FORUMS > Bradford Bulls > Latest financial situation - all posts here |
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| Quote: Gurus_Beard "I am honoured you are ignoring the beers, sun lounger and ice creams to chat to me
After reading that I feel like a few beers myself.
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| Quote: Adeybull "GB - you have stated on here - think it was you, my apologies if not - that the club had had some ridiculous absurd notion that memberships were not subject to VAT and therefore no VAT was declared or paid on the memberships for the last two seasons?
I think it may have been you because you appear to allude to that again above?
If it WAS you, that knowledge (if it indeed be true) can only have been known to a Very few people. But leaving your own identity aside, can I ask you a straight question? To your knowledge, DID the club not account for VAT on memberships for the last two years? And If so, does that VAT remain unpaid, or was it paid out of the lease sale proceeds and therefore largely account for the Black Hole that even you will acknowledge I have been going on about for months?
And, for the total avoidance of doubt, if it ever becomes clear that what I outlined above DID happen (and the only place I have heard or read such is on here) then we were very very badly lied to and misled.
But so far I have seen nothing to confirm that story. Are you able to do so, or refute it?'"
Adeybull, just get the KEO in and enjoy hallumi rolls
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| "united we stand , divided we fall"
I know it's an old one but the fans seem to have got it
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| Quote: Cibaman "As I understand it P&A are insolvency practitioners. As such they're qualified to review our cashflows, look at whether we have assets that we can sell, identify obvious cost savings, consider how the company could be re-structured etc, etc
If you were to ask them the question "If we double or treble season ticket prices how many fans will we lose?" don't expect an answer. They could only ever aid the new Board in carrying out a Strategic Review. The Directors have to make the hard decisions themselves.'" Exactly, implicit in my post. No strategy...or is there?
GB, when you posted about the membership VAT issue, I doubted not that there was such an issue but that Hood would have taken such a step without advice, for which there should be a PI policy (but theres no chance of any payout on that!), or if he didnt then he was negligent not to cover his backside. And of course I dont expect PnA to advise on teh future, my point is that the only bit of the strategy we can see is the statement of intent to enter Administration.
Interestingly theres no major drop in Paye and other taxes balances in creditors due within one year in the 2010 accounts from 2009, indeed they are nearly identical at just over £110K, which subject to VAT quarter ends etc does not tally with the two year timeframe, tho there is from 2008 to 9 a drop from c. £200k to £110k. As I recall the first pledge combined cheap "next season" tickets and a number of deals including 5 and 10 year and lifelong...membership. Do you know if ALL of these were nil/zero rated or just for example the lifelong ones? Its just that say gate sales are £2m a year, thats say £800K VAT over 2 years, which makes for a massive hole that surely would have lead to admin straight off when the books were opened up to PnA, and would have led to a more intransigent stance about paying the lease VAT in monthly instalments, if you believe Hood. Thats the trouble with black holes: no light can get out. (Post Script: just googled, 2011 pledge was for 10000 "memberships", but that is still no indication of whether lifetime, 10 years etc would be differently accounted for VAT).
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| Quote: Gurus_Beard "Nail. On. Head.
For fear of repetition, but it's clearly necessary because it was treated with some element of disdain in my initial posting, the club still owe HMRC SIGNIFICANT amounts of money, primarily due to none payment of VAT over a period of 2 years. The directors in situ previously were aware of this (and indeed the current CEO) and that concerns me.
This is complete and utter fiction and mendacious to boot.
HMRC are owed paye on last month's wages and £250,000 to be paid over 5 months.
Where on earth did you get off printing such calumny.
Shame on you.
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| Quote: Gurus_Beard "Which would be great if you were able to articulate yourself in a coherent manner and not spurious Orwellian guff.'"
What part of my previous post was incoherent?
i really do feel for you Bulls fans, well the ones that will buy a season ticket next year at full price at least.
The rest of you can go back to watching football.
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| I find the VAT issue just too incredible to believe. Mainly because it it is true and the VAT liability had been established, wouldnt the new Board have been shouting it from the roof tops?
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| Quote: jammle "eusa_clap.gif
an articulate post with no words - brilliant!
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| Quote: Incredibullman " For fear of repetition, but it's clearly necessary because it was treated with some element of disdain in my initial posting, the club still owe HMRC SIGNIFICANT amounts of money, primarily due to none payment of VAT over a period of 2 years. The directors in situ previously were aware of this (and indeed the current CEO) and that concerns me.
This is complete and utter fiction and mendacious to boot.
HMRC are owed paye on last month's wages and £250,000 to be paid over 5 months.
Where on earth did you get off printing such calumny.
Shame on you.'"
Because Peter, it's true. As you well know.
You also know that HMRC wouldn't issue a winding up order if an AGREEMENT had been made (particularly if you are suggesting you 'arranged' this some months ago) over a 5 month period. That tells me much of what I need to know.
Shame on you for your continual lies that has got us to this position. You might be fooling yourself, but you ain't fooling me or the vast majority of Bulls fans.
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| I dont know how they have been able to miss paying vat for 2 years.
They would of have reminders and late payment fees added over that time.
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| Well GB, think PH knows what "calumny" means. Because you obviuosly don't!
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| Quote: fcgrandad "I dont know how they have been able to miss paying vat for 2 years.
They would of have reminders and late payment fees added over that time.'"
Likewise - if the club had suddenly gone from being a VAT creditor to a VAT debtor, I would be very surprised if the HMRC did not come out to investigate before making any VAT repayments back to the club. I had a similar situation at work and before HMRC released the VAT repayment they insisted on conducting an audit to ensure there was no impropriety.
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| rlhttps://www.bbc.co.uk/sport/0/rugby-league/18437695rl
The above article goes into a little more detail, but contains no mention of any additional VAT money owing, apart from the sale of the stadium.
"The club owes HM Revenue & Customs £90,000 in payroll tax, plus £250,000 in VAT from the sale of the stadium.
The Bulls need more than £1m to survive to the end of the season, despite recently raising £500,000 through fan pledges, gate receipts and an auction.
It now has two weeks to raise funds or find new investment.
The figures were passed to BBC Radio Leeds by Brendan Guilfoyle of The P&A Partnership, the company brought in by the club to review the state of its finances."
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| Quote: Incredibullman "Well GB, think PH knows what "calumny" means. Because you obviuosly don't!'"
Peter, your ability to perform a role as 'Bottom' in a Shakespearean play continues with your malapropisms.
Since calumny refers to slander (and not libel, which the written word relates to) your use of the term is thoroughly incorrect.
Secondly, it would only be either slander or libel if it was untrue and you chose to challenge that legally. Be my guest.
Oh, and learn to spell "obviously".
You continue to be full of ironies. And untruths.
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| Quote: fcgrandad "I dont know how they have been able to miss paying vat for 2 years.
They would of have reminders and late payment fees added over that time.'"
I think the insinuation is that they never included VAT on the season tickets, hence HMRC wouldn't have initially known there was a VAT liability to send them reminders about. .
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