Breaking News Southend United Chairman Ron Martin fires himself.

[enfieldblue]

made me smirk:smile:

 

[Firestorm]

Absolutely true. The trouble is the club then suffers from severe amnesia when it comes to handing over the tax.

Its not deductible from PAYE or VAT.

You don't need "tax deductible" when you are making a loss.....

 

[Jai]

If you can't throw a few light-hearted gags about Uncle Ron around, seriously what is the point of sites like this.

 

[Blues 'n twos]

What I cannot understand,you attend every game at the Hall,yet you hate Ron ,why give him your admission money then ?

I freely admit I dont go very often,yet people like you moan and whine but still hand over your cash for tickets and other stuff.

It was humour....jeez I bet you were one of those who were up in arms about the life of Brian being blasphemous!

 

[kentblues]

Just bored of the constant Ron bashing...boring boring boring. If he ****s off who else is going to run the club..be careful what you wish for...

Perhaps all the bashers could club together, sell their homes and offer to have a go. Frankly owning the vast majority of football clubs must be a nightmare and at best a labour of love..

 

[londonblue]

It was humour....jeez I bet you were one of those who were up in arms about the life of Brian being blasphemous!

Why would anyone consider this blasphemous:

[video=youtube;SYkbqzWVHZI]https://www.youtube.com/watch?v=SYkbqzWVHZI[/video]

(Any excuse!)

 

[tommy tucker]

Right now I'm not a Ron Martin fan never have been .But for the fans old enough will rember Anton Johnson .Now there was a chairman stole all the fans holiday savings from the supporters club .Also cleared out the clubs finances .Then ****ed off . He was finaly brought to task and put in prison .But he almost killed Southend united .And if U believe he also screwed over Rotherham united before he joined us . So compared to him Ron is a saint all be it an arse at times .

 

[mfurok]

Because that brings in revenue,as we saw last week.

(While I imagine the "charitable educational venture" you mention is tax deductable).

Deductible from what?

You have to have incurred Corporation Tax on profits before you can deduct anything from it.

As an ex Chancellor Ken, I thought you would have known that.

Keep up.

 

[Tangled up in Blue]

Deductible from what?

You have to pay Corporation Tax before you can deduct anything from it.

Keep up.

Deductable expenses old man.:winking:

 

[mfurok]

Deductable expenses old man.:winking:

Repeat question alert.

Deductible from what?

 

[mrsblue]

Repeat question alert.

Deductible from what?

One of the biggest expenses for the club is the annual rent being circa £400,000 per annum.

 

[Firestorm]

One of the biggest expenses for the club is the annual rent being circa £400,000 per annum.

Section 18 of the Notes to the Financial Statements

Operating lease commitments

The company was committed to make the following payments during the next year in respect of operating leases
£520,000
Although the company is committed to making Rent payments of £ 520,000 under the terms of the lease , in practice no amounts have been payable in recent years except for 2012 when a fee of £450,000 was charged.

Not an expense (apart from 2012) but a commitment

 

[Tangled up in Blue]

Repeat question alert.

Deductible from what?

If I can deduct reasonable expenses, (which I do), against my income as a freelance,I'm sure the Chairman (or whatever accountant (s) he uses) will be au fait with what deductable expenses he can claim on the various businesses he runs,including SUFC.

As an accountant, you obviously know a lot more about Corporation tax and tax avoidance than I do.

Are you seriously implying that the Chairman claims no deductable expenses from running SUFC as a business?

 

[Firestorm]

If I can deduct reasonable expenses, (which I do), against my income as a freelance,I'm sure the Chairman (or whatever accountant (s) he uses) will be au fait with what deductable expenses he can claim on the various businesses he runs,including SUFC.

As an accountant, you obviously know a lot more about Corporation tax and tax avoidance than I do.

Are you seriously implying that the Chairman claims no deductable expenses from running SUFC as a business?

I believe that the some of "reasonable expenses" you refer to would be considered as cost of sales in the P&L account, which would reduce the Turnover to a Gross profit figure (or Loss In sufc's case)

Further expenses may then be deducted for administration purposes which then gives an operating profit (or Loss In sufc's case)

The SUFC accounts state
During the year the club made charitable donations of Nil. but the company provides a significant local charities , schools and teams with Free tickets , signed merchandise etc. The company also provide resources and accommodation to SUCET. These resources have not been quantifies and are not material

I think its the not material comment that is the significant thing, by the club considering it "not material" there are fewer implications for the Charity.
Of course being not significant we cant claim any "deduction" for it either

 

[Firestorm]

Are you seriously implying that the Chairman claims no deductable expenses from running SUFC as a business?

All expenses are deductible, its just a matter of whether they are deductible from Pre tax or Post tax profit.....

 

[WESTY_SUFC]

Oh don't bring this one up again. I'm likely to get shot down by the guys who didn't get it.......but then they haven't been back to comment!