Vat owed?

[P/T Indie]

I think it's all to do with Jason moving money between accounts/companies. What else could be so big I doubt its a supplier issue.

[Gone_Shrimping]

I think I've asked this before but don't remember a reply. Is VAT payable when a loan (or loans) are repaid

No

[Redalert1970]

However much is owed it needs sorting and very quickly

The whole thing is a total mess

[fulwoodshrimp]

I agree redalert that the vat fiasco needs sorting quickly. I think it would help if the board were more open about it. How much vat do we owe? What is the vat due for? Who is responsible for the error? Fans and board should be working together to try and sort it instead of fans being left in the dark and unclear about all the circumstances that has led to the embargo that threatens the very existence of our club.

[black morse]

I agree redalert that the vat fiasco needs sorting quickly. I think it would help if the board were more open about it. How much vat do we owe? What is the vat due for? Who is responsible for the error? Fans and board should be working together to try and sort it instead of fans being left in the dark and unclear about all the circumstances that has led to the embargo that threatens the very existence of our club.

I'm not sure it would help pay the VAT bill. Unless you are saying that lots of fans would be prepared to cough up thousands of pounds the only help it would be is to clarify what's gone wrong. Bringing everything out into the open might make everything worse. We keep saying that we trust the board so let's trust them!

[Billy bodger]

Something is holding up the return of the VAT money, surely if the mistake has been identified and the recipient has been informed, if it’s a reputable company or person, they would have paid it back by now?

I know I and others keep pointing this out but it is more true now than it was weeks ago!

In the mean time the embargo holds.

We are on a precipice.

[Old Man Kensey]

Something is holding up the return of the VAT money, surely if the mistake has been identified and the recipient has been informed, if it’s a reputable company or person, they would have paid it back by now?

I know I and others keep pointing this out but it is more true now than it was weeks ago!

In the mean time the embargo holds.

We are on a precipice.

I just hope that Jason isn't involved in this problem. Imagine if it's him we need to get the money back from!

[black morse]

Something is holding up the return of the VAT money, surely if the mistake has been identified and the recipient has been informed, if it’s a reputable company or person, they would have paid it back by now?

I know I and others keep pointing this out but it is more true now than it was weeks ago!

In the mean time the embargo holds.

We are on a precipice.

I just hope that Jason isn't involved in this problem. Imagine if it's him we need to get the money back from!

Surely not! Jason would give it straight back.

[fulwoodshrimp]

My interest in how much money is owed to the vat man is twofold. If the amount is mega then it indicates we are in a truly desperate situation. If the amount is significant but not huge then maybe fans and board together could do something about it. I am not sure maintaining secrecy is helpful if we are fighting for survival of our beloved club.

[black morse]

My interest in how much money is owed to the vat man is twofold. If the amount is mega then it indicates we are in a truly desperate situation. If the amount is significant but not huge then maybe fans and board together could do something about it. I am not sure maintaining secrecy is helpful if we are fighting for survival of our beloved club.

I take your point but I think it must be pretty big or the Board would have put feelers out amongst the fans by now surely! Should think could easily raise £50,000 plus from the fans.

[Weetabix Kid]

When is the deadline for the retained/released which I guess is being held up by this (along with having no manager...) ? What a mess

[marky No.1]

https://www.morecambefc.com/news/2023/m ... announced/

[Billy bodger]

March 21st has been reported as the date the embargo by the EFL on Morecambe FC was enforced. So that is 7 weeks ago tomorrow!

When you google the problem it actually is not a rare occurrence, the mistake that happened at Morecambe FC is compounded by the restrictions the EFL embargo has on the Club that it may not have in another type of industry.

The main problem can really begin when trying to recoup the money, even thou it is against the law to keep it. With the money, being from what we are led to believe, a substantial amount, Morecambe have no reserves to pay HRMC before they recoup the money. So the embargo remains in place.

Hopefully Morecambe FC informed their bank as soon as possible and the bank has investigated the incident. The bank should have informed Morecambe FC what the outcome of that investigation is within 15 days. If the money is not recouped the bank should also give clear and accurate information and the options open to the Club. Including complaining to the bank and taking court action against the recipient of the mistaken payment.

I can only assume even with the Club hoping to have the matter settled soon (that’s what they said on the 28th March!), that it is not going smoothly.

[marky No.1]

We all know that businesses charge us instantly for things we buy, but it's a different kettle of fish when you want your money back

[John L]

https://www.morecambefc.com/news/2023/may/club-news--retained-list-announced/

Nice try!

[Keith]

https://www.morecambefc.com/news/2023/m ... announced/

Ah, those were the days, when we could look forwards, safe in the knowledge that we had half a team in place.

[nobbyshrimp]

To put things in to context
Shrewsbury have always been admired by many clubs as a base for clubs to aim for with regard self financing, stable and well managed but the accounts published ending April 2024 show a -£3million+ debt and they have published that the next accounts might even show an increase to this even tho they are trying to address it. That’s football for you

[Billy bodger]

All in all that Morecambe FC posted a deficit was never a big thing, the deficit was very workable amount for Morecambe to continue. I also don’t think it would put off a buyer.