p&b is a disgrace Posted May 24, 2012 Share Posted May 24, 2012 Have a look at this "Loans must be reported to HMRC if the recipient earns more than £8,500, using form P11D. It is likely that you will have to pay Class 1A National Insurance Contributions on the cash value of your purchase; whether or not you will also be required to pay income tax will depend on the nature of the purchase. More information on benefits in kind, including examples of what is and is not taxable, is available in an article elsewhere on this site." link Thats completely irrelavent. Your link relates to preferential loans provided to an employee by their employer. Nothing to do with EBT's 0 Quote Link to comment Share on other sites More sharing options...
pansypotterthedirtyrotter Posted May 24, 2012 Share Posted May 24, 2012 (edited) Thats completely irrelavent. Your link relates to preferential loans provided to an employee by their employer. Nothing to do with EBT's Maybe you could get stevie wonder to read this for you seeing as you seem to be experiencing some difficulty. I've pasted directly from the link, if he's got any trouble don't hesitate to let me know. In some instances, employers may see fit to offer their employees a number of benefits in addition to their salary. These often include fringe benefits (Benefits In Kind) such as pension contributions or access to a private healthcare scheme. Sometimes, however, employees may also be offered interest-free or low-interest loans. Loans from employers are sometimes offered solely for specific purposes. For example, many companies have begun offering interest-free loans in order that employees can purchase bicycles or public transport passes in an effort to reduce the company's overall carbon footprint. Others offer such loans for their employees to buy gym membership in order to encourage general workplace wellbeing. In some circumstances, however, employers may offer low-interest or interest-free loans for any purpose, acting therefore as a sort of personal bank to their employees. Employee Benefit Trusts In most cases, these loans will be run through an Employee Benefit Trust, or EBT. These Trusts are established by the employer and run by a trustee, and are normally funded by contributions from the employees. This normally begins with a minimum first sum, after which individuals are encouraged to build up the pot as much as they can. In return, employees have access to a number of highly tax-efficient benefits. Furthermore, they are attractive to employers as all contributions to the EBT will be entitled to Tax Relief, as well as being exempt from PAYE and National Insurance Contributions. Related on The Tax Guide... Junior ISAs: Tax Free Way to Save for Your Child Top 10 Tax Saving Tips Cutting Your Tax Bill on Your Mobile Phone Cutting Your Tax Bill If You Are A Lower Paid Worker From an employee's point of view, loans offered through an Employee Benefit Trust can be a very cheap way of borrowing money. First, it is important to understand how the loan is paid back. This type of loan is judged to have no repayments 'in perpetuity' – in these circumstances, the term of perpetuity is judged to be 80 years. Instead, the money is recovered by the employer through wage deductions. Furthermore, as the employer is already receiving tax relief on the EBT, the loan is unlikely to incur any interest, making it a far more attractive option than a high street bank. Tax Relief The savings on these loans, however, are two-fold. Not only is the employee unlikely to be required to pay interest, they will also receive personal tax relief on the sum that they have borrowed. If, for example, the recipient of the loan is a higher rate taxpayer, they will be required to pay only 2.2% in Income Tax each year. This starkly illustrates the benefits of these loans; if the same employee were to take the sum as, for example, a bonus rather than an EBT loan, they would be required to pay income tax at 50% as well as National Insurance Contributions. Although there is considerable tax relief available on interest free loans, it is important to remember that in some instances you may still be required to pay income tax. Although the loan itself is subject to tax relief, the purchase that you make with the loan is counted as a benefit in kind and may therefore be taxable. Loans must be reported to HMRC if the recipient earns more than £8,500, using form P11D. It is likely that you will have to pay Class 1A National Insurance Contributions on the cash value of your purchase; whether or not you will also be required to pay income tax will depend on the nature of the purchase. More information on benefits in kind, including examples of what is and is not taxable, is available in an article elsewhere on this site Edited May 24, 2012 by pansypotterthedirtyrotter 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 24, 2012 Share Posted May 24, 2012 Depressingly, Rangers demise has become my drug of choice. The euphoria when more scandal comes out. The harsh come-down when I realise they are still going. Chasing the dragon for the true high. H*nphetamine ? 0 Quote Link to comment Share on other sites More sharing options...
paulcarm Posted May 24, 2012 Share Posted May 24, 2012 Just been reading that Kettering Town are to drop two divisions because of £1.2m debts This really makes a mockery of the pathetic, spineless SPL chairmen who are going to vote Rangers newco into the SPL. -1 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted May 24, 2012 Share Posted May 24, 2012 If you search for Cockwombe images in google then Doncaster's smarmy puss is on page 4 thanks to P&B. Now page 1.. 0 Quote Link to comment Share on other sites More sharing options...
Happy Buddie Posted May 24, 2012 Share Posted May 24, 2012 (edited) Follow Follow was entertaining earlier, they think they are widely despised because of their success etc :lol: We arra peepul. Nobody likes us. We don't care. ..........Well, even if the combined eunuchs' club of SPL Chairmen don't care either, The Diddy Army cares and so might the CEOs of Rangers major sponsors be persuaded to care as well. If we can't persuade Mr Cockwomble and his team to hit them where it hurts, we should mobilise to do so. We can't take money from them cos they don't have any, and we don't want to apply boycotts which would only disadvantage our own teams, but with the strength of The Diddy Army, and in this I include the Wee Diddy teams in SFL 1, 2 and 3 (no offence meant) and the Big Diddy teams in the SPL combined with the Eastenders, we should be able to muster 500,000, given how many watched BBC last night, we could hit them where it hurts by trying to restrict their income. We need a list of major sponsors e:mail addresses and/or websites and a draft letter which could be circulated around The Diddy Army. 500k sending this to RFC potential sponsors might have an effect. Any volunteers to draft a letter along the lines of "Why do you wish to be associated with a football club which is shown to be based on financial fraud, tax evasion and lack of sporting integrity?" ? Pin it at the top of the forum, likewise a website/e:mail list. After all, they were very keen to go after the SFA's sponsors when punishment was handed out, so let's turn the tables and mobilise ten times their number against their sponsors. To paraphrase a famous metal dealer, "For every five of our sponsors they boycott, we will boycott ten of theirs". On an aside, until the end of the season the SPL will be sponsored by a major financial institution. Is it perhaps only coincidental that they are walking away given the jiggery pokery at Ibrox? Have the SPL cut off their nose to spite their face by not dealing with RFC? I guess we won't be sponsored by Lloyds, Barclays or RBS in 2013-2014 season. Who'd want to be associated with tax evasion, fraud and a complete lack of sporting integrity. Mibbe Ramsdens might be interested. Diddies of the world unite. You have nothing to lose but your chains Power to the Diddies!!!!!!! Edited May 24, 2012 by Happy Buddie 0 Quote Link to comment Share on other sites More sharing options...
Florentine_Pogen Posted May 24, 2012 Share Posted May 24, 2012 Just been reading that Kettering Town are to drop two divisions because of £1.2m debts This really makes a mockery of the pathetic, spineless SPL chairmen who are going to vote Rangers newco into the SPL. Is that £1.2m just for Gazza's bar tab ? 0 Quote Link to comment Share on other sites More sharing options...
T_S_A_R Posted May 24, 2012 Share Posted May 24, 2012 have duff and phelps been removed as administrators yet? 0 Quote Link to comment Share on other sites More sharing options...
The DA Posted May 24, 2012 Share Posted May 24, 2012 Now page 1.. But he comes AFTER the Modfather. Weller more of a cockwomble than the uber-cock??? 0 Quote Link to comment Share on other sites More sharing options...
p&b is a disgrace Posted May 24, 2012 Share Posted May 24, 2012 Sent this in the direction of minister for Commonwealth Games and Sport, Shona Robinson Dear Mrs. Robinson, As a football fan and a proud Scot, I implore you to intervene in the issues surrounding Glasgow Rangers Football Club on the grounds that the whole affairs has substantial potential to damage Scotlands' reputation for integrity. This crisis will affect not only sport, but the way in which Scottish businesses are perceived on a global scale. The Scottish Government has a duty to protect the reputation of Scotland, which must take precedence over any individual or company. The impact thus far has caused severe damage to Scottish Footballs image. Should the laws of the game, the ruling bodies and the law of the land be flaunted so blatantly as to allow Rangers to remain unblemished by the whole affair, in whole or in part, this becomes a stain on the nation. Something you must not stand idly by and watch. The Scottish Football Association were quick to enlist the help of politicians to make a blueprint for the future. I note with some interest the utter lack of sound bytes from these same people during the single most important occurrence in scottish football history. Perhaps this is a question you may ask of Mr. Henry McLeish should you happen to cross paths. We, the people of Scotland, whether by nationality or residence must be represented in this saga. The recent SPL survey takes the view of fans into account and an overwhelming majority (96%) of these fans demand to be heard. A wider public opinion on the matter must be sought. To leave this matter solely to footballing authorities is akin to our government condoning cheating on moral, economic, social and political levels. You must act now before this festers any further. It is paramount that distinction is made between the breaches in football and business and that 'clarity' is brought to the situation. Football must deal with the football issues. Business must be addressed by business concerns, but you must step in to address the issue of integrity. Something that Scotland as a nation must not consider to have 'commercial value'. As host nation for the upcoming Commonwealth Games in 2014, we must be seen in the purest of lights. Copy paste and send, flood the inbox, tell your friends.........you know the drill And I'll be disappointed if no one posts a Simon & Garfunkel reference........ Did you get a response? 0 Quote Link to comment Share on other sites More sharing options...
p&b is a disgrace Posted May 24, 2012 Share Posted May 24, 2012 Sent this in the direction of minister for Commonwealth Games and Sport, Shona Robinson Dear Mrs. Robinson, As a football fan and a proud Scot, I implore you to intervene in the issues surrounding Glasgow Rangers Football Club on the grounds that the whole affairs has substantial potential to damage Scotlands' reputation for integrity. This crisis will affect not only sport, but the way in which Scottish businesses are perceived on a global scale. The Scottish Government has a duty to protect the reputation of Scotland, which must take precedence over any individual or company. The impact thus far has caused severe damage to Scottish Footballs image. Should the laws of the game, the ruling bodies and the law of the land be flaunted so blatantly as to allow Rangers to remain unblemished by the whole affair, in whole or in part, this becomes a stain on the nation. Something you must not stand idly by and watch. The Scottish Football Association were quick to enlist the help of politicians to make a blueprint for the future. I note with some interest the utter lack of sound bytes from these same people during the single most important occurrence in scottish football history. Perhaps this is a question you may ask of Mr. Henry McLeish should you happen to cross paths. We, the people of Scotland, whether by nationality or residence must be represented in this saga. The recent SPL survey takes the view of fans into account and an overwhelming majority (96%) of these fans demand to be heard. A wider public opinion on the matter must be sought. To leave this matter solely to footballing authorities is akin to our government condoning cheating on moral, economic, social and political levels. You must act now before this festers any further. It is paramount that distinction is made between the breaches in football and business and that 'clarity' is brought to the situation. Football must deal with the football issues. Business must be addressed by business concerns, but you must step in to address the issue of integrity. Something that Scotland as a nation must not consider to have 'commercial value'. As host nation for the upcoming Commonwealth Games in 2014, we must be seen in the purest of lights. Copy paste and send, flood the inbox, tell your friends.........you know the drill And I'll be disappointed if no one posts a Simon & Garfunkel reference........ Did you get a response? 0 Quote Link to comment Share on other sites More sharing options...
Montague Withnail Posted May 24, 2012 Share Posted May 24, 2012 Depressingly, Rangers demise has become my drug of choice. The euphoria when more scandal comes out. The harsh come-down when I realise they are still going. Chasing the dragon for the true high. Ditto - this is not about football, it's about right and wrong, it's To Kill a Mockingbird. I've been through every emotion in the past few months and I don't know what I'll do when this saga ends. Crack? 0 Quote Link to comment Share on other sites More sharing options...
forzamorton Posted May 24, 2012 Share Posted May 24, 2012 Party on Rangers fans...party on. 0 Quote Link to comment Share on other sites More sharing options...
p&b is a disgrace Posted May 24, 2012 Share Posted May 24, 2012 (edited) Maybe you could get stevie wonder to read this for you seeing as you seem to be experiencing some difficulty. I've pasted directly from the link, if he's got any trouble don't hesitate to let me know. In some instances, employers may see fit to offer their employees a number of benefits in addition to their salary. These often include fringe benefits (Benefits In Kind) such as pension contributions or access to a private healthcare scheme. Sometimes, however, employees may also be offered interest-free or low-interest loans. Loans from employers are sometimes offered solely for specific purposes. For example, many companies have begun offering interest-free loans in order that employees can purchase bicycles or public transport passes in an effort to reduce the company's overall carbon footprint. Others offer such loans for their employees to buy gym membership in order to encourage general workplace wellbeing. In some circumstances, however, employers may offer low-interest or interest-free loans for any purpose, acting therefore as a sort of personal bank to their employees. Employee Benefit Trusts In most cases, these loans will be run through an Employee Benefit Trust, or EBT. These Trusts are established by the employer and run by a trustee, and are normally funded by contributions from the employees. This normally begins with a minimum first sum, after which individuals are encouraged to build up the pot as much as they can. In return, employees have access to a number of highly tax-efficient benefits. Furthermore, they are attractive to employers as all contributions to the EBT will be entitled to Tax Relief, as well as being exempt from PAYE and National Insurance Contributions. Related on The Tax Guide... Junior ISAs: Tax Free Way to Save for Your Child Top 10 Tax Saving Tips Cutting Your Tax Bill on Your Mobile Phone Cutting Your Tax Bill If You Are A Lower Paid Worker From an employee's point of view, loans offered through an Employee Benefit Trust can be a very cheap way of borrowing money. First, it is important to understand how the loan is paid back. This type of loan is judged to have no repayments 'in perpetuity' in these circumstances, the term of perpetuity is judged to be 80 years. Instead, the money is recovered by the employer through wage deductions. Furthermore, as the employer is already receiving tax relief on the EBT, the loan is unlikely to incur any interest, making it a far more attractive option than a high street bank. Tax Relief The savings on these loans, however, are two-fold. Not only is the employee unlikely to be required to pay interest, they will also receive personal tax relief on the sum that they have borrowed. If, for example, the recipient of the loan is a higher rate taxpayer, they will be required to pay only 2.2% in Income Tax each year. This starkly illustrates the benefits of these loans; if the same employee were to take the sum as, for example, a bonus rather than an EBT loan, they would be required to pay income tax at 50% as well as National Insurance Contributions. Although there is considerable tax relief available on interest free loans, it is important to remember that in some instances you may still be required to pay income tax. Although the loan itself is subject to tax relief, the purchase that you make with the loan is counted as a benefit in kind and may therefore be taxable. Loans must be reported to HMRC if the recipient earns more than £8,500, using form P11D. It is likely that you will have to pay Class 1A National Insurance Contributions on the cash value of your purchase; whether or not you will also be required to pay income tax will depend on the nature of the purchase. More information on benefits in kind, including examples of what is and is not taxable, is available in an article elsewhere on this site 2 different things = 2 different tax treatments. Loans provided via an Employee Benefit Trusts are given by the TRUST. Employer provided loans ( which are retuned on P11d ) are provided by the....erm, EMPLOYER. The clue is in the name. Its not really that difficult to understand. If your going to dish out insults - maybe you need to understand a little bit about what you're trying to discuss. Otherwise you come across as a complete fuckwit. Edited May 24, 2012 by p&b is a disgrace 0 Quote Link to comment Share on other sites More sharing options...
Happy Buddie Posted May 24, 2012 Share Posted May 24, 2012 (edited) The clues in the name lads - 'side' letters. It's either a letter, or it isn't. Haven't had many side letters through the mail recently have you? The very wording implies that they were meant as secret arrangements between the club and the employee. It was meant to be secret because they didn't want to declare the 'side letters' that applied, specifically in terms of the playing staff, for example - Novo. David Murray taking an EBT, regardless of its size doesn't break footballing rules since, well.....ok bad example. But you get the picture. If players receive an EBT as a tax free top up of wages, regardless how small an amount, that does break footballing rules. Novo is a fine example of that, what was his basic wage? How much was his EBT? They weren't paying Novo as a club ambassador thats for sure, that would be like having Fatima Whitbread advertising panty liners for Team GB. Doesn't make sense. They knew full well it would be construed as a top of players wages and effectively constitutes a second contract, as in the Papac case, to pay him for playing football. It's not really the complicated issue that some folks are making it out to be, imo. There are two very clear distinctions to be made here and the BBC documentary cleared that up and provided the evidence to warrant a full subsequent punishment for breaches of footballing rules directly attributable to the EBT scheme. HMRC will take care of the rest. A nice rangers spit roast . Chris, I saw your letter to Mrs Robinson. please see my post today at 18:40 (forum time) do you fancy drafting a letter as per my post? Drew. Edited May 24, 2012 by Happy Buddie 0 Quote Link to comment Share on other sites More sharing options...
WaffenThinMint Posted May 24, 2012 Share Posted May 24, 2012 BBC2, right now. Top of the Pops 2 - Tina Turner. The Best. More chance of her playing in the SPL this season than certain others... A sad pathetic old hag long passed any reasonable sell-by-date that spent lots of other people's money on cosmetic and other dubious enhancements along with buttering up people of influence in the media and entertainments world to give the impression of still being world class, much of it through harking back to her yesterdays to the point of tedium. After unprecedented success in the mid 1980s onwards, by the turn of the 21st Century she became seen as something of an embarrassing hasbeen who couldn't accept her act and persona were prehistoric until after a series of public humiliations that still didn't make her realise her time was over. Something so fitting about Tina Turner's association with Rangers! 0 Quote Link to comment Share on other sites More sharing options...
Montague Withnail Posted May 24, 2012 Share Posted May 24, 2012 Missed the start of last night's programme so went into 'catch-up' tv on Virgin. Unusually for a programme airing at 8pm it required me to put in the 'adult' pin number. I don't know if this was because it contains disturbing images (Sammy? Though I feel quite sorry for him) or shocking content. 0 Quote Link to comment Share on other sites More sharing options...
T_S_A_R Posted May 24, 2012 Share Posted May 24, 2012 A sad pathetic old hag long passed any reasonable sell-by-date that spent lots of other people's money on cosmetic and other dubious enhancements along with buttering up people of influence in the media and entertainments world to give the impression of still being world class, much of it through harking back to her yesterdays to the point of tedium. After unprecedented success in the mid 1980s onwards, by the turn of the 21st Century she became seen as something of an embarrassing hasbeen who couldn't accept her act and persona were prehistoric until after a series of public humiliations that still didn't make her realise her time was over. what public humilations has tina turner had? 0 Quote Link to comment Share on other sites More sharing options...
Swampy Posted May 24, 2012 Share Posted May 24, 2012 ?? Who has ever, ever uttered the words "TV company Sky"? 0 Quote Link to comment Share on other sites More sharing options...
thelegendthatis Posted May 24, 2012 Share Posted May 24, 2012 Chris, I saw your letter to Mrs Robinson. please see my post today at 18:40 (forum time) do you fancy drafting a letter as per my post? Drew. If you write again, get her name right - Shona Robison http://www.theyworkforyou.com/msp/shona_robison http://www.scottish.parliament.uk/msps/currentmsps/28451.aspx maybe speak to her husband as well http://www.theyworkforyou.com/mp/stewart_hosie/dundee_east Keen on his football! 5. Gifts, benefits and hospitality (UK) Name of donor: Dundee United Football clubAddress of donor: Tannadice Park, Tannadice Street, Dundee DD3 7JW Amount of donation or nature and value if donation in kind: Hospitality package for the season, valued at over £2,050 (June 2011-June 2012) Date of receipt of donation: June 2011 Date of acceptance of donation: June 2011 Donor status: company, registration number (Registered 29 March 2012) 0 Quote Link to comment Share on other sites More sharing options...
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