Rotherham to appoint an Administrator?

[Alex Alex Dawson oo! oo!]

Rotherham facing financial crisis

Rotherham have filed their intention to appoint an administrator after attempts to attract major investment failed.
The decision does not mean the club will definitely go into administration for the second time - and incur a 10-point penalty - as they did in 2006.

But the future of the Millers does look bleak, with the League Two side citing inland revenue debts a a major problem.

They say potential investors have been put off by the terms and conditions of the lease for their Millmoor ground.


http://news.bbc.co.uk/sport1/hi/football/teams/r/rotherham_utd/7250882.stm

 

[Publius Ovidius]

people always bleat on about the I revenue, but at the end of the day, the money deducted/collected from the employees is not their cash flow!!! its tax deducted at source and should be paid over.

PAYE /NIC through the payroll is a collection service on behalf of the employees. Trouble is many businesses do not see it as such ( being an accountant for many years showed me that at first hand)

 

[Hiney]

people always bleat on about the I revenue, but at the end of the day, the money deducted/collected from the employees is not their cash flow!!! its tax deducted at source and should be paid over.

PAYE /NIC through the payroll is a collection service on behalf of the employees. Trouble is many businesses do not see it as such ( being an accountant for many years showed me that at first hand)

The money owed to the Revenue would also include, I would imagine, tax payable by the Company and VAT

 

[Storer68]

i seem to recall that we had a distinct "problem" with the VAT in the mid 90s.

did we not go into administration?

 

[Alex Alex Dawson oo! oo!]

people always bleat on about the I revenue, but at the end of the day, the money deducted/collected from the employees is not their cash flow!!! its tax deducted at source and should be paid over.

PAYE /NIC through the payroll is a collection service on behalf of the employees. Trouble is many businesses do not see it as such ( being an accountant for many years showed me that at first hand)

I think you're correct Bad Fan but I do find it difficult to fathom how companies manage to accumulate such debts with HMRC. If my company is late with it's PAYE/NIC/VAT returns then we get hassle, chased and, in the case of VAT, it'll probably be an automatic surcharge.

The money owed to the Revenue would also include, I would imagine, tax payable by the Company and VAT

Yes to the VAT but I doubt there's any profit so no liability for corporation tax.

 

[Tubby Mondays]

Canning to the rescue!

 

[Scoffers]

Going into Administration twice inside two years, is that some sort of record? I'm no expert, but that does smack of incompetance. What are the rules about coming out of Administration? How can they need to go back so soon after the last time?

 

[Publius Ovidius]

Going into Administration twice inside two years, is that some sort of record? I'm no expert, but that does smack of incompetance. What are the rules about coming out of Administration? How can they need to go back so soon after the last time?

three strikes and you are expelled from the league isnt it?

Wasnt that why swinedon fans were so worried

 

[Pavilionaire]

I agree with Wanderer.

If you've made losses you won't owe any corporation tax. VAT and PAYE tax is merely tax collected on behalf of the government. The only other taxes are Employer's Class 1 NI on salaries and benefits-in-kind.

If a company owes money to the Revenue that they can't pay they've been badly managed - end of story.

 

[Alex Alex Dawson oo! oo!]

three strikes and you are expelled from the league isnt it?

Wasnt that why swinedon fans were so worried

Correct.

 

[Easy 10]

people always bleat on about the I revenue, but at the end of the day, the money deducted/collected from the employees is not their cash flow!!! its tax deducted at source and should be paid over.

PAYE /NIC through the payroll is a collection service on behalf of the employees. Trouble is many businesses do not see it as such ( being an accountant for many years showed me that at first hand)

Leeds being a case in point.
They have, in effect, thieved from every taxpayer in the country.

 

[Storer68]

Leeds being a case in point.
They have, in effect, thieved from every taxpayer in the country.

as opposed to Newcastle who are now sponsored by every taxpayer in the country

 

[Easy 10]

Good point, well made.

 

[Harty]

i seem to recall that we had a distinct "problem" with the VAT in the mid 90s.

did we not go into administration?

Interesting story on this one, we were going into administration with then Manager/Chief Exec Barry Lloyd as the prime mover even though he knew it would probably end up with him getting the sack. He and Ray Bloom turned up to go through all the process only to be pulled back at the 11th hour, plus about 59 and a half minutes by Mr Bill Archer, who then came up with his 'scheme' of buying the club for little over £50!

Golden days indeed

 

[portlock seagull]

Interesting story on this one, we were going into administration with then Manager/Chief Exec Barry Lloyd as the prime mover even though he knew it would probably end up with him getting the sack. He and Ray Bloom turned up to go through all the process only to be pulled back at the 11th hour, plus about 59 and a half minutes by Mr Bill Archer, who then came up with his 'scheme' of buying the club for little over £50!

Golden days indeed

Was this when our "last ever game" was away to Blackpool? I went to that fearing the worst......

 

[Harty]

Around that time.