BrahimHemdani 1 Posted February 15, 2012 Share Posted February 15, 2012 There's an argument that we were trading illegally and Whyte could end up in soapy bubble (again). I guess this may have been part of HMRC's argument today. A very strong argument I'd say. PAYE works both ways. The Club collects it from wages along with Employees and Employers NIC and should pay it over to HMRC by the 20th? of the next month. Failure to do so means that the Club is in effect using the employees tax deductions and NIC to fund other operations or debts. This is much worse than not paying for other goods or services or fees owed; although both could lead to a charge of trading whilst insolvent. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 15, 2012 Share Posted February 15, 2012 It is automatic as soon as administration is certain. And it wouldn't exactly have come as a major surprise. I am quite sure the press release was written days if not weeks ago. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 15, 2012 Share Posted February 15, 2012 A very strong argument I'd say. PAYE works both ways. The Club collects it from wages along with Employees and Employers NIC and should pay it over to HMRC by the 20th? of the next month. Failure to do so means that the Club is in effect using the employees tax deductions and NIC to fund other operations or debts. This is much worse than not paying for other goods or services or fees owed; although both could lead to a charge of trading whilst insolvent. I now this is pedantic, so apologies, but the club does not collect Employers NIC from the employee. PAYE and Employees NIC I agree - and, in fact, Whyte not paying that is, in my opinion (at least morally) is criminal. The reality is that the players get paid a certain wage and the club deduct from that PAYE & Employees NIC - that is NOT the club's money to utilise to pay other bills, that is legally the funds of HMRC. I once had a client based out of Blantyre who was doing the same thing. He simply couldnt compete so he started to not pay his tax obligations. When I attempted to assist him turn his company around he said that the only way he could compete was to not pay his tax obligations. I told him if that really was the case then he should just liquidate the company.... HMRC came acalling to take possession of company machinery and he obviously knew it was happening as he had cleared his factory out the weeend before. Whilst I felt sympathy for him I still felt what he was doing was wrong - you cant mae your company successful by refusing to pay your legal tax obligations. PAYE & NIC are non-negotiable. They MUST be paid. 0 Quote Link to post Share on other sites More sharing options...
Bears 0 Posted February 15, 2012 Share Posted February 15, 2012 If only Tom Hunter was allowed to buy us if that rumour was true. He's not rich enough mate 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted February 15, 2012 Share Posted February 15, 2012 I may be wrong on this BD but I was told some time back and again today that you are actually a secured creditor or have equivalent status (certainly ranking above ordinary shareholders) i.e. next in line behind CW, but it is likely that you will lose the free loan you gave the Club and with it the right to buy a ticket in the bond deck. You are indeed correct, if this article is accurate http://www.heraldscotland.com/sport/football/mastermind-in-celtic-takeover-says-rangers-can-survive.16755586 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 16, 2012 Share Posted February 16, 2012 I now this is pedantic, so apologies, but the club does not collect Employers NIC from the employee. PAYE and Employees NIC I agree - and, in fact, Whyte not paying that is, in my opinion (at least morally) is criminal. A slight over-simplification on my part, of course employer's NIC is not deducted from wages but is charged at the same time and is due to paid at the same time as the deductions for the employees' NIC and PAYE. So it will have been included in the £9M total outstanding. Non- payment of NIC affects the emloyee's entitlement to benefits although hopefully none of our highly paid superstars will be joining the breadline any time soon! Either way we are agreed that non-payment is morally indefensible and criminal. 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 16, 2012 Share Posted February 16, 2012 Withholding PAYE and NIC is the most common tactic of a business forcing itself into administration.....HMRC will always move for it where as ordinary creditors will not. Yes it's morally wrong and is technically theft but this is the way of business and in particular businesses who are in huge financial distress. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,562 Posted February 16, 2012 Author Share Posted February 16, 2012 Administrators Press Conference - live at 3.30pm http://sport.stv.tv/football/scottish-premier/rangers/297787-live-coverage-rangers-administration-press-conference/ 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,624 Posted February 16, 2012 Share Posted February 16, 2012 Postponed until 3.45 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted February 16, 2012 Share Posted February 16, 2012 Live link courtesy of STV http://sport.stv.tv/football/scottish-premier/rangers/297787-live-coverage-rangers-administration-press-conference/ 0 Quote Link to post Share on other sites More sharing options...
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