Quote:
Originally Posted by Shurm
I asked what other debts the club had and he said nothing major apart from day to day bills. I asked how the debt could be so large for so long and he tried to explain they approximate paye payments each month and its not till the end of year that the taxman says hey hang on we want some more cash. .
|
Eh? This is nonsense. When it comes to HMRC, Accy Stanley is like any other business - or at least it should be. That means It pays it's staff wages which will be inclusive of basic and bonuses less tax and employees NI deducted at source; that sum should then be placed on the balance sheet, togeather with the employers NI contribution as being due for payment, and then paid to HMRC by the 19th of the following calender month. That is calculated to the penny, and it is a very simple calculation to do. At The end of any financial year, the only amounts the taxman should be requesting are tax and any NI settlements pertaining to benefits in kind for employees.
No wonder that Stanley find themselves in the mess they are in; but it is even worse, that Mr O'Neill seems to refer to this as in the present tense. Is the club still guessing at it's ongoing and future liabilities?