Glasgow 2019 Onwards

[TheScotsman]

Expensive then with them not being around now. 

Loan fees will help offset the pain a little. 

[Wee Eck]

4 hours ago, TotallyHonestJohn said:

Honestly

I do wonder if clowns like you actually have any idea of what goes on or if you just sail though life with your head up your posterior. All you need to do is go on the Companies House web site and you can see what is happening. Details available at (no rumour)

 https://beta.companieshouse.gov.uk/company/SC147093/filing-history

Look at the full accounts and the full accounts made up to 30th April 2017 posted on 01st Feb 2018 is a good place to start and look at page 20. There are others available and it is all there to see if you can be bothered to read through the previous years

With Glasgow it is all "Smoke and Mirrors" as the parent company Allied Vehicles (AV) have set up the Speedway on their accounts and put through a Debt Waiver and the latest namely  £617k for 2016 (wow!!!) and £424k for 2017. These losses will be mitigated against their (AV) corporation tax,  so as they have declared just over 5 million of profit for 2017 the corporation tax bill would have been around £800k and they just write off the £424k loss against this tax bill, which I assume at this current moment in time is all above board and legal. I must add this as I am not a tax expert by any stretch of the imagination on intra-business tax affairs.

Where they will be stating the place (Glasgow Speedway) is making a £100,000 loss for last year I assume this will be the short fall from the funds being generated from the speedway receipts and income which will only be realising around £324k per annum, however as the whole thing is being underwritten by the tax man there isn't really a problem is there. 700 fans @ £17.50 = £12.250 + food and drink say £15k per meeting for 20 meetings = £300k add in a bit of sponsorship and it will be about right. (aka £100k short)

The only problem being, and what our Scottish country cousins fail to realise is; they (Glasgow Tigers) would not survive (or have to radically reduce their financial aspirations) if they didn't have the costs underwritten by AV by providing this debt waiver. For reference a loan waiver is the waiving of the real or potential liability of the person or party who has taken out a loan through the voluntary action of the person or party who has made the loan

Using a debt waiver seems to me to be a bit ambiguous as  you usually provide a debt waiver as a fringe benefit to an employee if you do not require your employee to repay a debt. The example I am aware of is, if you sell goods to an employee and later tell them they are not required to pay the invoiced amount, you have provided a debt waiver fringe benefit. However benefits are usually taxed and I am surprised the tax man allows this for a company. However as stated it must be legal and above board and to be honest my  exposure to facilities like this have been on a much smaller scale

The thing is; if in the future the dreaded tax man looks at this in depth and pulls the privilege where a business applies a tax waiver to another stand alone business and this benefit gets reviewed and the tax law changes there will be a major threat hanging over Glasgow Speedway as they will be in the same boat as everyone else having to manage a budget. Who mentioned "Sugar Daddy" some time back? not far off the mark really.

So anyone who has a turnover of £130 million could offer this facility to any club and write off any losses against their corporation tax bill its easy to be a spendthrift when you are using someone else's money. (especially the tax mans) (Kudos)

So to answer the question and the HUGE sums of money you are throwing about as a club, facts are readily accessible and don't lie, when you are being underwritten by a financially successful business like AV you have access to funds that other clubs only dream about. As Halifax Tiger quoted earlier in the thread "Certainly in my case - and I suspect many others - its not a case of 'bitterness' at all. I suspect that some fans might be a little envious of the financial resources that Glasgow have but, as you rightly say, they would all want the same for their teams" I am of the same belief but your odious and obnoxious defence to comments being made on here when you obviously do not have a clue of what is going on seem to be providing you with a "Schadenfreude" which can not be good for your health; you need to take some of Paulco's advice "Time to put this nonsense to bed . Does it really matter what other fans think of our club or it's custodians . We're the ones turning up for home meetings and the occasional away ones , not them . If we're hated , so be it , I wont lose any sleep over it"

I certainly have never hated anyone (well maybe Maggie Thatcher but for a whole raft of other reasons) however you need to do your research and get your facts right before you start spouting off I would suggest.

Live Long and Prosper

Regards
THJ

Whilst all of this is very worthy, much of the “tax write off” stuff is nonsense. 

Further, it’s rather rude to suggest that AV would be trying to hoodwink HMRC. 

arnieg has touched on some of the aspects, but easiest if dishonest John just has a look at the extended note 12 in AV’s 2017 accounts. This shows large disallowables which are to do with Glasgow Speedway. 

There is this wonderful myth that speedway promoters run teams as some form of smart tax dodge. Even if some speedway losses are allowable against another business, that would only be at the effective tax rate of around 20%. 

I know supporters think that some promoters aren’t the smartest people around but why would you lose, say £100k just to save £20k in tax?

[jenga]

who was the first poster to say  it was to offset tax ? hmmm .. i wonder !

[Halifaxtiger]

8 hours ago, Taylorj said:

Now onto to our youngest rider , again close friends , he went to school with my daughter , know the family really well, a massive carrot but decided to shun the millionaires and stay loyal to his home town and fans . 

 

Looks like my source was right after all...……….

[Halifaxtiger]

8 hours ago, Paulco said:

Time to put this nonsense to bed . Does it really matter what other fans think of our club or it's custodians . We're the ones turning up for home meetings and the occasional away ones , not them . 

If we're hated , so be it , i wont lose any sleep over it . 

I don't think anyone actually hates Glasgow. Some are jealous, certainly - I can remember a particularly vicious piece in an Edinburgh programme shortly after the Facenna's took over the club. 

I don't think it really matters that much what others think, either. But this forum would be a very dull (and mostly empty) place without those thoughts.

[MANSE]

7 hours ago, TotallyHonestJohn said:

Honestly

I do wonder if clowns like you actually have any idea of what goes on or if you just sail though life with your head up your posterior. All you need to do is go on the Companies House web site and you can see what is happening. Details available at (no rumour)

 https://beta.companieshouse.gov.uk/company/SC147093/filing-history

Look at the full accounts and the full accounts made up to 30th April 2017 posted on 01st Feb 2018 is a good place to start and look at page 20. There are others available and it is all there to see if you can be bothered to read through the previous years

With Glasgow it is all "Smoke and Mirrors" as the parent company Allied Vehicles (AV) have set up the Speedway on their accounts and put through a Debt Waiver and the latest namely  £617k for 2016 (wow!!!) and £424k for 2017. These losses will be mitigated against their (AV) corporation tax,  so as they have declared just over 5 million of profit for 2017 the corporation tax bill would have been around £800k and they just write off the £424k loss against this tax bill, which I assume at this current moment in time is all above board and legal. I must add this as I am not a tax expert by any stretch of the imagination on intra-business tax affairs.

Where they will be stating the place (Glasgow Speedway) is making a £100,000 loss for last year I assume this will be the short fall from the funds being generated from the speedway receipts and income which will only be realising around £324k per annum, however as the whole thing is being underwritten by the tax man there isn't really a problem is there. 700 fans @ £17.50 = £12.250 + food and drink say £15k per meeting for 20 meetings = £300k add in a bit of sponsorship and it will be about right. (aka £100k short)

The only problem being, and what our Scottish country cousins fail to realise is; they (Glasgow Tigers) would not survive (or have to radically reduce their financial aspirations) if they didn't have the costs underwritten by AV by providing this debt waiver. For reference a loan waiver is the waiving of the real or potential liability of the person or party who has taken out a loan through the voluntary action of the person or party who has made the loan

Using a debt waiver seems to me to be a bit ambiguous as  you usually provide a debt waiver as a fringe benefit to an employee if you do not require your employee to repay a debt. The example I am aware of is, if you sell goods to an employee and later tell them they are not required to pay the invoiced amount, you have provided a debt waiver fringe benefit. However benefits are usually taxed and I am surprised the tax man allows this for a company. However as stated it must be legal and above board and to be honest my  exposure to facilities like this have been on a much smaller scale

The thing is; if in the future the dreaded tax man looks at this in depth and pulls the privilege where a business applies a tax waiver to another stand alone business and this benefit gets reviewed and the tax law changes there will be a major threat hanging over Glasgow Speedway as they will be in the same boat as everyone else having to manage a budget. Who mentioned "Sugar Daddy" some time back? not far off the mark really.

So anyone who has a turnover of £130 million could offer this facility to any club and write off any losses against their corporation tax bill its easy to be a spendthrift when you are using someone else's money. (especially the tax mans) (Kudos)

So to answer the question and the HUGE sums of money you are throwing about as a club, facts are readily accessible and don't lie, when you are being underwritten by a financially successful business like AV you have access to funds that other clubs only dream about. As Halifax Tiger quoted earlier in the thread "Certainly in my case - and I suspect many others - its not a case of 'bitterness' at all. I suspect that some fans might be a little envious of the financial resources that Glasgow have but, as you rightly say, they would all want the same for their teams" I am of the same belief but your odious and obnoxious defence to comments being made on here when you obviously do not have a clue of what is going on seem to be providing you with a "Schadenfreude" which can not be good for your health; you need to take some of Paulco's advice "Time to put this nonsense to bed . Does it really matter what other fans think of our club or it's custodians . We're the ones turning up for home meetings and the occasional away ones , not them . If we're hated , so be it , I wont lose any sleep over it"

I certainly have never hated anyone (well maybe Maggie Thatcher but for a whole raft of other reasons) however you need to do your research and get your facts right before you start spouting off I would suggest.

Live Long and Prosper

Regards
THJ

Who is talking about  2016,2017 not me ,I was asking H T  to produce evidence about the large sums we are supposed to be offering EX Workington riders for this coming season . Again re last year losses steps have been taken to address this no full time team manager ,new track fence done, track alterations done, no full time Den manager, also den closed out  with speedway and football days which comes to a fair amount  .Now the attack on me I find very disturbing you blab on how successful you are at least my business never went into LIQUIDATION  like yours I believe you told us all on one of your rants and lastly I know a lot more about Glasgow than you think   

Edited December 12, 2018 by MANSE

[StevePark]

Massive shock (not)!!!

 

[topaz325]

[WorkyWorky]

Gobsmacked 

[jenga]

jseewzz , thats a bolt out of the blue.  did not see that coming in a million years !

 

Robert , get it right this time . NO .. cami YOU get it right this time ! ! !   lol 

[shazza13]

What  Rasser to Glasgow.....nooooooooo  hope hes got plenty of steel shoes 

Thats the biggest surprise of the year... NOT!!!!!!

[Weeyin]

Now that it has been confirmed that Rasser has signed can we please dispense with all this bickering and focus on the season ahead, lets just support our respective teams , supporters have no say in what management do, let's enjoy speedway while we still have teams to support.

[MANSE]

Welcome Rasmus I know you will find it difficult getting paid every week but that's the way we operate . Away to enjoy my time till April to cold here

[Byker Biker]

Now Glasgow have burned the rest of British Speedway with inflated costs just concentrate on who you're gonna race when they're all closed down.

[Paulco]

34 minutes ago, Byker Biker said:

Now Glasgow have burned the rest of British Speedway with inflated costs just concentrate on who you're gonna race when they're all closed down.

Here we go again 

[Gazc]

7 minutes ago, Paulco said:

Here we go again 

It is more hilarious now than tiresome, the doom and gloom brigade deserve some credit on there comedy gold.

We according to them are the sole reason Speedway will end we are the apocalyptic Tigers.

Edited December 12, 2018 by Gazc

[WorkyWorky]

1 hour ago, MANSE said:

Welcome Rasmus I know you will find it difficult getting paid every week but that's the way we operate . Away to enjoy my time till April to cold here

Boring the first time you said it 

[Paulco]

55 minutes ago, Gazc said:

It is more hilarious now than tiresome, the doom and gloom brigade deserve some credit on there comedy gold.

We according to them are the sole reason Speedway will end we are the apocalyptic Tigers.

Comical thing is , Craig Cook apart , our side doesn't exactly appear to be the Harlem Globetrotters of the Championship. There are stronger looking teams out there than what we appear to be . Sheffield and Edinburgh certainly do . Have they threatened speedway Armageddon assembling their septets ? 

[SharpenRake]

3 minutes ago, Paulco said:

Comical thing is , Craig Cook apart , our side doesn't exactly appear to be the Harlem Globetrotters of the Championship. There are stronger looking teams out there than what we appear to be . Sheffield and Edinburgh certainly do . Have they threatened speedway Armageddon assembling their septets ? 

Not to mention Somerset whose top 5 look stronger and more expensive than ours 

[TheScotsman]

5 minutes ago, Paulco said:

Comical thing is , Craig Cook apart , our side doesn't exactly appear to be the Harlem Globetrotters of the Championship. There are stronger looking teams out there than what we appear to be . Sheffield and Edinburgh certainly do . Have they threatened speedway Armageddon assembling their septets ? 

Leave us out of this. It's your battle!