Share Transfers Agreed/Cooling off period

[Spike Mandela]

Evening News reporter tweeting there will be BIG news for Hearts fans Tuesday. Expect early announcement from club.

[HoboHarry]

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Evening News reporter tweeting there will be BIG news for Hearts fans Tuesday. Expect early announcement from club.

Is there a link to the tweet?

[Spike Mandela]

He has locked tweet but our good friends at sickback have copy and pasted........

“@jamb0skickback: Evening News reporter @DavidJ_McCann just tweeted this "Big news for Hearts fans in tomorrow's EEN. Expect early announcement from the club"”

[Springbank]

Sounds like an additional bring and buy sale will be held on 2feb as its now a free Saturday for them. That's big news in eh11 these days people

[ScottB]

Presumably the chance to buy more shares, or longer to buy the rest of the ones they haven't snapped up yet?

[Mr White]

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Presumably the chance to buy more shares, or longer to buy the rest of the ones they haven't snapped up yet?

BOGOF offer on shares perhaps?

[ScottB]

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BOGOF offer on shares perhaps?

Maybe the price has been lowered to 10p a share ;)

[s.a.m]

I'm going for (in no particular order):
- they've won their big tax bill appeal
- they've lost their big tax bill appeal
- McGlynn is being transported to the salt mines
- McGlynn has been given a contract extension
- Vlad has relented and paid up all debts in full, and without expectation of recompense
- Vlad has changes his phone no. and address, and can no longer be contacted
- Skacel has signed, and will play for nothing. Ever.
I think I've covered everything. I win.

[andrew70]

£1.5 million deal agreed with HMRC. Bill to be paid over 3 yrs, starting May 2013.

[whiskyhibby]

Heart of Midlothian Football Club (Hearts) is today pleased to report that it has resolved a dispute with HM Revenue & Customs (HMRC) about liabilities to tax and National Insurance Contributions ("NIC") relating to the arrangement between Hearts and Kaunas FC whereby players were loaned to Hearts by Kaunas FC.

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The resolution involves Hearts paying a total sum £1.2m in tax and NIC plus £300k of interest in staged payments to HMRC over a three-year period beginning in May 2013. Under the agreement with HMRC no penalties are payable. The tax tribunal hearing due to begin in November 2012 has been concluded without any evidence being heard.

Club director Sergejus Fedotovas said: "We are satisfied that this resolution provides the club with an opportunity to now move forward with certainty. We believe that the payment terms agreed with HMRC allow the club to manage repayments in a way that will not be detrimental to longer-term development of the club."

The final settlement figure is lower than the amount assessed by HMRC of £1.75m, excluding interest and penalties, (as stated in the club's Share Issue brochure) and brings to an end a contingent liability that has been highlighted in the club's annual accounts since 2009.

[KWJ]

So they've got £1.5M to pay over 3 years. Roll on May 2013!

[scoopyboy]

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£1.5 million deal agreed with HMRC. Bill to be paid over 3 yrs, starting May 2013.

£10,000 a week to stay at the same amount of debt.

Slow lingering death it is then.

[Mr White]

i'm guessing mcglynns war-chest wont be able to cover any world cup stars next season then

[truehibernian]

Really can't see Hearts fans (or reporters) spinning this as good news.

So when Hearts advertise their seasons for 2013/14 season, straight away their fans know that £500K goes straight to their 'new signing' HMRC - yet reporters say Hearts can move on 'with certainty' - not really, they still have to pay the many many unpaid bills they have just now and the monies due to players, HMRC etc for this season (and next).

Any reduction of that value to their transfer budget is very pleasing This has been a very good week for Hibs

And CWG/GG/Cav Green - does this now make Hearts officially 'tax dodgers' ?

[jabis]

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£10,000 a week to stay at the same amount of debt.

Slow lingering death it is then.

+£20,000 a week debt servicing to vlad.....it all adds up


edit,is that not 5,000 season tickets just to service the hole they have dug themselves.

[andrew70]

From May 2013 they'll pay back £42000 a month. Surely this is just delaying the inevitable!? Hoping to find a buyer but when that's not forthcoming what will they do?

[TrinityHibs]

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+£20,000 a week debt servicing to vlad.....it all adds up


edit,is that not 5,000 season tickets just to service the hole they have dug themselves.

Dinnae be forgetting they will lose 20% VAT on the tickets so it must be closer to 6,000 I think.

[DarrenSQH]

HMRC 1 HMFC 0
HFC 1 HMFC 0

Hector knows the score.

[Bostonhibby]

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i'm guessing mcglynns war-chest wont be able to cover any world cup stars next season then

Never mind that, the Megasuperhotelstadium, what about the Megasuperhotelstadium - surely that will go ahead? they sent a massive box of drawings to the council

I suspect the Yams will be told that what he meant was that lightbulb in the coridor behind the stand would be replaced.

[Leishy1995]

Brokeback are delighted to have to pay something like £9500 extra for the next 3 years.

[Mikey]

If they don't pick up 10 points before their main players get emptied in January I fancy them to go down this season.

[The Green Goblin]

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If they don't pick up 10 points before their main players get emptied in January I fancy them to go down this season.

Let's hope so. Those kind of debts will not seem so attractive in the first division. On the other hand, I wonder if this deal will see them becoming emboldened and doing something stupid in January....like not getting rid of their high earners after all?

[lord bunberry]

Its like rearranging the deck chairs on the titanic

[Craig_in_Prague]

Since when was HMRC a bank?

3,5 years+ to settle a debt

incredible.

[Caversham Green]

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Really can't see Hearts fans (or reporters) spinning this as good news.

So when Hearts advertise their seasons for 2013/14 season, straight away their fans know that £500K goes straight to their 'new signing' HMRC - yet reporters say Hearts can move on 'with certainty' - not really, they still have to pay the many many unpaid bills they have just now and the monies due to players, HMRC etc for this season (and next).

Any reduction of that value to their transfer budget is very pleasing This has been a very good week for Hibs

And CWG/GG/Cav Green - does this now make Hearts officially 'tax dodgers' ?

On the contrary, they're loving it over there. They also lapped up our disappointing but totally manageable £900k loss when the accounts came out, losing sight of the fact that they've been losing £8m pa in recent years. It shows that they still still haven't grasped just how deep their club's troubles really are. £1.5m liability out of nowhere? brilliant news.

And yes, they're tax dodgers that got caught.

[CB_NO3]

They are making out this is good news. Only last week they thought they were going to win the case. Now they have accepted defeat and made a payment agreement. They are already running at a loss and now you can add on an extra 500k a year on to that loss.

[JeMeSouviens]

So 500K due in May. Not the straight to liquidation I was hoping for but I think HMRC are playing a canny game here attempting to wring as much out of the dying corpse as they can. Even if they survive this season that's the first 2500 ST sales* for the next 2 seasons going straight into Hector's hipper.

For this season, that's almost all of the bake sale money already accounted for so they've filled in one hole but dug another one just as big.

Happy days.

*assuming they can clear an average £200 per ST.

[Mr White]

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And yes, they're tax dodgers that got caught.

tax dodgers by their own admission now

[lyonhibs]

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Heart of Midlothian Football Club (Hearts) is today pleased to report that it has resolved a dispute with HM Revenue & Customs (HMRC) about liabilities to tax and National Insurance Contributions ("NIC") relating to the arrangement between Hearts and Kaunas FC whereby players were loaned to Hearts by Kaunas FC.

Article continues
Advertisement

The resolution involves Hearts paying a total sum £1.2m in tax and NIC plus £300k of interest in staged payments to HMRC over a three-year period beginning in May 2013. Under the agreement with HMRC no penalties are payable. The tax tribunal hearing due to begin in November 2012 has been concluded without any evidence being heard.

Club director Sergejus Fedotovas said: "We are satisfied that this resolution provides the club with an opportunity to now move forward with certainty. We believe that the payment terms agreed with HMRC allow the club to manage repayments in a way that will not be detrimental to longer-term development of the club."

The final settlement figure is lower than the amount assessed by HMRC of £1.75m, excluding interest and penalties, (as stated in the club's Share Issue brochure) and brings to an end a contingent liability that has been highlighted in the club's annual accounts since 2009.

Is it just me or is that deal - relative to what it could have been - a relatively spawny, weaseled deal in favour of Hearts? Could HMRC not just have gone, "right, roond yeez, £1.75 million before this tax year ends" or similar.

Still, given as they are effectively starting each season on -£500,000 before a penny in wages, overheads, servicing the Vladdebt etc is paid, the future is far from rosy for our pink chums.

[steviehibsleith]

Any potential buyers will be happy at paying £40000 a month just for a tax bill.
Wonder what the wage bill will be for them at the start of next season.

For me this is great news i dont want them to die i want many more games like Sunday. They can die by getting relagated.