To whom do we entrust the running of BFC?

No, I phrased my question correctly.

 

You must appreciate that there are different ways of treating your assets in your accounts so as to be able to come up with a certain strategy that suits your business.

Accountants advise as well you know - they don't just get your books and come up with a set of figures that says what has happened at your firm and that's it.

As a business owner I discuss things with the accountants, and there is certainly scope for different accounts based upon different treatment of assets.

I don't have a million to make appear or disappear however.

 

I can appreciate your defence of your profession. It's a wonderful thing to have pride in what you do/did. At the same time you don't seem to appreciate that not everyone's experience of that profession Is the same.

Tax avoidance. Who do we think helps the mega rich avoid tax...

https://www.theguardian.com/busines...rsey-offshore-accounts?CMP=Share_iOSApp_Other


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To be honest that sums my thoughts perfectly.

I was going to add something else but thought better of it.

 

If this discussion is to go any further then you must be more specific about the discussions that you had with your accountant so that I can see if it is relevant to the auditing of the accounts of a limited company which is governed by the strict rules relating to the audit of the accounts of limited companies.

 

Let us not get into some rambling justification of what was said by Donny Red based upon some perceived need to save tax by diverting money through the Cayman Islands. Barnsley Football Club 2002 Ltd is a company that has tax losses of approximately £9.5m and has no need of employing specialist firms in order to hide profit. What Donny Red suggested is that the club conspired with its auditor to fix its accounts to show a loss, and that is just not what has happened here.

 

I'm not sure why you need to know anything about my accounts. You either agree with me or you don't. And it seems you don't.

If you think simply in terms of many a tax etc. efficient scheme that accountants come up with for their clients from time to time, there is plenty of scope to consider that accountants don't just produce accurate accounts.

Some individuals/companies fork out loads of wonga for their elite accountants to do a certain job for them. and it's not just to come up with the most precise set of objectively mathematically correct accounts.

It's to use their knowledge and expertise to come out with the best possible result for their client within the rules.

And the rules allow for interpretation.

 

As I said defending your profession is a noble thing. It's just not everyone's experience and you don't want to accept that which is fine it's your prerogative.


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In my experience as a senior manager at an SME this is EXACTLY what happens.

 

OK. Let us remove personal experience from this discussion. What possible motive does Barnsley FC have for wanting to declare a lower profit than it actually earned?

 

Now there's a question. And not one to be answered without letters following from Wake Smith

 

Amen brother.

 

My position on this stems only from what was said by Donny Red. He made an unfounded allegation that Barnsley FC had conspired with its auditors to falsify their last accounts. That is all.

 

If those accounts are a true picture of the trading position of the company with no management applied for tax efficiency what does it say about losing £1 million? How are we doing this especially under SCMP?

 

Mr Cryne donated £500k to the club in order to reduce the loss to enable the club to comply with SCMP.

 

Falsifying accounts and legally using the ssystem to minimise your tax liability are two completely different things.

 

Correct. He knows this, he's just being obtuse.

 

So we are overspending *somewhere* by £1 million? Where does that expenditure go?

 

Barnsley FC has no need to save tax.

What we are taking about here is what we can believe and what we cannot believe. Posters are quite happy to quote extremely doubtful media sources for their information. These sources are rarely accurate and yet people believe what they seem to want to believe. They believe anything that fits their agenda. The accountancy profession, particularly in relation to company accounts, is governed by accountancy standards as well as company law. The figures which are open to view by all at Companies House are accurate and represent a true reflection of the financial affairs of a company and of its profit/loss for the year. Why would you question those accounts, when there is no motive for falsifying them whilst accepting any figure appearing in the media.

 

No one is doubting any of that what folk are saying is that they have PERSONAL EXPERIENCE of accounts being adjusted, within the tax rules (even if stretching them) to save tax. Accountants advise on the best ways to do this and again in MY EXPERIENCE will look at all expenditure to see where they can re-classify expenditure to make it more tax "efficient".