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Clubs demand Sheffield Wednesday points deduction


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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. 

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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.

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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. 

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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.

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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.

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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. 

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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?

 

 

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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.

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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?

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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 lol 

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"The best poster on Owlstalk by far" - Kaven Walker

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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 lol 

Doesn't stop you when you get yours out.lol

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