HMRC?

Gary Baldi

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Tiger did allude to some unexpected costs recently, but you'd think that he'd learn to monitor cash flow with the MD and FD to project where short falls would be weeks in advance, not as it is, presumably days.
 

thegrumpyporter

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8 Dec 2017
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No you aren’t being thick. Pay slip says £1000 gross and say £700 net to the footballer.

The club only has to pay £700 to the footballer. With available cash.

Then a month later the club has to pay the other £300 to tax man.

Where does the £300 come from ?
Well I was being a bit thick, but thanks anyway for making it clear. Just need OUFC to make sure the gross total is there in the first place to ensure no further issues with HMRC
 

Ricky Otto

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Well perhaps the hold-up is whoever is at the UK bank doing AML checks and checking source of funds for money coming in from abroad. It’s one thing where you can show where your wealth comes from such as sale of business , income , inherited. But what if you just have a relatively small business only generating cash of a million or two per year ?

Since when did AML checks take months rather than hours?

He’s been in charge almost a year and effective financial planning and a clear strategy would mean he’d anticipate his financial needs, ensure he has ACCESSIBLE capital, and provide clear communication to his cohorts as to likely timelines.

I’m sorry but it’s an utter shambles. He’s not even new to the football club game so he can’t hide behind ignorance. Something is not right and I don’t know why Bradders is so confidently saying that of course he has money and of course we’ll sign players. Where’s the evidence for the “of course”?

As for
 

Foley

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Do we not have new Financial Director at the club? Tim Davies? Where is he in all this mess? Most FD's I have worked with are the ones with access to the bank accounts, not the chairman or the BoD's.
It will almost certainly not be the FDs fault.
The cash in all likelihood won't be there and the FD will have prioritised salaries / other critical payments above the PAYE.
There will be a question though as to how long the FD and MD can continue to work in such a company as they have directors responsibilities and are clearly implicated in all of this rightly or wrongly.
 

Jason N

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Its relatively easy with good planning.

Tim Davies : "hey Tigger me old chum, bloomin tax bill due again this month, in fact every month. Based on our staff profile its likely to be X amount. "

Tigger : " Thanks Tim, ill speak to my bank to ensure they are set up, in actual fact, ill move a chunk over and if theres any surplus it can go in the transfer kitty. All part of the commitment of owning a football club. "Karl, do you have a minute?"

Tigger : "i need you to reduce our Paye liability"

Karl : " but Tigs i am at breaking point as is

Tigs: "More loanees where the parent pays the wage is key, and a few of our lads need to go. Maccas off, Smithy, Rags, thats a decent start"

Tigger: "ive sorted a deal for Jordan Graham with Wolves paying his wages to get him fit, thatll kerp fans sweet for a while"

KR crying.

Tigger: " right, lunch time, our lass has booked a beauty, speak soon".
That's quite funny for you.
 

m

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Sorry, but this should never be a cashflow issue or money transfer issue. The club knows how much staff are paid, so they know how much the PAYE bill will be. It is entirely predictable, and therefore, there is no excuse for not ensuring the cash is available well in advance to make payment.

I have no confidence in Tiger and I doubt he has the liquid funds needed to run the club.
The previous inference was that there was an extraordinary expense.

I wonder what it will be this time.
 

Upthecowboys

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14 Dec 2017
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The previous inference was that there was an extraordinary expense.

I wonder what it will be this time.
Yes and if that was the case why could they simply not say what that extraordinary expense was. Explanation of that at the time could have helped to start build some trust with fans and it may have helped persuade the fans to rally around the club. Nothing like a siege mentality / feeling of being hard done by to harness that ‘we’re in this together’ mentality which is probably what we need now given our league position.

The fact that they didn’t explain it indicates to me that either:-

- It is an expense that should have been anticipated.

Or

- It is complete tosh and was said for a reason only known to Tiger.

It is not difficult for Tiger to keep the fans onside and properly updated if he wants to. If he is in this for the right reasons then if he does that then what is the worst that can happen? We maybe learn he has underestimated the challenges of successfully running OUFC? He won’t have been the first to do that.

The longer we don’t get more meaningful updates the more likely it appears that maybe Tiger / Board have plans for OUFC that are unpalatable to the fans.

Yet again we are waiting for a meaningful update from Tiger.
 

LondonRoader

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Yes and if that was the case why could they simply not say what that extraordinary expense was. Explanation of that at the time could have helped to start build some trust with fans and it may have helped persuade the fans to rally around the club. Nothing like a siege mentality / feeling of being hard done by to harness that ‘we’re in this together’ mentality which is probably what we need now given our league position.

The fact that they didn’t explain it indicates to me that either:-

- It is an expense that should have been anticipated.

Or

- It is complete tosh and was said for a reason only known to Tiger.

It is not difficult for Tiger to keep the fans onside and properly updated if he wants to. If he is in this for the right reasons then if he does that then what is the worst that can happen? We maybe learn he has underestimated the challenges of successfully running OUFC? He won’t have been the first to do that.

The longer we don’t get more meaningful updates the more likely it appears that maybe Tiger / Board have plans for OUFC that are unpalatable to the fans.

Yet again we are waiting for a meaningful update from Tiger.
Or the arbitration costs, it fits the time scale. I suppose that could of been sorted out over an agreed term though.
 

Simon Bradders

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When you takeover and go through the Fit & Proper Persons test, you have to demonstrate you have the cash for a three year period.

Now that doesn't mean you intend to spend it................................but it does mean you have to satisfy the EFL. The EFL being ran at the time by Shaun Harvey, Ian Lenagan and his administration.

And we seem quite able to find the money to buy football players. It seems that the club have a reluctance to pay the chuffin bills.
 

Bue Guado

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3 Feb 2018
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The one thing this whole sorry episode does highlight, there are no people able to claim to be "ITK"
Everyone has a view for good or bad but where does the truth lay?
Too many ITK when you don't need them, yet they conveniently vanish when there is a genuine issue which requires immediate answers...;)
 

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