Orient (H Trophy) Reaction

[Red_Jackoisback]

Originally Posted by pagl

He means to spend as the Ward money has to be used this tax year.

Clearly I have missed something or got it wrong. I thought we got the award money in instalments over a few years - have we actually received it all? I understood we had just got the first instalment - guessed £300k

[Ooh aah Paskin]

Originally Posted by Red_Jackoisback

Clearly I have missed something or got it wrong. I thought we got the award money in instalments over a few years - have we actually received it all? I understood we had just got the first instalment - guessed £300k

I guess it depends on when the money needs to be recognised. As a whole amount irrelevant of timing, or as each instalment is paid

[Prodigal Dragon]

Originally Posted by Red_Jackoisback

Clearly I have missed something or got it wrong. I thought we got the award money in instalments over a few years - have we actually received it all? I understood we had just got the first instalment - guessed £300k

Someone previously said that whilst we might not actually get all the money in this tax year, it has to be declared in this tax year. There must be an accountant on here who could clarify the situation.

We need to minimize our tax liability, and spend what we can on infrastructure and a decent midfielder.

[Red_Jackoisback]

Originally Posted by Prodigal Dragon

Someone previously said that whilst we might not actually get all the money in this tax year, it has to be declared in this tax year. There must be an accountant on here who could clarify the situation.

We need to minimize our tax liability, and spend what we can on infrastructure and a decent midfielder.

I get that we may have to pay the tax this year but we won’t have the £1.2m (if that is the whole figure) and we can’t spend that we haven’t got.

[dixienormous]

Originally Posted by Prodigal Dragon

Did Salford and Solihull Moors at home occur? or was I still inebriated from my festive post prandials?

Fundamentally, GB will be judged here on in; we have no distractions, now, so we can focus 100% on being promoted.

You can fret all you like, but GB will be in charge, and it’s up to him and the rest of the team to deliver. We’ll have a far better idea of our fate by the end of February. At the moment, we are in a good position but clearly have numerous issues that need ironing out pdq.

I agree with this, although I do feel we need outside investment and a possible change at the top.

[Quay Red]

Originally Posted by pagl

Apparently there is an amount that can be saved or repaid to WST as it was said to me but I dont know what that amount is. Not a huge %age of the total as it was said.
The money has to be realised and accounted for in this tax year according to a corporate tax expert.

You may have more info on this.

Don't know if the WST funds can be repaid.
You are correct in that the money has to be recognised in the current year.
Relevant taxes have too be paid on the operating profit.
To avoid tax we would have to break even this year but there would be no money left for the future to pay the wages for the players on 2 year deals etc. unless we maintain the crowds and get a bit more football fortune.
It's great gambling with someone else's money when you don't have to worry about the consequences but this is our money and some would chance it on the toss of a coin.
I'd rather spend what we need to to improve the side and maintain / improve the stadium and keep a healthy amount banked to ensure that the club is secure, financially, for the next few years.
Mark will ensure that the minimum, legal amount of tax is paid.

[Quay Red]

Originally Posted by dixienormous

I agree with this, although I do feel we need outside investment and a possible change at the top.

Have a word with Foxy. He's got a list of investors
As for a change at the top, be careful what you wish for.

[Red_Jackoisback]

Originally Posted by Quay Red

Don't know if the WST funds can be repaid.
You are correct in that the money has to be recognised in the current year.
Relevant taxes have too be paid on the operating profit.
To avoid tax we would have to break even this year but there would be no money left for the future to pay the wages for the players on 2 year deals etc. unless we maintain the crowds and get a bit more football fortune.
It's great gambling with someone else's money when you don't have to worry about the consequences but this is our money and some would chance it on the toss of a coin.
I'd rather spend what we need to to improve the side and maintain / improve the stadium and keep a healthy amount banked to ensure that the club is secure, financially, for the next few years.
Mark will ensure that the minimum, legal amount of tax is paid.

But if we are being paid in installmanets over years we will not have the cash yet and can’t spend what we haven’t got.

[sparky]

Originally Posted by Quay Red

But the money doesn't have to be used this tax year. The money is there to be used for the good of the club as a whole.
We do get penalised if it isn't spent as we will show a profit but spend it all and there's nothing left in the kitty for the next few years unless you can guarantee promotion.

Absolutely. You'd swear it was Bruster's Millions the way some go on.