| I'm no qualified accountant - ME interest/tax breaks Q 08:44 - Dec 5 with 10742 views | artsbossbeard |
Right, so I think we finally put to bed the claims that ME charges ITFC interest on the loans last night BUT what's the craic with the "yeah, but he only owns the club for tax break reasons" statement oft bandied around?
It's for some copy & paste/online arguments reasons.
Thanks
ABB |  |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 11:44 - Dec 5 with 3068 views | artsbossbeard |
| I'm no qualified accountant - ME interest/tax breaks Q on 11:42 - Dec 5 by Bluefish |
Keanish makes benters look reasonably intelligent |
He has me on ignore presently as I was nasty about PH.
I'm gutted, naturally. | |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:14 - Dec 5 with 3012 views | factual_blue |
| I'm no qualified accountant - ME interest/tax breaks Q on 09:53 - Dec 5 by Guthrum |
Financially we are not especially in a mess, other than the endemic situation of running a football club in the modern Championship, where big losses are inevitable without additional sources of income (e.g. parachute payments) and it's all a matter of how much the owner can or will put in.
The ground has ahifted significantly in the last ten to fifteen years. |
So there's subsidence to deal with as well? Which stand is most in danger of collapsing?
It just gets worse and worse. |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:32 - Dec 5 with 2994 views | Keno |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:14 - Dec 5 by factual_blue |
So there's subsidence to deal with as well? Which stand is most in danger of collapsing?
It just gets worse and worse. |
The ground has ahifted significantly in the last ten to fifteen years.
Plate tectonics init
Where is dryas when you need him??? |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:36 - Dec 5 with 2986 views | artsbossbeard |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:32 - Dec 5 by Keno |
The ground has ahifted significantly in the last ten to fifteen years.
Plate tectonics init
Where is dryas when you need him??? |
Look for a Sparks post and he'll be close by. | |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:38 - Dec 5 with 2984 views | Mach_foreignBlue |
| I'm no qualified accountant - ME interest/tax breaks Q on 09:35 - Dec 5 by Bluefish |
We live in a world where people think that brexit will be good so they will simply believe What they want. Ipswich were big once so we are therefore entitled to be still be big and in this day and age we should spend big.
I fail to see how a bloke with a business that is 100 million in debt that props it up and keeps it going with more losses each year can be seen as a disgrace for not spending more. The argument could be spend more will see a return but 50 million a season doesn't guarantee to get you out if this league. The detachment from reality is quite bizarre |
And he props it up because he has such good heart hasn't he? |  | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:40 - Dec 5 with 2979 views | No9 |
| I'm no qualified accountant - ME interest/tax breaks Q on 08:57 - Dec 5 by factual_blue |
There is a small tax advantage in being able to reduce the total tax bill of a group of companies by transferring losses to another company in the group to offset against the second company's profit. But - certainly where we're not talking in billions - the tax saving is limited.
But it's 15-20 years since I did tax exams for my accountancy qualification, and I never used the knowledge in the real world, so I can't pretend I've summarised it precisely. |
Now that Mr E has moved all his companies to the Isle of Man & ITFC appears to be owned by ME BV, in Amsterdam, given the knoown details of relations between the IoM & the NL for tax avoidance / evasion ( as per the TV programme ) does your consideration still hold? |  | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:40 - Dec 5 with 2974 views | Benters2 |
| I'm no qualified accountant - ME interest/tax breaks Q on 11:42 - Dec 5 by Bluefish |
Keanish makes benters look reasonably intelligent |
Thanks for the mention you nasty man! | | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:42 - Dec 5 with 2959 views | Benters2 |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:38 - Dec 5 by Mach_foreignBlue |
And he props it up because he has such good heart hasn't he? |
Yeah he is lovely xoxox | | | |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:44 - Dec 5 with 2948 views | artsbossbeard |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:36 - Dec 5 by artsbossbeard |
Look for a Sparks post and he'll be close by. |
Get your bid in, Mach. We're all rooting for you.
To confirm, £95M sees you bottom of Division 1, so you're looking at investing, say circa £130m over a few years, to get us somewhere half decent.
Maybe you could go 50/50's with Rommy's student bid? | |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 13:47 - Dec 5 with 2940 views | Bluefish |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:38 - Dec 5 by Mach_foreignBlue |
And he props it up because he has such good heart hasn't he? |
Err no mach he props it up because he made a massive fook up buying us and he has no way out. |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:00 - Dec 5 with 2915 views | C_HealyIsAPleasure |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:40 - Dec 5 by No9 |
Now that Mr E has moved all his companies to the Isle of Man & ITFC appears to be owned by ME BV, in Amsterdam, given the knoown details of relations between the IoM & the NL for tax avoidance / evasion ( as per the TV programme ) does your consideration still hold? |
Well if he’s avoiding tax entirely his losses from ITFC are definitely losing him money... |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:00 - Dec 5 with 2920 views | Lord_Lucan |
| I'm no qualified accountant - ME interest/tax breaks Q on 09:45 - Dec 5 by ArnieM |
Genuine request:
I don’t suppose you’d have the time and be will to explain the situation on here for interested , but less qualified members please? I genuinely want to understand the mess ITFC are in and Evans approach to the situation.
Regards AM |
Arnie
I am no accountant but it's a bit like this
Marcus Evans Ltd makes £5m profit and because they have done so well they will have to pay 20% corporation tax meaning he has to pay that man the taxman £1m
If at the same time his other company Marcus Evans ITFC Ltd loses £5m then he can offshoot that against his £5m profit so overall he has made no profit so he pays no tax.
The upshot is that ME Group has got away without any tax but he has still lost £5m in hard cash on ITFC. |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:03 - Dec 5 with 2911 views | No9 |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:00 - Dec 5 by C_HealyIsAPleasure |
Well if he’s avoiding tax entirely his losses from ITFC are definitely losing him money... |
I didn't say he was avoiding tax did I?
I was merely pointing out who owns ITFC & what a TV programme showed about the tax relationship between Dutch Companies and tax via the I.o.M | | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:05 - Dec 5 with 2905 views | Benters2 |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:00 - Dec 5 by Lord_Lucan |
Arnie
I am no accountant but it's a bit like this
Marcus Evans Ltd makes £5m profit and because they have done so well they will have to pay 20% corporation tax meaning he has to pay that man the taxman £1m
If at the same time his other company Marcus Evans ITFC Ltd loses £5m then he can offshoot that against his £5m profit so overall he has made no profit so he pays no tax.
The upshot is that ME Group has got away without any tax but he has still lost £5m in hard cash on ITFC. |
Hard cash? That will get the stumpybeardo frothing at the mouth | | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:07 - Dec 5 with 2898 views | artsbossbeard |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:05 - Dec 5 by Benters2 |
Hard cash? That will get the stumpybeardo frothing at the mouth |
You're probably best leaving the grown up talk to the adults.
Haven't you got a post to put the word "this" on somewhere? | |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:10 - Dec 5 with 2891 views | Lord_Lucan |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:05 - Dec 5 by Benters2 |
Hard cash? That will get the stumpybeardo frothing at the mouth |
This | |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:11 - Dec 5 with 2885 views | artsbossbeard |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:10 - Dec 5 by Lord_Lucan |
This |
I make you right. | |
| Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing. | | Poll: | Raining in IP8 - shall I get the washing in? |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:11 - Dec 5 with 2882 views | Keaneish |
| I'm no qualified accountant - ME interest/tax breaks Q on 09:35 - Dec 5 by Bluefish |
We live in a world where people think that brexit will be good so they will simply believe What they want. Ipswich were big once so we are therefore entitled to be still be big and in this day and age we should spend big.
I fail to see how a bloke with a business that is 100 million in debt that props it up and keeps it going with more losses each year can be seen as a disgrace for not spending more. The argument could be spend more will see a return but 50 million a season doesn't guarantee to get you out if this league. The detachment from reality is quite bizarre |
Football is a detachment from reality for most, i think that's the whole point. |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:18 - Dec 5 with 2859 views | TheTrueBlue1878 |
Nobody on here knows, nobody knows the nitty gritty of his business activity. All fans can do on the surface is read the documents produced.
Only his accountants really know what he does with his money and how he wishes to use it. |  |
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| (No subject) (n/t) on 14:36 - Dec 5 with 2830 views | Mach_foreignBlue |
| I'm no qualified accountant - ME interest/tax breaks Q on 13:44 - Dec 5 by artsbossbeard |
Get your bid in, Mach. We're all rooting for you.
To confirm, £95M sees you bottom of Division 1, so you're looking at investing, say circa £130m over a few years, to get us somewhere half decent.
Maybe you could go 50/50's with Rommy's student bid? |
Keep clapping as lovely Marcus pays bills.
You are so teary when bad words are spoken against him. [Post edited 5 Dec 2018 14:38]
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:47 - Dec 5 with 2806 views | textbackup |
| I'm no qualified accountant - ME interest/tax breaks Q on 11:42 - Dec 5 by Bluefish |
Keanish makes benters look reasonably intelligent |
When there’s a footballing discussion between you and he, he literally has you on toast every single time. |  |
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| I'm no qualified accountant - ME interest/tax breaks Q on 14:56 - Dec 5 with 2787 views | Bluefish |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:47 - Dec 5 by textbackup |
When there’s a footballing discussion between you and he, he literally has you on toast every single time. |
That is funny but also a bit worrying that you have lost your sense of reality and perspective and now have a blinkered view of everything. It has eaten you up mate, | |
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| I'm no qualified accountant - ME interest/tax breaks Q on 16:40 - Dec 5 with 2732 views | textbackup |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:56 - Dec 5 by Bluefish |
That is funny but also a bit worrying that you have lost your sense of reality and perspective and now have a blinkered view of everything. It has eaten you up mate, |
I have absolutely no idea what that post means | |
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| I'm no qualified accountant - ME interest/tax breaks Q on 16:42 - Dec 5 with 2728 views | Benters2 |
| I'm no qualified accountant - ME interest/tax breaks Q on 14:10 - Dec 5 by Lord_Lucan |
This |
I make you right | | | |
| I'm no qualified accountant - ME interest/tax breaks Q on 16:45 - Dec 5 with 2726 views | LeagueOne |
I know that at one point we were paying 10% interest or thereabouts on a number of loans ME group had given to Ipswich Town between 2010-2013 which accounted for some of the year end losses.
As for tax breaks - the law is here ( https://www.gov.uk/guidance/corporation-tax-calculating-and-claiming-a-loss) - assuming Ipswich Town is included in the overall Marcus Evans group figure. |  |
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