wednesday, November 4, 2009, 13:50:14 »

The point I was trying to make is that STFC once had a huge VAT bill because they didn't have a clue as to the VAT position due to poor accounting. It could probably happen at other clubs too.

I must admit I thought it was a cash flow problem caused by the fact that the cash budget did not take account of the fact that VAT would have to be paid, but I may be wrong.
Logged

Paolo Di Canio, it's Paolo Di Canio
Simon Pieman
Original Wanker

Offline Offline

Posts: 36317




« Reply #39 on: Wednesday, November 4, 2009, 13:50:49 »

Or things like bank interest which are exempt. Let's not get too technical Nev, we're all beginning to sound like a bunch of boring bopards
Logged
Batch
Not a Batch

Offline Offline

Posts: 55112





Ignore
« Reply #40 on: Wednesday, November 4, 2009, 13:53:51 »

and people say accountants are boring Smiley
Logged
nevillew
Tripping the light puntastic

Offline Offline

Posts: 4156




Ignore
« Reply #41 on: Wednesday, November 4, 2009, 14:09:42 »

Or things like bank interest which are exempt. Let's not get too technical Nev, we're all beginning to sound like a bunch of boring bopards

You started it...
Logged

Paolo Di Canio, it's Paolo Di Canio
Simon Pieman
Original Wanker

Offline Offline

Posts: 36317




« Reply #42 on: Wednesday, November 4, 2009, 15:21:42 »

and people say accountants are boring Smiley
internal auditors are worse
Logged
REDBUCK

« Reply #43 on: Wednesday, November 4, 2009, 15:52:04 »

Bank Interest isn't always exempt
Logged
dell boy

« Reply #44 on: Wednesday, November 4, 2009, 16:12:01 »

http://news.bbc.co.uk/sport1/hi/football/teams/s/southend_utd/8342164.stm
Logged
Pages: 1 2 [3] 4   Go Up
Print
Jump to: