Stadium work

[Haruki]

Originally Posted by Omni

Haruki is spot on with his analysis.

VAT invoices can be and often are raised in line with work done and paid for in stages, however, that doesn't affect this case.

The one FACT that we know about the Ward cash, is as said previously, it all needs to be brought into account this year. Without wanting to sound rude, this isn't up for debate, this is what has actually happened.

And it happened with the Neil Taylor money too. The accounts showed it all in Revenue with a large increased debtors on the B/S to represent money owed by Swansea. Mark Williams confirmed that the first invoice had been sent to Swansea.

[Haruki]

Originally Posted by Omni

No idea what the drip is sorry.

It's not so much different legislation as it's all to do with revenue recognition under accounting principles.

In this case, the amount could be reliably measured whereas in something like the construction business, amounts and events can't always be reliably measured so the amounts brought in can depend on the stage of completion of the project.

Your right though, we need to spend or lose a sizeable chunk to tax.

Of course we will have some brought forward losses from the early years of the business (that being WST take over) so we can keep some tax free, without trawling companies house (and I already spend enough time doing that!) I can't remember our past losses to estimate how much

[pagl]

Originally Posted by Haruki

And it happened with the Neil Taylor money too. The accounts showed it all in Revenue with a large increased debtors on the B/S to represent money owed by Swansea. Mark Williams confirmed that the first invoice had been sent to Swansea.

First invoice? If it has to be done in 1 year then its just 1 invoice isnt it

Confused? If you can split invoicing then can it go over the tax year?

[Haruki]

Originally Posted by pagl

First invoice? If it has to be done in 1 year then its just 1 invoice isnt it

Confused? If you can split invoicing then can it go over the tax year?

No. Recognising income is different to invoicing for a cash payment

[pagl]

Originally Posted by Haruki

No. Recognising income is different to invoicing for a cash payment

Yes I am aware

Interesting position then with all the revenue to dispose of

[Haruki]

Originally Posted by pagl

Yes I am aware

Interesting position then with all the revenue to dispose of

It certainly is. Although as is said in a previous post the club will be able to offset some profit this year against brought forward losses from the early years of Trust ownership without incurring taxation but still there should be a good chunk available to spend.....hopefully in January!!

[Vambo]

Originally Posted by pagl

Yes I am aware

Interesting position then with all the revenue to dispose of

I don't think dispose of is quite the right term, as much as possible will be hidden in legal tax avoidance, which in my view is far more important than involving any moral issues regarding taxes paid.

[tokyored]

Originally Posted by Vambo

I don't think dispose of is quite the right term, as much as possible will be hidden in legal tax avoidance, which in my view is far more important than involving any moral issues regarding taxes paid.

Spencer spotted boarding a plane to Panama...

[sparky]

Originally Posted by Haruki

It certainly is. Although as is said in a previous post the club will be able to offset some profit this year against brought forward losses from the early years of Trust ownership without incurring taxation but still there should be a good chunk available to spend.....hopefully in January!!

So when is our financial year?