ECFC Accounts: End of Year June 2019

[Nigel E]

The accounts up to June 2019 for the Club have just dropped at Companies House for those who are interested (and, unlike me, understand balance sheets).

EXETER CITY A.F.C. LIMITED filing history - Find and update company information - GOV.UK

EXETER CITY A.F.C. LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

beta.companieshouse.gov.uk

 

[Nigel E]

The one thing I did notice is that we haven't recouped much of the £507K Corporation Tax that was payable owing to profits in the previous year.

 

[Bittners a Legend]

£72k to Rolls Bridge Holdings. Sole Director J. Tagg and ownership J.Tagg and family. Do we not pay him as an employee then or are these separate payments for services provided? I trust Al will be along soon to provide expert scrutiny.

 

[malcolms]

£72k to Rolls Bridge Holdings. Sole Director J. Tagg and ownership J.Tagg and family. Do we not pay him as an employee then or are these separate payments for services provided? I trust Al will be along soon to provide expert scrutiny.

Julian has been paid through one or other of his companies for the last decade..

 

[Alistair20000]

Julian has been paid through one or other of his companies for the last decade..

Yes indeed. I wonder if he applies IR35 to what his company receives from ECFC

 

[Alistair20000]

The one thing I did notice is that we haven't recouped much of the £507K Corporation Tax that was payable owing to profits in the previous year.

Hard to judge from the accounts as the detail is not available but the balance sheet shows a small refund due. The Corporation tax due for the previous year might not have been paid in full in anticipation of the huge loss for the year to 30 June 2018 which will have been carried back.

The net asset value has diminished by around £600k

 

[Alistair20000]

Duplicate post

 

[Nigel E]

Yes indeed. I wonder if he applies IR35 to what his company receives from ECFC

Is IR35 only applicable for the private sector from April 2020? Or is that another tax/accounting thing that I don't understand.

 

[malcolms]

Is IR35 only applicable for the private sector from April 2020? Or is that another tax/accounting thing that I don't understand.

True, but the Revenue have powers to make retrospective demands if they wish...

 

[Nigel E]

True, but the Revenue have powers to make retrospective demands if they wish...

My understanding - flimsy, at best - is that in this situation a lot of the liability would fall on the club (as well the individual potentially owing tax). Having to pay retrospective NI, enrol him onto any pension scheme etc.

If the arrangement ends before the start of the 20/21 tax year when the new rules start then I don't think retrospective action can be taken. But for god's sake, no-one should take tax advice from me.

And of course, who knows if any of this is going to happen in the current climate.