Never really understood that

If you have to summarize the books for the Inland Revenue by the start of April, why operate your financial year over a different period? Sure that means you just end up doing everything on the accounting side twice?

Posted By: Iwan Husarmi on January 22nd 2006 at 21:58:51

Message Thread

Jerome Bid Rumour (NCFC) - The General, Jan 22, 21:34:54
- no shit sherlock (n/m) (NCFC) - SCC 26, Jan 22, 21:45:59
- yeah...... (NCFC) - fareastcanary, Jan 22, 21:42:10
- Waste of money. (NCFC) - smithy, Jan 22, 21:38:36
  - dont spend before 6/4/06 (in effect 1/2/06) and we pay 30% tax on ?5.5m (n/m) (NCFC) - Financebod, Jan 22, 21:43:13
    - Long time since I sat Tax exams.... (NCFC) - Rob_ncfc, Jan 22, 22:14:21
      - I didnt want to complicate the situation re roll over reliefs (NCFC) - Financebod, Jan 22, 22:57:55
    - Thats bollocks... (NCFC) - Ben, Jan 22, 21:48:06
      - The TAX year is different from the clubs FINANCIAL year !!! (n/m) (NCFC) - Financebod, Jan 22, 21:56:07
        
        Never really understood that (NCFC) - Iwan Husarmi, Jan 22, 21:58:51
        
        some companies do run their Financial year in line with the tax year (NCFC) - Financebod, Jan 22, 22:02:48
        
        Ben - do you understand Corporation tax ? (n/m) (NCFC) - Financebod, Jan 22, 21:58:22
        
        Maybe you can explain this... (NCFC) - Ben, Jan 22, 22:00:48
        
        Whats the question ? (n/m) (NCFC) - Financebod, Jan 22, 22:10:38
        
        If the club used any profit to pay off debt before the end of the tax year... (NCFC) - Ben, Jan 22, 22:14:33
        
        In simplistic broad brush terms...... (NCFC) - Financebod, Jan 22, 22:45:22
        
        That far too complicated for me ;-) (NCFC) - Ben, Jan 22, 22:55:53
        
        ......but the club may not have had much choice in the timing of selling Ashton (n/m) (NCFC) - Financebod, Jan 22, 23:15:24
        
        Smithy has pointed out there may be roll over reliefs (NCFC) - Financebod, Jan 22, 23:13:49
        
        Sorry I meant this link... (NCFC) - Ben, Jan 22, 22:04:33
        
        FRS10 (NCFC) - smithy, Jan 22, 22:09:24
        
        and that means what? (n/m) (NCFC) - Ben, Jan 22, 22:10:34
        
        FRS10 (NCFC) - smithy, Jan 22, 22:18:40
        
        the gain arising (NCFC) - Financebod, Jan 22, 22:51:45
    - assuming we make a profit of ?5.5 million! (n/m) (NCFC) - smithy, Jan 22, 21:45:01
      - If we dont buy players you can rest assured that its going to be at least ?5.5m (n/m) (NCFC) - Financebod, Jan 22, 21:57:03
        
        so you think we would have broken even without selling ashton? (n/m) (NCFC) - smithy, Jan 22, 22:00:48
        
        Smithy - the clubs finances (NCFC) - Financebod, Jan 22, 22:30:10
  - where were we when worthy took over? and what has he done for us LOADS short memories hey (n/m) (NCFC) - darrendavid, Jan 22, 21:42:01
    - You fucking blind short sighted wanker, keep supporting the manager until he sends us into (NCFC) - Miss Piggy, Jan 22, 21:55:42
      - nicely put!! (n/m) (NCFC) - jimmy Neighbour1, Jan 22, 21:56:35
    - every dog has its day. No room for sentiment in business. (NCFC) - jimmy Neighbour1, Jan 22, 21:47:13
    - you are right, thanks for the memories worthy but you have taken us as far as you can (n/m) (NCFC) - phrankin, Jan 22, 21:44:18
    - all good things come to an end! (n/m) (NCFC) - smithy, Jan 22, 21:43:19
    - blah blah. yes we know that but he past 20 months (NCFC) - CV_nomad, Jan 22, 21:43:09
      - who would replace him then cause i cant think of anyone better grass greener or what (n/m) (NCFC) - darrendavid, Jan 22, 21:45:52
- it was posted earlier old news (n/m) (NCFC) - darrendavid, Jan 22, 21:36:05

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