Towns Accounts 2011/12

up until recently i ran my own business and apart from vat and a small amount of corporation tax i paid no personal tax for the year 2011/12.....accountants know every trick in the book and save you a small fortune!

38

I've run plenty mate, and you just can't fiddle accounts mate.

Outside auditors in this country will not fiddle books

Yes they they will try to get get the best tax break possible but leeds don't need that because we've 40m losses going forward

Explain how leeds losses will be lower than accounted for.

You haven't a clue mate

Barca

They do know every trick in the book but i bet you didn't take much home

Less than 50k ?

Interesting to read that Man City are baulking at Arsenal's ticket prices.

There was an article on www.financialfairplay.co.uk last March which analysed the profits / losses made to 2011 by (then) premiership clubs against their attendences.

On this basis Arsenal were making an average profit of £28 on every ticket sold - the most of all the clubs although their profits were boosted by sales of flats at Highbury which will not recur in future years so that figure is likely to fall.

Only three other clubs recorded profits - Man U (on the back of their global income streams) averaged £15 per ticket profit, Spurs £13 per ticket and Wolves £4 per ticket.

And at the other end of the scale Manchester City - their fans attending matches were being subsidised by Sheikh Mansour to the tune of £161 per ticket!

Mind you that subsidy lead to them winning the Premiership the following season compared to the Wembley penalty shoot out win we got for Dean Hoyle's £22 per ticket subsidy.

liw..
forget it... if you could run a business in this country for the last 50 years without serious avoidance and good accounting you wouldnt be talking on here, unless its from your tax haven... where you would be spending all the money that you "saved" whilst "sticking to all the rules" over your many years running companies..
Earth to liw , earth to liw....
We do it religously and have "outside" accountants looking at us and government auditors trying it on all the time because we nicked a shedload of government posts and replaced them with half a dozen good individuals.. I personally dont make from it, my clients who really need every penny they spend to get them the best deal on everything, do..
It only took me 2/3 years to get a grip on it... and you have been running companies for years???? oh dear...

Directors prepare the accounts and the external auditors are appointed to state whether in their opinion, the accounts show a "true and fair view". Obviously if the auditors issue an unqualified opinion and it turns out the accounts contain material errors/fraud, then they are subject to fines/payment of damages/loss of reputation.

Although audit risk is always present! IR*CR*DR

yeah, cooking the books is nonsense, there are many otjher ways of moving money around without 'cheating'..

"cheating" is a strong word jacko..

if you dont make millions or zillions and you dont pay a "fair whack" in tax, thats cheating..

if you pay more than enough tax and they want more and more to "waste".. and they object to you finding the "best deal" by trying to tax it after the fact then avoiding that is "cooking"....

i rest my case your honour.....

Sir ken

Spot on mate

38 is talking nonsense

braised or grilled 38 ?

rules are rules, and if you break 'em, you're a cheat.

tax avoidance by being 'tax efficient' is legitimate...it's up to the rule makers to wise up.