Share Transfers Agreed/Cooling off period

[Liberal Hibby]

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It would be the April PAYE (i.e. up to 5th May) due on 22nd May. I could see it taking HMRC that week plus to chase them, but it's wrong to suggest it was due yesterday. You get 14 days up to the 19th to pay, plus three days grace to the 22nd in some cases but the 19th or the 22nd is when it's due. If it is the April/5th May PAYE then it's much further overdue than the tweet suggests.

Thanks Cav - excellent news. Given they're on a payment plan - negotiated after court proceedings - can HMRC proceed directly to liquidation, without passing through the court phase again?

[Caversham Green]

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Thanks Cav - excellent news. Given they're on a payment plan - negotiated after court proceedings - can HMRC proceed directly to liquidation, without passing through the court phase again?

Probably not liquidation, but I think they could petition for an administration order straight away - IIRC that's what happened to Craig Whyte's Rangers - remember he was chasing around Glasgow trying to appoint his own administrators after HMRC had applied to the court?

[green glory]

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''Website is down, club closed by today. Women at the TO are packing boxes. Gutted.''

just posted by someone on brokeback, the fella has over 11,000 posts so if it is one of us under cover over there, it is deep, deep cover

Which thread? I'm dying to see the replies to this?

[kdhibees1]

[Liberal Hibby]

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Probably not liquidation, but I think they could petition for an administration order straight away - IIRC that's what happened to Craig Whyte's Rangers - remember he was chasing around Glasgow trying to appoint his own administrators after HMRC had applied to the court?

Indeed I do. Tick tock...

[Treadstone]

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Which thread? I'm dying to see the replies to this?

http://www.hmfckickback.co.uk/index....a-week-merged/

Beware! Some of these jokers you wouldn't even give the remote control to.

[Part/Time Supporter]

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It would be the April PAYE (i.e. up to 5th May) due on 22nd May. I could see it taking HMRC that week plus to chase them, but it's wrong to suggest it was due yesterday. You get 14 days up to the 19th to pay, plus three days grace to the 22nd in some cases but the 19th or the 22nd is when it's due. If it is the April/5th May PAYE then it's much further overdue than the tweet suggests.

Although the Sun article talks about it being PAYE that is overdue, I think VAT is the likelier suspect. Their monthly payment would be due at each month end (in this case last Friday); HMRC often give a bit of latitude on VAT payments (switchover from cheque to electronic payments) and a back of a fag packet calculation suggests £100K wouldn't be far short of their monthly VAT liability (annual turnover of £7M x 20% VAT / 12 months = £117K).

It wouldn't be the first time the MSM has muddled up VAT with PAYE.

[steviehibsleith]

OK so they agreed a plan with the Taxman over unpaid tax back in March/April, this would be paid in installments over a 18 month period.
In May they have missed PAYE by £100k which is due to the taxman .
I was under the impression that the deal was no defaulting or else .........

Come on Hector administartion/liquidation and lets get this party started because as much as I am enjoying this I have to admit my champagne is ready to pop !

[Off the bar]

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Which thread? I'm dying to see the replies to this?

post 321 on the ''tax-casewages-hearts-bust-in-a-week-merged'' thread, although they've not really responded to his post, more heads in the sand stuff? fuds.

[Brightside]

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Although the Sun article talks about it being PAYE that is overdue, I think VAT is the likelier suspect. Their monthly payment would be due at each month end (in this case last Friday); HMRC often give a bit of latitude on VAT payments (switchover from cheque to electronic payments) and a back of a fag packet calculation suggests £100K wouldn't be far short of their monthly VAT liability (annual turnover of £7M x 20% VAT / 12 months = £117K).

It wouldn't be the first time the MSM has muddled up VAT with PAYE.

PAYE is monthly. VAT is quarterly.

[Craig_in_Prague]

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PAYE is monthly. VAT is quarterly.

Or just whenever you want / have the cash......

[Part/Time Supporter]

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PAYE is monthly. VAT is quarterly.

Monthly payments on account are made for VAT if your turnover is >£2.3M

[steakbake]

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Or just whenever you want / have the cash......

Like what all the big teams do? Not paying your bills is standard practice, don't you know?

#nothingtoseehere
#allisbarry
#1-5

...etc etc...

#whistlinginthedark

[Brightside]

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Monthly payments on account are made for VAT if your turnover is >£2.3M

Oh aye...I'm just under that.

[Gus Fring]

Hearts board seem to have gotten all their financial experience from playing monopoly, thus far they've been lucky with the Community Chest cards.



But we all know you can't rely on these to help with cashflow because whilst Hearts may be hoping for



They are far more likely to end up with

[Treadstone]

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Monthly payments on account are made for VAT if your turnover is >£2.3M

Makes you wonder how Craig Whyte got away with not paying for 9 months.

[HIBERNIAN-0762]

Best one for me is "is there any news of the share certificates yet?"

[Off the bar]

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Best one for me is "is there any news of the share certificates yet?"

best thing about that is that everyone else just ignores it like 'la la la I can't hear you'

[poolman]

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Could be similar to the fall of the Eastern Bloc all over again.... Nasty Stasi types shredding documents as the (pro-capitalist) HMRC are breaking down the doors about to storm the Lith bunker...

- "Destroy all receipts for 100w lightbulbs..."

"What about the pre-contracts?"

"Such deals do not exist. Get rid of any evidence of cake transactions..."

Crumbs

[GraniteCityHibs]

"The club has money in place to fund all bills due over the summer so please give it a rest. Do you really think the club has offered Wilson a three year contract with no funds in place to his firsr wage. Unbelievaible"

....eh.......yeah!

Honestly. Its like some of them have no concept of what has been going on since 2006.

[clerriehibs]

Do the hmrc add costs for these incessant trips to court for unpaid homfc tax?

[SaulGoodman]

I love that website:

'People actually though we were signing goodwillie and Boyd'

'Im not believing a word the board says from now on'

Board come out with an 'allisbarry' statement and it's all hail king vlad again.. Are they off their nuts?

[HoboHarry]

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Probably not liquidation, but I think they could petition for an administration order straight away - IIRC that's what happened to Craig Whyte's Rangers - remember he was chasing around Glasgow trying to appoint his own administrators after HMRC had applied to the court?

I'm not a financial guy and don't pretend to understand much of this. However what I am curious about is why they are hanging on so long? By them I mean Sergejus Fedotovas and his ilk. Seemed like Vlad gave up pretty quick on Kanuas, basketball team etc etc. Not to mention the aluminium plant etc. Why are they trying so hard to keep Hearts alive? What will it gain for them in realistic terms?

[Part/Time Supporter]

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I'm not a financial guy and don't pretend to understand much of this. However what I am curious about is why they are hanging on so long? By them I mean Sergejus Fedotovas and his ilk. Seemed like Vlad gave up pretty quick on Kanuas, basketball team etc etc. Not to mention the aluminium plant etc. Why are they trying so hard to keep Hearts alive? What will it gain for them in realistic terms?

1. HMFC can survive as a separate business. It traded without them for 130 years before they arrived, whereas FBK Kaunas (for example) basically had no history of running as a professional club without Romanov.

2. HMFC are now paying salaries to the (Lithuanian) directors.

[HoboHarry]

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1. HMFC can survive as a separate business. It traded without them for 130 years before they arrived, whereas FBK Kaunas (for example) basically had no history of running as a professional club without Romanov.

2. HMFC are now paying salaries to the (Lithuanian) directors.

Doesn't really answer the question in my mind. They still have the on-going costs like wages, stadium, taxes etc to pay out and all the while they are staring liquidation in the face. As to their salaries - loss of personal income certainly but I don't doubt for a second they have other forms of income

[Not In The Know]

"

2. HMFC are now paying salaries to the (Lithuanian) directors."

Thats it in a nutshell! Romanov has had all his assets frozen and half his families, explaining why Rodney was re-elected to the board at Tincastle. He's probably sending his wages home to feed his folks

.

They need to milk every last penny from that place before it goes pop.

[Hermit Crab]

http://www.bbc.co.uk...otball/22771793

Apologies if posted already.

[Part/Time Supporter]

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Doesn't really answer the question in my mind. They still have the on-going costs like wages, stadium, taxes etc to pay out and all the while they are staring liquidation in the face. As to their salaries - loss of personal income certainly but I don't doubt for a second they have other forms of income

British football clubs are entities which are very hard to kill - many are amongst the oldest companies in existence. Even if a club is in a desperate financial position, the fans will generally put their hands in the pockets again and provide enough for the club to survive. Businesses in other industries which had their finances would have gone bust a long time ago (eg nobody would have bought into the share issue as a rational investment). Now that they are paying salaries to them and any liquidation proceeds would go to the Lithuanian government, there is no incentive for Fedotovas et al to shut them down.

[the_ginger_hibee]

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Doesn't really answer the question in my mind. They still have the on-going costs like wages, stadium, taxes etc to pay out and all the while they are staring liquidation in the face. As to their salaries - loss of personal income certainly but I don't doubt for a second they have other forms of income

Just guessing here but in the UBIG 'stratosphere' Hearts income is probably the highest in relevance to the simplicity in actually gaining the income.

ST money due in now – a cert of 7,000 at least, the share money and new ‘membership’ scheme and any other scam they’d like to pull (they know fans will bite and bite to the tune of £1mill plus as share issue shows - this separates them from a 'business') and with the fact outgoings can be easily neglected (‘no wages’ as seen previous, abuse of tax bill as we have now), I’d be guessing Vlad etc. will see sucking Hearts dry as the last ‘big’ pay off before complete obliteration of the UBIG universe. Factor in the big amounts of a potential sale and the securities over land and its easy to see why they’d use Hearts as their last sing song.

They wouldn’t have garnered such income in such a short period of time so easily from Kaunas, Žalgiris, The Bosnian plant, Ukio (big bucks here but collapse into Admin takes out of their hands).

But again, all guesswork/hope/assumption

[Sanger]

of sun, winding up orders, lquidation, administration and bankruptcy. And I thought it was going to be empty without the fitba!