: Sat Nov 07, 2009 10:01 am  

Sandal Cat wrote:

I'm away on holiday so missed this breaking news.

It's not good but am I missing something. We have major problems in so much as we owe HMRC a lot of money. The club has stated that we have agreed a repayment plan with them which is being met so whilst the situation is not as we would like it looks under control. Whats the problem and all this talk of winding up administration. If we fail to repay HMRC we will be wound up - that applies to any business who owes the Revenue but if we repay as agreed we will be fine.

Am I missing something, if so could someone enlighten me.

The main worry is how we have got into this postion. Does anyone know what the debt is- is it VAT, PAYE, Image Rights, Capital Gains on the sale of the Ground ?

I'll be surprised if we are the only Club in this position but we seem to be the one that seems to be singled out in the media - why ? or is it only us ?

We need a statement from the Club explaining how we got where we are and what we are doing to remedy the situation so as to stop all these rumours and steady the ship.

Agree totally, the bit I dont understand is the club agreed payments with the HMRC, paid these but still had to go to court for a winding up petition? That bit doesnt make sense or is it me? I honestly dont think the club will have a problem paying the amounts owed in instalments but why the HMRC took it to court and it all became public is a mystery...

: Sat Nov 07, 2009 10:10 am  

Walrus wrote:

Dont worry Sandal everything is fine. As discussed by many in the know on here. Igonore what you have read in the papers and the scary words like HMRC, High court, winding up etc.

Our press officer will soon make a statement.

Love it.

: Sat Nov 07, 2009 10:23 am  

Walrus wrote:

Dont worry Sandal everything is fine. As discussed by many in the know on here. Igonore what you have read in the papers and the scary words like HMRC, High court, winding up etc.

Our press officer will soon make a statement.

very good, but i didnt think wakefield had a press officer

: Sat Nov 07, 2009 10:28 am  

12noon wrote:

If Cas had anything to do with off shore accounts and image rights it would surprise me with the player signings we've made. As for what's going on at Wakey though, it will all come out in the fullness of time and it might be a lot of money to pay out, but i can't see you going under because of this. See you next year.

i would be amazed if cas were involved in this, thats if it is to do with image rights. what image rights can there be to pay on over the hill and crocked aussies and kiwis, the only one it could be at cas is goldy and if his image is worth more than £1.50 than i am a dutchman

: Sat Nov 07, 2009 10:44 am  

tigerman1 wrote:

i would be amazed if cas were involved in this, thats if it is to do with image rights. what image rights can there be to pay on over the hill and crocked aussies and kiwis, the only one it could be at cas is goldy and if his image is worth more than £1.50 than i am a dutchman

No Rugby League players image is worth anything thats not the point, the point is they pay them to get the image right even though they have no intention or real commercial use for it.

Its a payment for nothing in effect.

: Sat Nov 07, 2009 10:49 am  

Wakefield No 1 wrote:

Agree totally, the bit I dont understand is the club agreed payments with the HMRC, paid these but still had to go to court for a winding up petition? That bit doesnt make sense or is it me? I honestly dont think the club will have a problem paying the amounts owed in instalments but why the HMRC took it to court and it all became public is a mystery...

this is the major concern to me.
If everything was agreed and under control, why the need to go to court?
I am not convinced at all, these people got us into it, therefore I am not confident they are going to be able to get us out.
to me there are too many gaps in the finance side of this club, money comes in and appears never to be seen again, which adds to the speculation about our administrators.
Rhumours appear, wether that is the sale of a player, debt or whatever, these are dispelled, denied or ignored and then bang, a player goes or were in schtuck!!!
I simply do not trust the honesty or compitency of these people anymore, and I am not on my own, clearly.

: Sat Nov 07, 2009 11:11 am  

As I understand it, and I maybe wrong, image rite contracts can or should only be used in conjunction with offshore accounts and are normally only paid to overseas players.


HMRC think that this should be to a maximum of 15 to 20% of a players salary.

However it appears that some clubs have been paying as much as 50% to players on this way and not just overseas players.
Adeybull or any qualified tax expert are probably far better to qualify if this is correct.

: Sat Nov 07, 2009 11:18 am  

Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html

Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html

: Sat Nov 07, 2009 11:26 am  

The Trip wrote: Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html another good example!!

The Trip wrote: Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html another good example!!

: Sat Nov 07, 2009 12:05 pm  

The Trip wrote: Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html Maybe it's a ittle less sinister than that,i'd guess the shares thing went quiet because we didn't sell many.

The Trip wrote: Whatever happened here, we had the big launch then nothing as been heard since. How much was raised ? Did JK receive these funds ? Nothing more as been mentioned to my knowledge, swept under the carpet once more. So the possibility of getting to the truth on the HMRC debacle will be like watching XFiles. http://www.wakefieldwildcats.co.uk/shares-available-for-sale-i605609.html Maybe it's a ittle less sinister than that,i'd guess the shares thing went quiet because we didn't sell many.