TotallyHonestJohn

Oh.... a like this... then the Rob Godfrey list of 16 would come in dead handy then now wouldn't it... good idea Phil I'll second that... Regards THJ

Well its official... The winding up order on Newspeed 2003 has been posted in the London Gazette today 11/11/2020 https://m.thegazette.co.uk/notice/3673273 Now its a case of "watch this space" as "The VAT Man Cometh" and what will the demand be on potentially £160 grand of owed VAT and what will the penalties be... another £40 or £50 grand... Ho Ho Ho Merry Christmas.... Good move and Good Luck to Rob Grant and the new promotion... dumping the millstone that was Newspeed 2003 was the best move ever made... The new company name has been revived and posted on companies house and here's hoping they go from strength to strength... https://find-and-update.company-information.service.gov.uk/company/12324842 Get cracking with those vaccinations and get the world back on an even keel then hopefully we can get to see some Speedway again next year... The new brush will sweep clean... It will also be interesting to see who of the "winnets" turn up to support the new regime as there were a few who used to "hang on" for grim death to be included (and usually ignored) in the inner circle... full of their own importance... again Ho Ho Ho... however I am also unsure if they will be made welcome? I have not laughed this much in a long time... in fact I'm not sure these underpants will ever dry... So its "Excelsior" or onward and upward for the New and Improved Newcastle Diamonds Promotion... Get in... Regards THJ

Its not the "Top" of the sport it purveys right through it Regards THJ

To be fair to the guy (Rob Godfrey (RG)) he's not saying here are 16 riders you must use these guy's that's it; the way I read it is; here are 16 Brits who are without team places it would be nice if you could consider these guy's before bringing in some foreign rider. You would think he is telling teams to put 3 point riders in as heat leader's. Also have Glasgow not declared the same 7 already for next season as it was mooted that all clubs had agreed that they would try and start with the same teams as announced at the start of 2020 season so what's the problem. If Newcastle manage to get all 7 back they will be around 2 points under the team build level but that's their choice. If either of Nick Skorja or Ondrej Smetana cant make it next season I would like to see a British 7 point rider replace one of these 5 pointers and if there is someone available on the list fine; if not Ludvig Lindgren (foreign rider) fits the bill; its not mandatory to pick one of the 16... If neither make it then again a 9 point rider with a 3 pointer off the list of 16 would be fine by me... (we are about 2 points under the limit) Obviously there will be the odd rider who changes his plans; especially foreign riders I would suggest; (or the rider retires (prematurely) because they have a proper job now and are earning regular cash for a change) and the odd rider who is spending the next 3 to 4 years at Her Majesty's pleasure who wont be available (ever hopefully) and also I have heard that THJ (no the other one) may not be back at this level next year so teams will by default require new riders. However RG has a list of 16 brits who are available and should be given consideration first; but if that's not viable for the team re-building and if all that's available are riders with averages from 3 to 5 points then they wont be filling in for heat leaders (will they?); They should do this every season by the end of November and float riders names around the clubs nationally and if one brit rider gets picked up over a foreign import then great; furthermore it would make all the clubs aware as to who is available to fill in for injured riders as well... There has been many a daft scheme to push riders on to clubs to promote young British riders but this isn't one of them I think people are making a bit of a mountain out of a mole-hill on this... Regards THJ

Honestly I think this story has got legs but I doubt we will ever get the whole truth on the matter... but it says a lot about in who we should trust... could get interesting. Mr Newcastle Speedway my posterior... Regards THJ You know when you read that it reads to me like he still thinks he has an involvement in what is going on at the club... but rest assured after what he's done and the mess he has left behind he wont be seen around Brough again... ever... or the new venue for that matter... hopefully Rob Grant and his team can learn from this debacle and go from strength to strength... Just a little after thought....

So I'm told this was in this week's Speedway Star? No comment eh... lol Regards THJ

Sure will... got the old BCG at school an never looked back... They should be made compulsory... this thing is a killer and anything that helps to fight it off and stops it spreading is okay by me... Had a business lunch on Osbourne Road in Jesmond about 3 weeks back and there were students on the other table planning a Covid party cos they reckoned once they had it that would be it... idiots... give me a jab any day of the week... Regards THJ

Just make sure you have had your Flu Jab and your Covid Vaccine and we will all be good to go... Yeah... Inoculations and celebrations... Regards THJ

Think you will find I said the same in an earlier post; the point I was making is that the issue will be way over a couple of hundred programmes included as a VAT offset against the VAT due that goes on the gate entry money alone. Again I would suggest you are correct in your assumption that they "simply failed in their basic VAT compliance issues" or possibly wilfully ignored them. You have been on that side of the fence; can ignorance be used as a defence? THJ privy to something we don't know? not really... Having been in business some years now it is the business that is responsible for its VAT accounting and not the Accountant; or it is in the case where the turnover is at a manageable level. You enter your inputs and outputs onto the HMRC web site and you are told what your VAT liability is quarterly. Now unless you are a large company who can afford an FD or payroll department; or you are making the profits to out-source this function to say "an Accountant" you normally as a business do this function yourself. "Tax has changed" or at least that's what the tax man tells you on his web site and you want to see what changes they are proposing for the payment of VAT going forward especially in the game I am in where we as a company will be responsible for paying the VAT charged by sub contractors direct to the VAT man rather than to the Subbie for him to pay and it will be down to the Sub-Contactor to clam back any credits; off-sets or rebates... Its a pain in the neck but as the saying goes "in this world nothing can be said to be certain, except death and taxes" which is a rather poignant quote for today as America votes for a new president. Regards THJ

Honestly When it all comes out (if it ever does) I think it will be more than the none payment of VAT on a few clarty match day magazine's that may or may not attract a VAT levy Regards THJ

Ave heard you use red diesel an thats tax free too isnt it? So you're ok... Regards THJ

Honeslty There are no other unpaid unsecured creditors you have had that from the horses mouth.. If there were still issues the liquidators would deem RG an unfit director and he would be prevented from running the new venture... there is a mountain of case law on this and the issue is more technical than you may appreciate... That's why the issue has to be with VAT and you only pay the difference on your purchases and sales so very simply put if I was a taxi driver and put 60 quid of juice in my vehicle 10 quid of that is VAT what I have paid... so I take 5 people x 12 quid in fares and that equates to 50 quid for me and 10 quid VAT so I dont pay the VAT man anything... now I take another 5 fares at 12 quid and the VAT man now wants 10 quid off me and this keeps rolling on... Now look at all the items that attract VAT at the Speedway... like Sponsorship... Season Tickets... Gate Money... Shop Sales... Car Park Money and any other revenue that the club gets (except a zero rated match day magazine) and off set them against any outgoings.... VAT registered riders wages... fuels... plant maintenance and equipment... shale and track costs and any other expenditure (like producing a match day magazine) that the club needs to pay out and there are more examples on both sides of the equation... however you invariably end up with a positive towards the VAT man.... I am being a bit simplistic here but it is basically the mechanics of the thing... They (HMRC) are going back to 2013 apparently and I will bet anything you want that this is the issue and I don't know for sure what the figures are but many small businesses on similar turnovers can rack up between 3 to 8 grand a quarter so a VAT bill of 12 to 32k per annum... So take the mid point of that lot and 6 x 24k comes out at 144k and if my fag packet figures are correct then HMRC will be interviewing people... Rest assured and you can take that to the bank Tax Free... Regards THJ

To be fair it's a bit more complicated than that with regards to VAT and whether there are assets or not they pursue the individual or the Directors... hence everyone could spend unpaid tax revenues then fold a company to negate the need to pay said tax and that's when there is a risk of prosecution... Honestly I would be seriously worried if I was a former director and when you look at companies house you see it boils down to one director and one person who signed off the accounts A quick internet search and you can see once the figures get towards the 100k mark then the HMRC see the value in putting the effort in to try and reclaim the unpaid taxes... There maybe trouble ahead... Regards THJ

Which are a non VAT item... you don't pay VAT on a magazine... hmmmm? Experience has shown me Inland Revenue are reasonable people and work with you... The VAT man tends to read you your rights or tells you to pay up otherwise he will remove your Chattles? Then when you tell him you dont own a cow (which I thought was hilarious by the way) he blew his stack and came round the the office the following week to see for himself what was going on... This could definitely rumble on for a while.... Regards THJ

Firstly on the Due Diligence; Rob Grant (RG) wasn't buying a multi national company and a cursory check on companies house shows you what the turn over was and the declared profit (and loss)… the business has always stood alone and traded since 2003 and before that to be fair... furthermore RG was dealing with someone who came with the title of Mr Newcastle Speedway and a former trusted member of the BSPA holding many and varied official positions within the organisation; he also knew him from old as a former rider of the club... so when he was told there were no debts and everyone and everything had been paid up to date why shouldn't he believe him? After all the guy was going to stop on as the Team Manager so why would RG do any further digging other than check the books and consult with his and the clubs accountant to ascertain the state of the finances. (More on this below) If something has been hid and missed by two accountants has their been a deliberate action to hide things or was it just gross incompetence... Personally I hope it was the latter because if this was a wilful action its about as low as you can get... I was in the queue to buy this enterprise and boy am I glad RG got in before me and that is for totally selfish reasons because I think I would have been the one who ended up in gaol... On your second point I couldn't agree more however one previous director doesn't think he will get a knock on the door because he has passed the buck and the Poo Stick on to RG... WOW is he in for a big surprise... RG paid up all monies owed to riders and cleared the debts (that had been allegedly paid up) however having dealings with several Newcastle Riders over the years; the last few years it has become rather fractious between riders and the promotion over non payment of monies owed... The bond is safe as there are no speedway creditors... He was advised by the BSPA not to start off with a new company because he would lose the clubs accumulated rights 1st priority on Sunday meetings and have to wait the three year period before he got a vote at AGM's etc also as NSSG advises NewSpeed 2003 were the holders of the lease on the stadium and it would cause issues to swap it over (apparently) also RG took a great deal of guidance from the BSPA? The former Directors should be Pooing in their Pants as I don't think these are Tax and NI issues I reckon its the VAT man who is knocking on the door (just guessing at this moment and time mind but lets see) No if it is something outwith his control and he has the finances to carry on; the reasons for the other places mentioned going down were for totally different circumstances to those that RG now faces Correct but to be fair (and depending on the sum) for Income Tax Evasion and failure to pay NI the tax office tend to pursue on a settlement outcome however as pointed out Lester Piggott went down and Ken Dodd came very close but he settled out of court for Tax Evasion I believe; and what you have to remember is the Tax and NI commitment to a Speedway Team must be negligible as most riders these days are self employed (See Aceslider has come back on this and he is basically correct) however I don't think this is for Income Tax or NI looking at things from the outside (and I may be wrong) this is potentially for none payment of VAT and the VAT man (again tries to settle but) will push for custodial sentences to make an example of folk thinking of not paying VAT. So the gaol comments might not be that wide of the mark... There are no Speedway related debts the bond is safe and the club is safe RG has done and seen to that and fair play to him... I have tried to clarify some points as I see things and hope this helps but these are my personal thoughts on the issue to hand and I have made some assumptions that may be totally wide of the mark and will happily retract any comment with an apology if they are wide of the mark or incorrect.. Regards THJ

To be fair Dave the supporters club did some sterling work but what caused their demise? Pulling up trees one minute then gone... from the outside looking in; it looked like someone was working agianst them... which was a shame... Regards THJ

Dave I could argue that one mind because I put more than that into the Air Fence fund and that's not including the junk I bought at Auction and Raffle nights... but never mind... and George was trying to manipulate things behind the scenes with his band of little secret (squirrel) service of sycophants and cronies... Arson has some valid points IMHO... Regards THJ

It was wound up and stopped trading in 2003 and the final winding up hearing didn't take place until 2010... and without delving into the thing fully it's not unusual for these things to take a long time to conclude... A company who owed me an awful lot of cash went pop on the 7th of November 2010 and their affairs weren't wound up until the 28th of January 2019... it's just the process... Regards THJ

It may not have happened yet but it will and when it does go you will find it in The (London) Gazette and the link is below https://www.thegazette.co.uk/ Oh and since you asked I have been back on myself to The (London) Gazette site and found no other than the following on the link posted below on the 5th October 2010 which would have been the last time NEWSPEED LIMITED were wound up and NEWSPEED 2003 LIMITED rose out of the ashes I would imagine... but never mind here is your starter for 10 https://www.thegazette.co.uk/notice/L-59566-1217074 I am guessing there will be a press release very soon as it must be imminent... just keep watching your local media channels and as sure as I am a fat lad something will break very soon... Honest... Regards THJ By lad that Screm was quick off the mark Jesus... LOL

Honestly Spot on and couldn't agree more with everything you have stated... However as it's under new management now you should reconsider your self imposed exile and give it another go... after all you did enjoy your speedway to be fair.... Also you are not the first one to say now the old guard has gone they were prepared to give Rob Grant a second chance... Regards THJ

Honestly Not only dodgy but sanctimonious to boot preaching about the morals and ethics on the wrong doings of Workington... Looks like them chickens have come home to roost... big style... Regards THJ

Well with the country being in a hole financially due to Covid and the government being strapped for cash... The HMRC will be looking for as much as they can get... Also did you know the HMRC can charge interest on monies owed... So I would suggest if NEWSPEED 2003 LTD are being investigated by the HMRC for anomalies going back to 2013 there could be a fair amount of interest to be added... You never know Garritty could be getting a cell mate for Easter whose also interested in Speedway... or will the Prison Warder be giving his ex promoting partner bed and breakfast for a few month? Now that woukd be funny... LOL what's that saying again... he who laughs last laughs longest... ho ho ho... only 60 days to Christmas... But genuinely Rob Grant is the guy I feel sorry for... bought the thing in good faith and told all the bills were settled and there was nothing else to pay out then all these things start coming out the woodwork like riders not paid and still owed wages from the previous season... BSPA bills not paid and potentially a whopping HMRC bill including an investigation and now he is having to buy back all the plant and assets off the liquidator so he can run the new business... the old promotion have alot of questions to answer and where we aa fans never got a straight reply to any question and looked down upon when they run the spot they will have to answer the HMRC questions... or it will be Go To Jail Go directly to Jail. Do not pass GO, do not collect £200 Regards THJ

Honestly You couldn't make this up.... NEWSPEED 2003 LTD the company behind your beloved Speedway team Newcastle Diamonds are going into Liquidation Yep that's right liquidation; I bet when Rob Grant bought out the club from the old promotion he didn't reckon on this "Pan of Pony" As a sponsor I have had the heads up and I was asked what I wanted to do with regard to my sponsorship monies I have paid and I have (of course) just asked to "let it ride" for the next season we run as Rob has apparently started a new company called Newcastle Diamonds Limited... I would assume this offer will be the same for season ticket holders who will be offered either their cash back as a refund or given the opportunity to let them role over for the next full season we have; with not only the new promotion but a whole new company. More on this later... It is the Liquidators duty and role to look after creditors of the old business and a report will be going into the London Gazette (I think its called) which identifies the company and the reasons as to why they have been liquidated' and what happens next. Now I cant go into to much detail yet as everyone is being diplomatic and not giving much away when I have asked for further information and there are of course the "Libel Laws" to consider; however it would appear that in the operating and day to day running of the club it was brought to Rob's attention that there was a bit of an anomaly (so to speak) in the previous accounts and HMRC wanted a word. When this "anomaly" was explained to the new owner he had no other option but to fold the old business to protect himself and his good name; however I am expecting certain people to be interviewed from our friends at HMRC and possibly under caution... You can see the NEWSPEED 2003 LTD accounts on line on the Companies House web site... I am certainly not a happy chappie for various reasons but I bet Rob Grant is bouncing... So remember the old tag line and in "whom" we were asked to put our trust in... looks like they have left an absolute mess financially. But never mind I have the fullest confidence in Rob and his team to pull this around but after all the rhetoric from the previous promotion it certainly leaves a bad taste in the mouth that's for sure... and especially after I was called worse than a pick-pocket by one or two of them and their cronies only for 1. to be not only proved right to what I was saying but 2. totally exonerated after pumping thousands into their pockets when I thought I was helping the club it looks like I have been funding other things not always speedway related. What a shower I for one am totally behind Grant and his new regime; its a breath of fresh air compared to the previous lot... Its maybe a good thing that swear words aren't allowed on here as the whole post would have been redacted... Once again it looks like I am the harbinger of doom and gloom however its isn't that bad for the club as a whole as Rob Grant is doing an awful lot of positive work behind the scenes.. "What for" I am not sure but fair play to the new promotion for sticking with it as they could have just pulled up sticks and walked away cutting their losses... Regards THJ

With Jenga haunting everywhere else on the Forum...

Ginger....