Quote: BEN_THE_BLACK&WHITE "Might be a silly question but what is a EBT payment.'" Employee Benefit Trust. www.umbrellacompany.co.uk/employ ... -the-hmrc/ And now you know as much as me.

Quote: BEN_THE_BLACK&WHITE "Might be a silly question but what is a EBT payment.'" Employee Benefit Trust. www.umbrellacompany.co.uk/employ ... -the-hmrc/ And now you know as much as me.

Rob! You've been hiding for ages! Is all this talk of bumbershoots that's drawn you out or has our new proprietor made you feel the need to reassert yourself?

I think this has got to be correct. It explains why a sale now and why at apparently such a low price. I also think many ther clubs will be in a similar position.

Correct, there's no way in the world AP would have made an offer without considering worse-case scanario. He's probably now tittering into his Chablis that he managed to convince Kath et al that would be the likely outcome. Unless we have been deliberately flouting the ever-changing rules on EBT, over a number of years, I can't see our exposure being too great

fair enough, I am happy to be wrong, I can't stand his irrational and ill informed vitriol, but I never wish anyone to be deceased.

He was posting on the Rovers board yesterday.

A new settlement opportunity has being being offered by HM Revenue & Customs as a last chance for Employee Benefit Trust providers and users to come clean before the taxman litigates.
Employers, companies and “other users” of EBTs, which were outlawed under March’s Finance Bill, can reach a financial settlement with HMRC without recourse to the courts.
This will minimise costs to both customers and the taxman, and should provide affected parties with “certainty” about their true income tax and NI liability.

hopefully both clubs can get it sorted and move on without it haning over them.

Ooops missed the last part of the article I read.

But if EBT users “do not respond by 31 December 2011, HMRC will assume that they are not interested in engaging with them and will look to progress enquiries formally.”

Personally I don't think £3M is that low. The club (& this applies to all RL clubs) has very limited appeal outside of the city itself, income revenues are falling whilst costs are going up(not the stadium obviously). I don't know for sure but I wouldn't be surprised if sponsors have been pulling out or are planning to do so or if remaining lowering amounts paid due to continual poor performances (& the economic climate) which have been shocking for a number of seasons.
Total income for next year will drop dramtically on the back of this season unless we miraculously pull a rabbit out the hat and win something.
And that's what we come too, it's going to take a couple of years at least for us to get back to challenging the top 4, this will take money spent on a decent coach and a quality support team.
And even with all the investments there's still no guarantee of success on the field.
The amount paid is a risk but the potential is definately there.

edited

why the edit, do you not think that KR have done the same in the past?

HKR exploit a loophole, you jest shurley?

IIRC they were bricking it some time ago over image rights, something Rulle commented along the lines of "it has no effect on us". I don't think that little issue has gone anywhere either.

I would guess most clubs in SL have some way of 'cheating' the taxman. Some clubs are just obviously better at it than others.

Once we find out the best and most secretive way then we will always miss out on signings to the likes of Wigan, Huddersfield, Warrington and Saints.