Wednesday served winding up order by HMRC

[Mark DRFC]

They owe £550k tax, not a good sign but i think they will be ok, with the players they have signed i think they could come straight back up this season.

Lets hope our smaller neighbours find the cash quick, i suppose we could do a bucket collection for them  

[scotlandsbest]

how does bollox sound  

think what them players are thinking that signed for them ooooops what the hell have i done      

[Keenstonian]

A sad reflection on football clubs priorities in that Wednesday are quite happy to splash the cash in signing eight players but just can't be arsed to pay the tax bill.

[RobTheRover]

I get the impression its more of a tactical decision not to pay, rather than cant be arsed.  Cashflow for many clubs over the summer months is virtually non-existent, so if they can just keep HMRC off their backs until they get some gate receipts in, then that certainly becomes an option.

[sham69]

Looks like summat and nowt to me, probably a blunt reporter trying to stir stuff up? - - - - -              SHEFFIELD Wednesday bosses today issued an official statement claiming the club is not about to be wound up - after it emerged they face a £500,000 bill from the tax man.
The bill comes with a winding-up petition - seen by some as a heavy-handed approach by Her Majesty's Revenue and Customs.

A hearing is due to be held before a judge at the High Court in London on August 11.

The Co-operative Bank, in another statement today, says it is \"disappointing\" the HMRC has taken such action.

The club statement, given on it's official web site - at www.swfc.co.uk - says: \"Sheffield Wednesday would like to inform supporters that their Club is not about to be wound up, nor is it about to enter into administration.

\"We have been involved in dialogue with HMRC for a number of weeks. As such we have been somewhat surprised and disappointed by their decision to seek a winding up order at this time.

\"We understand that HMRC is taking a tougher line in general with football clubs, but feel their actions are disproportionate and will raise unnecessary speculation as to the financial position of the club.

\"We can inform supporters that the Club, working in partnership with the Co-operative Bank and their advisors, will seek to settle this matter as soon as is practical.

\"Furthermore, during a period of change this summer the bank has been an integral partner for Sheffield Wednesday.

\"We will continue to work together to create the best environment possible for the club to move forward, including on-going dialogue with potential investors that will seek to secure the long term financial health of the club\".

The Co-operative Bank, in a seperate statement on the club's web site, adds: \"It is disappointing to note that HMRC have presented a winding up order in respect of Sheffield Wednesday Football Club.

\"The Co-operative Bank has been working extremely hard for some time with representatives of the football club and investors to explore ways to ensure its future stability.

\"At present we are continuing to enter into dialogue with our advisers, Sheffield Wednesday Football Club and potential investors to explore solutions which will allow the club to operate on a sound and secure financial footing for the future.\"

\"The action by HMRC relates to an outstanding PAYE balance of £550,000.

\"The Club has been informed that the petition will be heard in the High Court on August 11.\"

[DonnyBazR0ver]

More fuel that HMRC are declaring war on football clubs and quite rightly so if clubs are 'working the system' to defer tax payments. If this forces the football authorities to tighten up the rules then it has to be a step forward.

I think it would be more fitting that a club receive an inward transfer embargo as soon as a club fails to pay tax on time.

If the club then fails to pay in full and seek assistance with more time, then that should be a 10 point deduction on top of a transfer embargo.

Should a club go in to administration then that should mean automatic relegation.

Unless the punishments are more severe then it will just carry on.

[Sprotyrover]

RobTheRover wrote:

I get the impression its more of a tactical decision not to pay, rather than cant be arsed.  Cashflow for many clubs over the summer months is virtually non-existent, so if they can just keep HMRC off their backs until they get some gate receipts in, then that certainly becomes an option.

Thinkyou are spot on with this theory, they survive from week to week on gate receipts and that aint happenin at the mo cos there arent any gate receipts

[Glyn_Wigley]

DonnyBazR0ver wrote:

More fuel that HMRC are declaring war on football clubs and quite rightly so if clubs are 'working the system' to defer tax payments.

It's not 'deferring' payments that's causing this. If a club goes into administration there's a good chance that only a small percentage of the outstanding tax will ever be paid, whilst at the same time the football authorities insist that any 'football industry' debts are paid in full. This has pissed off HMRC, and quite understandably too.

[Glyn_Wigley]

Sprotyrover wrote:

RobTheRover wrote:

I get the impression its more of a tactical decision not to pay, rather than cant be arsed.  Cashflow for many clubs over the summer months is virtually non-existent, so if they can just keep HMRC off their backs until they get some gate receipts in, then that certainly becomes an option.

Thinkyou are spot on with this theory, they survive from week to week on gate receipts and that aint happenin at the mo cos there arent any gate receipts

The tax that's owed is on money already taken by the club though. If the club thinks they can treat their Tax and VAT Ledgers as piggy banks, they deserve to get slapped down by HMRC.

[DonnyBazR0ver]

Wednesday have said they intend to pay in full and, people supposedly in the know have said this was a deliberate measure to ease their cash flow situation.

[ravenrover]

I seem to remember a song from the 60's \"There but for fortune go you or I\" we all think that Rovers are being run efficiently but lets not crow too much about other teams misfortunes, lets just think back and remember \"he whose name cannot be spoken\" to rob from Harry Potter, our own Voldemort...............
Mr Richardson!!!!!    

[DRNaith]

Aparently they got the notice through the post this morning and said \"is this a wind up?\"  babum tish!


I'll get me coat