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RE: The 2 Infrastructure Projects - wassy04 - 08-08-2020
(08-08-2020, 10:37 AM)ThePromisedLand Wrote: As I’ve said before JK - whether it be sensible or not - can you really see this being voted through to start this season?
Be great if it did will be huge for the league. Noone wants to spend anyway so doubt it matter when it actually starts. Clubs might want it sooner as it would make it easier to sign free player on lower wages
RE: NFFC Financial Talk - stirred - 08-08-2020
(08-08-2020, 01:42 PM)Shagmi Lamouchi Wrote: Surely there are ways around a wage cap. A big bonus for example or even a bung in the pocket.
Saracens did that in rugby. Worked for years, they were dominant, then they got caught. But they were owned by Nigel Wray. I'm sure someone like that would never be allowed to own a football club with the strict 'Fit & Proper Persons Test' in place.
RE: NFFC Financial Talk - ThePromisedLand - 08-08-2020
(08-08-2020, 05:16 PM)stirred Wrote:(08-08-2020, 01:42 PM)Shagmi Lamouchi Wrote: Surely there are ways around a wage cap. A big bonus for example or even a bung in the pocket.
Saracens did that in rugby. Worked for years, they were dominant, then they got caught. But they were owned by Nigel Wray. I'm sure someone like that would never be allowed to own a football club with the strict 'Fit & Proper Persons Test' in place.
See what you did there Stirred :P :P :P
RE: NFFC Financial Talk - Sniffer Dog (Admin) - 09-08-2020
(08-08-2020, 05:42 PM)ThePromisedLand Wrote:(08-08-2020, 05:16 PM)stirred Wrote:(08-08-2020, 01:42 PM)Shagmi Lamouchi Wrote: Surely there are ways around a wage cap. A big bonus for example or even a bung in the pocket.
Saracens did that in rugby. Worked for years, they were dominant, then they got caught. But they were owned by Nigel Wray. I'm sure someone like that would never be allowed to own a football club with the strict 'Fit & Proper Persons Test' in place.
See what you did there Stirred :P :P :P
Cough cough. No comment.
RE: NFFC Financial Talk - Tricky - 09-08-2020
I can't, for the life of me, get my head around why it is the clubs that pay the agents fees :huh:
The agents are there for the players and dont give a flying f**k about the clubs, their players are signed to. If they did, most players would see out their contracts before being moved on, not being touted with 2-3 yeras left on their contract!!!
If the players want agents, let them pay for them out of their over inflated wages. Not the clubs. That is one way of helping clubs save a few bob!!
RE: NFFC Financial Talk - Paplane - 09-08-2020
(09-08-2020, 08:40 PM)Tricky Wrote: I can't, for the life of me, get my head around why it is the clubs that pay the agents fees :huh:
The agents are there for the players and dont give a flying f**k about the clubs, their players are signed to. If they did, most players would see out their contracts before being moved on, not being touted with 2-3 yeras left on their contract!!!
If the players want agents, let them pay for them out of their over inflated wages. Not the clubs. That is one way of helping clubs save a few bob!!
Clubs pay them to move players on. Thats fair enough I suppose but it does mean they get paid from club and player which isnt good.
RE: NFFC Financial Talk - wassy04 - 11-08-2020
(09-08-2020, 08:40 PM)Tricky Wrote: I can't, for the life of me, get my head around why it is the clubs that pay the agents fees :huh:
The agents are there for the players and dont give a flying f**k about the clubs, their players are signed to. If they did, most players would see out their contracts before being moved on, not being touted with 2-3 yeras left on their contract!!!
If the players want agents, let them pay for them out of their over inflated wages. Not the clubs. That is one way of helping clubs save a few bob!!
Agreed, seems like such a no brainer can't believe it's been allowed to get so far out of hand. Some of the fees top agents are making is crazy given they don't actually do that much
RE: NFFC Financial Talk - Strawberry Avenger - 11-08-2020
Agents. Getting way out of hand along with the financial pyramid of football.
It's up to the clubs to come back from the brink.
If all 92 clubs played youth or local players for a year and beeped off the mercenaries.
SA.
RE: NFFC Financial Talk - stirred - 18-08-2020
How does VAT work on transfers? Listening to the Price of Football podcast he said VAT is payable on transfers.
I'm no expert on tax, but it seems like you pay 20% on transfer fees. I googled it and found this, which seems a bit old, but says
"For UK clubs selling players VAT is charged on transfers to other UK clubs (see also Value-in-kind/Barter Transactions). Transfers outside the UK are VAT free. If the recipient football club is within the EU it may be required to account for VAT under the reverse charge."
Fwiw under the Barter transactions section
"For VAT purposes this arrangement results in both parties making supplies.Where these supplies are taxable VAT must be accounted for on the full value of those supplies i.e. it is not possible to net off the VAT amounts due between the parties. Instead both parties should issue invoices for the value of their individual supplies and charge VAT where appropriate. Common examples are:part exchange player transfers"
I don't know what 'reverse charges' and the like mean. Anyone speak tax?
Basically on the specific question I had, it seems VAT would be payable on the full value of a player sold in a part-ex deal, e.g. putting a large value on Worrall in a part-ex with Gibson, so whilst that would be good for FFP this year, we would be hit with 20% VAT bill on that larger value.
RE: NFFC Financial Talk - Jean_claude_killy - 18-08-2020
(18-08-2020, 04:32 PM)stirred Wrote: How does VAT work on transfers? Listening to the Price of Football podcast he said VAT is payable on transfers.
I'm no expert on tax, but it seems like you pay 20% on transfer fees. I googled it and found this, which seems a bit old, but says
"For UK clubs selling players VAT is charged on transfers to other UK clubs (see also Value-in-kind/Barter Transactions). Transfers outside the UK are VAT free. If the recipient football club is within the EU it may be required to account for VAT under the reverse charge."
Fwiw under the Barter transactions section
"For VAT purposes this arrangement results in both parties making supplies.Where these supplies are taxable VAT must be accounted for on the full value of those supplies i.e. it is not possible to net off the VAT amounts due between the parties. Instead both parties should issue invoices for the value of their individual supplies and charge VAT where appropriate. Common examples are:part exchange player transfers"
I don't know what 'reverse charges' and the like mean. Anyone speak tax?
Basically on the specific question I had, it seems VAT would be payable on the full value of a player sold in a part-ex deal, e.g. putting a large value on Worrall in a part-ex with Gibson, so whilst that would be good for FFP this year, we would be hit with 20% VAT bill on that larger value.
It is basically how you account for VAT on purchases and sales outside of the UK; you record VAT on both the purchase and the sale which cancel each other out.
That is how my Accountant explained it to me
RE: NFFC Financial Talk - stirred - 18-08-2020
(18-08-2020, 06:15 PM)Jean_claude_killy Wrote:(18-08-2020, 04:32 PM)stirred Wrote: How does VAT work on transfers? Listening to the Price of Football podcast he said VAT is payable on transfers.
I'm no expert on tax, but it seems like you pay 20% on transfer fees. I googled it and found this, which seems a bit old, but says
"For UK clubs selling players VAT is charged on transfers to other UK clubs (see also Value-in-kind/Barter Transactions). Transfers outside the UK are VAT free. If the recipient football club is within the EU it may be required to account for VAT under the reverse charge."
Fwiw under the Barter transactions section
"For VAT purposes this arrangement results in both parties making supplies.Where these supplies are taxable VAT must be accounted for on the full value of those supplies i.e. it is not possible to net off the VAT amounts due between the parties. Instead both parties should issue invoices for the value of their individual supplies and charge VAT where appropriate. Common examples are:part exchange player transfers"
I don't know what 'reverse charges' and the like mean. Anyone speak tax?
Basically on the specific question I had, it seems VAT would be payable on the full value of a player sold in a part-ex deal, e.g. putting a large value on Worrall in a part-ex with Gibson, so whilst that would be good for FFP this year, we would be hit with 20% VAT bill on that larger value.
It is basically how you account for VAT on purchases and sales outside of the UK; you record VAT on both the purchase and the sale which cancel each other out.
That is how my Accountant explained it to me
Ah ok cheers. I think they complicate things to keep themselves in jobs!
RE: NFFC Financial Talk - Paplane - 18-08-2020
Every business has vat inputs and outputs on goods/services it purchases and sells. If you receive more vat money than you spend, then you hand over the difference to hmrc. If you spend more than you receive then they give you the money back.
That's why all non domestic consumer costs are quoted ex vat.