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Post by cbh1 on Feb 5, 2016 19:08:14 GMT
Yes, it was indeed a genuine loss in the books. Pre-depreciation etc, so the trading position it was just under £300k. From a tax perspective the club has historic losses built up which offset recent profits.
To be fair it is one of the larger losses posted in recent years, certainly since we moved to the Pirelli.
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Post by Deleted on Feb 5, 2016 22:49:54 GMT
Hopefully not a cause for concern. It does show that perhaps JFH overspent a little (wages mostly I presume) and a quick reality check was called for.
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Post by observer on Feb 6, 2016 0:33:31 GMT
It can be - But I think in Burton's case the loss will be genuine. There's not too many ways to manipulate profits to reduce tax for our club. There's plenty if you've got a good accountant Not saying that's happened but any business can manipulate profit and loss to quite a large degree should they want to
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Post by NobodyGood on Feb 6, 2016 0:47:47 GMT
It can be - But I think in Burton's case the loss will be genuine. There's not too many ways to manipulate profits to reduce tax for our club. There's plenty if you've got a good accountant Not saying that's happened but any business can manipulate profit and loss to quite a large degree should they want to I consider myself to be a good accountant . Whilst it's true you can manipulate profit and loss to a large extent, anything that is 'Judgemental' I.e the depreciation of the ground etc. are all added back to the loss (if that makes sense). There are of course tricks of the trade to reduce a tax bill... But I can't think of any Burton could use. We're quite a simple company.
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Post by observer on Feb 6, 2016 7:08:10 GMT
There's plenty if you've got a good accountant Not saying that's happened but any business can manipulate profit and loss to quite a large degree should they want to I consider myself to be a good accountant . Whilst it's true you can manipulate profit and loss to a large extent, anything that is 'Judgemental' I.e the depreciation of the ground etc. are all added back to the loss (if that makes sense). There are of course tricks of the trade to reduce a tax bill... But I can't think of any Burton could use. We're quite a simple company. I'm guessing our turnover isn't big enough that our accounts need auditing
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Post by NobodyGood on Feb 6, 2016 9:23:51 GMT
Correct. I'd love to do th the audit if we ever got that big!
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Post by cbh1 on Feb 6, 2016 9:50:14 GMT
The accounts HAVE been independently audited.
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Post by swaddy Dave on Feb 6, 2016 9:55:01 GMT
The accounts HAVE been independently audited. Not that its any of our business! let Ben and his team do there job and it can be almost guaranteed that they will carry on getting things right and in the best interests of the club.
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Post by NobodyGood on Feb 6, 2016 12:13:47 GMT
The accounts HAVE been independently audited. Is that due to football league rules? Or are we meeting the thresholds?
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Post by uttoxbrewer on Feb 6, 2016 22:54:17 GMT
There's plenty if you've got a good accountant Not saying that's happened but any business can manipulate profit and loss to quite a large degree should they want to I consider myself to be a good accountant . Whilst it's true you can manipulate profit and loss to a large extent, anything that is 'Judgemental' I.e the depreciation of the ground etc. are all added back to the loss (if that makes sense). There are of course tricks of the trade to reduce a tax bill... But I can't think of any Burton could use. We're quite a simple company. Did you know there are three types of accountants? Those that can add up and those that can't.
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Post by NobodyGood on Feb 6, 2016 22:57:50 GMT
I consider myself to be a good accountant . Whilst it's true you can manipulate profit and loss to a large extent, anything that is 'Judgemental' I.e the depreciation of the ground etc. are all added back to the loss (if that makes sense). There are of course tricks of the trade to reduce a tax bill... But I can't think of any Burton could use. We're quite a simple company. Did you know there are three types of accountants? Those that can add up and those that can't. And those that use spreadsheets haha
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