What does Winter do 9-5?

[raul]

That's quite a lot of administration. Time to stop using diamond encrusted paper-clips Kevvy?

 

[Balham]

Administrative costs cover are likely to cover everything from the paper for the fax machine to the wages for the ticket office staff. I can't find the accounts anywhere online to see if I can see any further detail though.

The amortisation of the players' registrations is standard practice. As a players' registration is an intangible asset, the transfer fee is amortised. This is usually in a straight line basis over the course of the contract.

Example:

July 1st 2009: United buy Player X from Team Y for £450,000 on a three year contract. This registration is then shown in the accounts as an intangible asset worth £450k. However, on June 30th 2012 it'll be worth nothing as Player X's contract will have run out. Therefore, the £450k asset needs writing down and the accepted way of doing this is £150k per annum (£450k/3).

If United then sold Player X for £1.15m on July 1st 2011, they'd recognise a profit on disposal of £1m.

An upside is that players' registrations are rarely revalued and Academy players's registrations - with zero fees involved - are valued at next to nothing in the accounts. This means that all of the Lowton fee will be considered profit this year.

As an aside, the amortisation policy could be used to get around the FFP rules...

 

[Sothall_Blade]

Administrative costs cover are likely to cover everything from the paper for the fax machine to the wages for the ticket office staff. I can't find the accounts anywhere online to see if I can see any further detail though.

I got the 2011 accounts from here:-

http://companycheck.co.uk/company/00396956

http://companycheck.co.uk/loginwith.php

 

[Kenilworth]

If United then sold Player X for £1.15m on July 1st 2011, they'd recognise a profit on disposal of £1m.

Is that profit subject to a capital gains tax or similar?

 

[Balham]

Is that profit subject to a capital gains tax or similar?

Yes, CGT would be due on the profit.

 

[Micalijo]

I'm still available Kevin. £50k a year and I'll run the club for you.

 

[Bladesman]

I'm still available Kevin. £50k a year and I'll run the club for you.

You bumped your price up.

 

[Bladesway]

"So, Kevin, how many % above LIBOR are you making on your SUFC loans?"

Which Libor though? The real one or the made up one?

 

[SwissBlade]

I'm still available Kevin. £50k a year and I'll run the club for you.

I sincerely hope that he takes you up on that offer.

 

[sheffielder]

I sincerely hope that he takes you up on that offer.

I think Smith said that to Blair once!

 

[beightonblade]

I'm not sayin another bad word abart McWobbleGob especially since he's teamed up with the Nigerian mob .............. a pall of mine working for Shell out there says for 30bob yer can be made to disappear !

 

[Bladesway]

I'm not sayin another bad word abart McWobbleGob especially since he's teamed up with the Nigerian mob .............. a pall of mine working for Shell out there says for 30bob yer can be made to disappear !

Did Jim fix it for you BB?

 

[Flatulent_Bob]

I'm still available Kevin. £50k a year and I'll run the club for you.

You're about 2 weeks too late.

 

[raul]

Is the answer to the op Tottenham Hotspur ? It always used to be ..

 

[Micalijo]

Yes, CGT would be due on the profit.

No it wouldn't. Companies do not pay CGT. They pay corporation tax. Also, I think the gain would be trading income; not chargeable gain where indexation could be used.

 

[Balham]

No it wouldn't. Companies do not pay CGT. They pay corporation tax. Also, I think the gain would be trading income; not chargeable gain where indexation could be used.

Wrong. Corporation tax is the business equivalent of income tax for individuals. Capital Gains Tax is payable by companies:

Capital Gains Tax on business assets: the basics

You may have to pay Capital Gains Tax if you make a profit or gain when you dispose of all or part a business asset. Disposing of an asset might be selling it, giving it away or exchanging it.
A business asset could be

• shares
• land
• buildings
• a business franchise
• fixtures and fittings
• the goodwill of the business - its good name or reputation

If you own your own business, or you're a partner, you usually report capital gains and losses on your Self Assessment tax return.
It's different if your business is carried on by a limited company, in which you may be a director or shareholder. Any profits on assets disposed of form part of the total profits of the company on which it pays Corporation Tax.

http://www.hmrc.gov.uk/cgt/businesses/basics.htm

 

[Micalijo]

Hard to

Wrong. Corporation tax is the business equivalent of income tax for individuals. Capital Gains Tax is payable by companies:



http://www.hmrc.gov.uk/cgt/businesses/basics.htm

Hard to stress how much of a fool you have just made of yourself.

 

[Balham]

Hard to

Hard to stress how much of a fool you have just made of yourself.

Semantics Micalijo. If a company disposes of a capital asset and makes a gain on it, they pay tax on that gain.

I'd suggest that it's you who frequently makes a fool of himself but it'd fall on deaf, if not welcoming, ears.

 

[Micalijo]

Semantics Micalijo. If a company disposes of a capital asset and makes a gain on it, they pay tax on that gain.

I'd suggest that it's you who frequently makes a fool of himself but it'd fall on deaf, if not welcoming, ears.

Semantics? You said capital gains tax is payabe by a company. It is not. CGT is 28% or 10% if entrepreneurs relief is available to individuals. Corp tax is different.

You thought 'businesses' were companies. They are not, HMRC are referring to self employed people and partnerships.

I sincerley hope you don't give tax advice as part of your job Bals my old pal.

I will still accept apologies from you.

 

[Balham]

Semantics? You said capital gains tax is payabe by a company. It is not. CGT is 28% or 10% if entrepreneurs relief is available to individuals. Corp tax is different.

You thought 'businesses' were companies. They are not, HMRC are referring to self employed people and partnerships.

I sincerley hope you don't give tax advice as part of your job Bals my old pal.

I will still accept apologies from you.

Been away Mic so haven't had the chance to reply.

You're right; companies do not pay Capital Gains Tax per se. They, however, have to recognise gains (and losses) on disposal of capitalised assets, both tangible and intangible, in their Statement of Comprehensive Income in accordance with IAS1 (Presentation of Financial Statements).

I don't give tax advice and nor do I want to. I studied this subject very briefly three years ago and I suppose with hindsight I should have answered Kenilworth's question in a more detailed way describing various scenarios but, frankly, I was busy at the time.

It's nice that you'll still accept apologies from me but one won't be forthcoming - I immensely dislike being patronised.

 

[raul]

Ooo, do you now Sonny Jim....

 

[Sirius]

Not taking interest at a higher rate than banks would be a big help, and everyone can see if they care to look that his bad decisions have led us to where we are today. Whether he can afford not to or not is immaterial he has no morals, forget Ched, McSue should be in court for raping a football club, big Blade my arse the last small shred of his interest in SUFC went with the failed World Cup bid. Still he could always resurrect the plans for the new Ferencvaros Stadium if he wants to play the big chief at a football club, maybe they could return a favour and send us a few players, if not there is always his local Brussels giants White Star Woulwe then again they are 3rd tier in Belgium .............. must be a thing with every club McSue touches.

Beware!! The men in white coats are coming.

 

[metalblade]

Beware!! The men in white coats are coming.

Bye then ............. hope they let you out soon.

 

[JJ Sefton]

Beware!! The men in white coats are coming.

Don Johnson's on his way?