Guest mkowl Posted February 19, 2020 Share Posted February 19, 2020 1 hour ago, Grandad said: Jeez So our 'paper' transaction could have generated a huge tax bill? How much do you think? Would it all be payable in one hit? or staged as the payments have been staged (Im fully aware we havent been paid) Note 9 to the accounts suggests that the tax effect of the gain not chargeable is £2.25m. This suggests the gain at 19% is about £12m. The historic cost of the stadium when it used to be disclosed was about 17m. That will include the South Stand upgrade, Kop roof etc etc. So adding indexation allowance to that which is a lot, I can see where £12m is coming from. The tax note says that is eliminated by losses. Again no issue with that for a 12 month accounting period. The technicality here would be it was a 14 month accounting period and how the losses would work. Sort of thing I would sense check with a CT expert Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 19, 2020 Share Posted February 19, 2020 Payable in full 30th April 2019. No instalment option unless you agree that with the Collector. The secondary argument will be about carry back of the July 19 losses Link to comment Share on other sites More sharing options...
Jeffjohnsonmyhero Posted February 19, 2020 Share Posted February 19, 2020 Sooner its over the better its getting boring now. Link to comment Share on other sites More sharing options...
bradowl Posted February 19, 2020 Share Posted February 19, 2020 6 minutes ago, Jeffjohnsonmyhero said: Sooner its over the better its getting boring now. I'm happy to wait, year 2058 will do. 1 Link to comment Share on other sites More sharing options...
Beauchief Owl Posted February 19, 2020 Share Posted February 19, 2020 11 minutes ago, Jeffjohnsonmyhero said: Sooner its over the better its getting boring now. If it doesn't get sorted soon, it'll be screwing up another season. The punishment last season would have been a maximum 12 points and it would not have affected our status. DC has been ill-advised IMO. Link to comment Share on other sites More sharing options...
Pastor Kidneys Posted February 19, 2020 Share Posted February 19, 2020 Great stuff @mkowl Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 2 hours ago, Grandad said: Surely you mean Capital Gains tax? Not Corp tax? Thats an interesting one - I guess the sale of a company asset to a 3rd party (even one which has the same sole director) might generate CGT? I know the rules are different for people overseas - would that count? Even though the 2 companies are based solely in the UK? How much is CGT these days? Is it still 20%? So the £60m 'sale' to himself could potentially generate a tax bill of £12m? As weve not made a profit for zillions of years - do the accounts still publish the accumulated tax credit? I now they used to and it was in the £millions This sums up why some people should stay off Owlstalk or at least not comment on stuff they know nowt about. 1 Link to comment Share on other sites More sharing options...
Guest Posted February 19, 2020 Share Posted February 19, 2020 1 minute ago, Frazzlebeak said: This sums up why some people should stay off Owlstalk or at least not comment on stuff they know nowt about. Yes, people on Owlstalk should only be qualified accountants Link to comment Share on other sites More sharing options...
vulva Posted February 19, 2020 Share Posted February 19, 2020 5 minutes ago, Frazzlebeak said: This sums up why some people should stay off Owlstalk or at least not comment on stuff they know nowt about. To be fair, comments like that indicate that the likes of you should stay off Owlstalk. 2 Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 3 minutes ago, Grandad said: Yes, people on Owlstalk should only be qualified accountants Don't twist what I wrote! Too much of that goes on here. Link to comment Share on other sites More sharing options...
Animis Posted February 19, 2020 Share Posted February 19, 2020 48 minutes ago, mkowl said: Note 9 to the accounts suggests that the tax effect of the gain not chargeable is £2.25m. This suggests the gain at 19% is about £12m. The historic cost of the stadium when it used to be disclosed was about 17m. That will include the South Stand upgrade, Kop roof etc etc. So adding indexation allowance to that which is a lot, I can see where £12m is coming from. The tax note says that is eliminated by losses. Again no issue with that for a 12 month accounting period. The technicality here would be it was a 14 month accounting period and how the losses would work. Sort of thing I would sense check with a CT expert It was shown as £22,250,000 in the 2014/15 accounts. Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 7 minutes ago, vulva said: To be fair, comments like that indicate that the likes of you should stay off Owlstalk. To be fair its the equivalent of me saying Sheffield United play at Hillsborough surely? I'm sure id get royally rogered. But good on you for sticking up for your mates. Link to comment Share on other sites More sharing options...
vulva Posted February 19, 2020 Share Posted February 19, 2020 Just now, Frazzlebeak said: To be fair its the equivalent of me saying Sheffield United play at Hillsborough surely? I'm sure id get royally rogered. But good on you for sticking up for your mates. Hardly. It’s a technical and valid tax question, answered well by a qualified accountant. Hope that helps. 1 Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 2 minutes ago, vulva said: Hardly. It’s a technical and valid tax question, answered well by a qualified accountant. Hope that helps. No wrong. He was inferring that a well qualified accountant had got Capital Gains Tax and Corporation mixed up. Hope that helps? For those hard of reading Surely you mean Capital Gains tax? Not Corp tax? 1 Link to comment Share on other sites More sharing options...
Costello 77 Posted February 19, 2020 Share Posted February 19, 2020 1 minute ago, Frazzlebeak said: No wrong. He was inferring that a well qualified accountant had got Capital Gains Tax and Corporation mixed up. Hope that helps? For those hard of reading Surely you mean Capital Gains tax? Not Corp tax? The ?? here are an indicator that he was after clarification. 1 Link to comment Share on other sites More sharing options...
vulva Posted February 19, 2020 Share Posted February 19, 2020 1 minute ago, Frazzlebeak said: No wrong. He was inferring that a well qualified accountant had got Capital Gains Tax and Corporation mixed up. Hope that helps? For those hard of reading Surely you mean Capital Gains tax? Not Corp tax? Are you bored? 1 Link to comment Share on other sites More sharing options...
Guest Posted February 19, 2020 Share Posted February 19, 2020 2 minutes ago, Frazzlebeak said: No wrong. He was inferring that a well qualified accountant had got Capital Gains Tax and Corporation mixed up. Hope that helps? For those hard of reading Surely you mean Capital Gains tax? Not Corp tax? No. As someone whos just paid a chunk of CGT for the sale of something business related - I genuinely thought he'd mixed it up (especially so early in the morning) But thanks for getting your pitchfork involved Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 2 minutes ago, vulva said: Are you bored? Of you......yes Link to comment Share on other sites More sharing options...
Frazzlebeak Posted February 19, 2020 Share Posted February 19, 2020 1 minute ago, Grandad said: No. As someone whos just paid a chunk of CGT for the sale of something business related - I genuinely thought he'd mixed it up (especially so early in the morning) But thanks for getting your pitchfork involved Doesn't stop you when you get yours out. Link to comment Share on other sites More sharing options...
Retired Owls Fan Posted February 19, 2020 Share Posted February 19, 2020 Friendly on here this morning? 2 Link to comment Share on other sites More sharing options...
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