Keith wrote:Why isn't there anything on the official website? Surely this is news that requires an explanation (and more than simply the statement to Radio Lancashire). HMRC don't care if they put a company out of business, so it is no exaggeration to say this is a potentially existential crisis.
Gone_Shrimping wrote:This will do wonders for the sale of season tickets , Not !
Maybe this on the horizon was the motive for offering 2024/2025 season tickets so early.
vvm wrote:https://twitter.com/BBCLancsSport/status/1773306587853083060?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
'The circumstances around this issue are unusual following an assessment and we are working with the EFL & HMRC to resolve the matter as soon as possible.'"
redrobo wrote:Typical of the way our game is going these days.
Hammer the smaller clubs whilst the bigger clubs get away with murder.
OK slightly different offence between ourselves and Man City but the principal of abiding by the rules is the same.
Am surprised that this has come to light as our Accounts Team surely would have been aware of the problem OR is this just another area in which the owner has caused a problem...
Just mentioned to my wife who 'politely' said she wasn't giving money to the club AND whoever designed the stand in question didn't do a very good job....
Andy D wrote:From Beyond Radio, apparently this came about last week
Morecambe Football Club has been placed under embargo from the English Football League over payments due to HMRC.
The Shrimps have failed to comply with EFL regulation 17.3 – relating specifically to amounts due to HMRC.
This means that the club are prevented strengthening their team or adding to its playing staff costs until such time as it has met its existing financial obligations and/or the club has rectified the relevant breach to the EFL’s satisfaction.
Embargoes are intended to operate as a deterrent against clubs defaulting on financial obligations to clubs or players, or breaching other key relevant regulations, such as reporting on financial matters.
It’s understood that the embargo has been in place since last Wednesday.
Morecambe FC has declined to comment formally on the matter.
RedRedWine wrote:It does sound strange - presumably this concerns the tax point? HMRC usually views the tax date as invoice date or receipt of cash; whichever comes first (e.g. if you take a deposit for an event/service in the future you should account for the VAT on that deposit at point of receipt, not when it is invoiced at supply point).
If you are invoicing in advance of receipt (offering credit terms) this can mean that you are potentially required to settle VAT liability in advance of the receipt of cash, which can create a timing/cashflow issue - which sounds like what is occurring here... although quite what services a football club is providing 90+ days in advance of receipt is a bit of a mystery.
KenH wrote:vvm wrote:https://twitter.com/BBCLancsSport/status/1773306587853083060?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
'The circumstances around this issue are unusual following an assessment and we are working with the EFL & HMRC to resolve the matter as soon as possible.'"
That makes no sense. They're implying it was a surprise! The thing is the only taxes that the club will be paying are VAT and tax/nic on wages. Both are under full control of the club's accounting department and the figures are calculated and reported on a quarterly (VAT) and monthly (PAYE/NIC) basis. So the management will know what is due and when, on an almost continual basis. You don't wait for HMRC to issue statements of how much you owe and when, it's all "self assessment" or "self calculation" these days.
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