Rangers

[Boozad]

So, if I understand it right, Rangers were deducting tax from employees wages, but not then forwarding that to HMRC? Presumably pocketing it...

I cant imagine that going down well.....

My old company did that with our NI contributions. They got found out ended up going down the pan.

 

[Deutsch Wolf]

So, if I understand it right, Rangers were deducting tax from employees wages, but not then forwarding that to HMRC? Presumably pocketing it...

Yes and they've been doing it as a matter of routine for a while. One of the most stupid things you can do as a director, penny to a pound you'll get banned (not a new thing for Whyte).

They've also routinely not been paying creditors until legal action is not only threatened, but being taken.

 

[Wolf Hunting]

So, if I understand it right, Rangers were deducting tax from employees wages, but not then forwarding that to HMRC? Presumably pocketing it...

I cant imagine that going down well.....

Yes Vis.
Not sure about the real story over there but here...
If you owe tax owe Vat even the Revenue Commisioners will sometimes look at it a little leniently, but that PAYE scam is a bastard, it's viewed as theft and I'm not sure but Penk, Paddy anyone can tell you, but I think it deprives the employee of certain rights, puts them in jeopardy, they've paid their whack but don''t get the benefit.

Here, you'll go down for that.
It's not careless, or even disorganised, it's looked upon a direct and deliberate action to deprive/defraud and you'll get fixed up with free accomodation.

 

[Penk Wolf]

So, if I understand it right, Rangers were deducting tax from employees wages, but not then forwarding that to HMRC? Presumably pocketing it...

I cant imagine that going down well.....

Isn't that what most companies do who owe the HMRC?

Although it's changed recently the V.A.T. is all over you well before the PAYE/NI man is.

 

[Deutsch Wolf]

To the tune of £9m though, when you already have two upcoming cases against HMRC....remarkably stupid.

 

[Penk Wolf]

To the tune of £9m though, when you already have two upcoming cases against HMRC....remarkably stupid.

Well you see, this is the bit that's over my head. If I didn't pay my PAYE on the 22nd, I would have a phone call on the 30th and then a visit when I miss the payment that I agreed on the 1st.

 

[broughtonwolf]

... and like a moth to a bulb, Mandaric announces an interest in Rangers.

 

[Wolf Hunting]

The auditors have just 'found' (or not found, as the case maybe...) £33 million pounds on Whyte's shift that they can't account for.

"Don't know where it's gone, can't find it yet, but we will be looking..."
Ok, that's good then. Fucking good luck with that then.

Doesn't it make you thank God we have the board that we do?

 

[Penk Wolf]

Sorry, not sure whether this has been mentioned, but the reason Rangers are knackered (and 8 PL clubs too) is to do with income tax on international players. I might need Paddy to help me out here, but basically, if you employ somebody from overseas, and they are going to leave the Country at the end of their contract, then 50% of their tax burden you can pay into an off shore account and then you can reclaim it at the end of the contract, however 90% of these players haven't got to the end of the contract because they have transfered to another club meaning the tax burden has should have been paid in full, hence why Rangers owe so much tax and watch the 8 other PL clubs go very quickly.

Does that make sense?

 

[Penk Wolf]

Eight Premier League sides are in danger of going into administration as HM Revenue and Customs widen their tax probe, according to Wednesday's papers.

Tax authorities have launched investigations into the clubs, which like Rangers used Employment Benefit Trusts to pay foreign players. The money is paid tax free into an overseas account, resulting in the player saving 50 per cent tax - so long as they do not draw out the money until they leave the country at the end of their contract.

HMRC have now declared war on the tax dodge, however, opening the floodgates for a number of actions similar to that being carried out at Rangers.

"Rangers may be the tip of the iceberg," football finance expert Dr Chris Brady told the paper. "EBTs became popular with clubs as a means of reducing crippling wage bills. We believe at least eight current or former Premier League clubs are being investigated."

 

[Deutsch Wolf]

Arsenal and Chelsea are two of them, I'm reliably informed.

 

[YoungWolf]

let's hope the other six are all around us, that should keep us up.

 

[Deutsch Wolf]

Not unless they're extending the season by about two years.

 

[YoungWolf]

Oh, okay

Will it really happen with that many anyway? I'm shocked Arsenal are one of them, if that is really true.

 

[Deutsch Wolf]

I don't know how in deep they are. Of course Rangers haven't been found guilty yet so it's too early to speculate.

 

[GLASGOWOLF]

Honesty if nothing else....not very classy though

deluded....

Without Rangers, and without Celtic, Scottish Football is fucked.

Questions

1, How do teams outside the old Firm make Money

a
1 - Gate Receipts
2- TV money

Every home team other than the old firm rely on 4 games against the Old Firm, the money is 50% of gate receipts remove 2 of said fixtures - 25% of gate receipts removed other teams lose money.

The only way Sky or anyone else pays money for SPL football, is the 4 Old firm fixtures, remove them and Sky fail to pay decent money to the SPL, why would they when there biggest fixtures are Hibs V Hearts.

Now let's look at Celtics fixtures the only times the fill there ground is teh 2 home fixtures V Rangers. ook at any Celtic game at the moment there are emoty seats in the away end, and empty seast in the home end.

No old Firm = No SPL.

 

[Deutsch Wolf]

Depending what you read/believe, this money (£24m) is being used to pay off a loan that Whyte acquired to pay Lloyds off. He only paid £1 for the shares from Murray but the bank debt (circa £20m) needed wiping out or Lloyds were going to pull the plug. However Whyte did previously say that he'd funded this payment himself, which subsequently doesn't quite look like the whole truth...

Well pickle me tink. Confirmed as true today.

#ignoretwitterlistentoDW

 

[Deutsch Wolf]

Whyte's a piece of work.

Arsenal gifted some shares to Rangers a century ago, they've held them ever since, until:

Fresh information in our possession now shows how Whyte struck a deal worth more than £230,000 with a consortium called Red and White to sell off the 16 shares and cash in on a historic link between the clubs dating back to 1910.
And brazenly, Whyte then blocked a move for the cash to be paid into the Rangers bank account, demanding instead it stayed lodged in one of his own companies, Pritchard Stockbrokers in Bournemouth.
Pritchard's assets have now been frozen on the orders of the Financial Services Authority. The FSA moved in on Friday after ruling that Pritchard, who listed Whyte as board secretary, had used client money to cover its own costs.

 

[FrankMunro-371]

David King, the second largest shareholder at Rangers believes liquidation is inevitable.
=======================================================

It grieves me to state that it seems inevitable that the footballing institution will survive but the company won't. This will entail many hurdles (that will be overcome) including 'Rangers (2012) Ltd' having to reapply for membership of the SFA etc.

It is a sad point to have reached, but if managed sensibly, it can result in Rangers returning to its former glory as a football club in the shortest time possible. We must all strive to ensure that an appropriate ownership structure guarantees that this event is never repeated.

We must remember that our footballing friends across the city came very close to the point that we now find ourselves in. Scottish football needs a strong Rangers and Celtic- but perhaps in a slightly humbler form.
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They really are in a terrible situation. Where do they go from here.

 

[Wombat del combate]

They really are in a terrible situation. Where do they go from here.

Elgin.