I'd have thought the club is registered in England therefore he'd be paying tax on anything Leeds United!..

I could be wrong I'm not to sure how it works over there!..

Germany, Leeds haven't paid any corporation tax since coming out of admin.

I raised this on 606 that when they finally are liable to start paying tax again we are going to have to sell even more players to apparently break even.

I've speculated before that maybe Bates has
squirreled away a lot of the TV and player sales
revenue to pay that tax bill, when it comes due.

Now I'm lost, you mean you don't have to pay your taxes but you can build a Hotel?..

Germany, he effectively bought so tax credits when buying Leeds out of admin.

I don;ty the value of it but means we haven't paid any tax so far, look at the accounts.

Yet Leeds taxpayers have to now contribute 500k to the road alterations to Lowfields Road to accomodate Ken's boxes.

The club are using previous losses to offset the tax liability. Same as many companies. When they do start paying then this will only be on profits so how will this cost us. Unless profit made no tax. Club still incur PAYE and VAT etc.
As for Bates taking money by the back door from the club, change the record. Suppose he's paying the auditors of the accounts a backhander to get away with it!!! As for his own position I understand he is subject to UK tax, but if he has no income then no tax payable? He pays as he spends too much time in this country to avoid.

I dont understand how a company doesnt pay corperation tax just because it comes out of administration. Once the new company starts and profits are made then the new company surely pays this tax.

The thread was started as Bates is avoiding paying tax by living in Monaco, this may not be linked to his Leeds earnings but this is why he lives out of the country.

hunwickwhite, try your research. He doesn't avoid paying tax if he has earnings as he spends too much time in this country.

If your visits to the UK do not average 91 days or more a tax year over a maximum of four years you do not hav e to pay tax, i think you will find this is what Ken Bates does

Jonty

Are you paranoid?



Eh?

"when they finally are liable
to start paying tax again we
are going to have to sell
even more players to
apparently break even."
_____

As cas says, you only pay corporation tax on profit, so i really don't get this, it doesn't make sense.

As for the council contributing to the road realignment, why do i feel that if the council said no, it'd be used as evidence of the club's poor relationship with them?

Comment deleted by Site Moderator

Elmondy,

The tax losses were an asset of the oldco. The newco bought the assets of the oldco, which were transferred to newco upon the sale.

As for categories of accountants, i can't see one you've mentioned that liw would fall into, is there another one?

Comment deleted by Site Moderator

It applied to corporation tax, not vat, paye etc.

Sol

Is right, it's about corporation tax.

It's nothing to do with paye or vat

And regarded the accountants, they just can't start fiddling things and make bogus invoices or companies up, theyve a code of practice to abide by and if they were caught out, people would go to prison

Another thing, the more profit a company makes, the more value it has.

Note 7 of the 2010 accounts states that LUFC has trade losses of £48m carried forward for use against future profits.So far, in 2009, £117k was used and in 2010 £769k was used, leaving over £47m before any tax is liable.

So, which category of accountant are you liw?

Sol

I work for a food company and do all expects of accounts from management accounts, payroll, stock contol and costings

To be honest it's very hard to get a proper view from the financial statements you get from companies house

And that's how It should be or all your competitors would know everything

Fair do's liw. It ain't just auditors/internal accountants though, i'd imagine hmrc go through leeds accounts with a fine toothcomb, plus they need to be submitted to the fl too, they were also made available to council who provisionally agreed a £20m loan on back of 'em.

It's a lot of people to fool if they're fraudulent.

Sol

Ken bates and directors would have to be in on it, leeds financial team would have to be in on and then external auditors would have to be in on it.

Leeds have it's accounts audited by a big accountants, no way are they fiddling the books

As for Bates taking money by the back door from the club, change the record.
--------------------
Caswhite, where has anyone made this accusation on this thread?

Maybe it's yourself who should change the record.

People are talking about corporation tax liabilities on here.

I'm sure you've said different before, but i agree, there'd need to be far too many people/organisations in on it.

I do think there could be management charges from another company, which is legal