A business asks it's customers to buy items from their store, and pay for them mind you, and place them into a donation basket for a good charity. The...
A business asks it’s customers to buy items from their store, and pay for them mind you, and place them into a donation basket for a good charity. Then the store manager turns in the "donation", gets a receipt from the charity, and uses it for a tax deduction. How right is this? Is it wrong? Give me your opinion. 10 points to the one who makes me believe their point of view!
Emilie: You didn’t answer the question, it happens all the time in the area where I live. I’m just wondering if people think this is a right thing to do or if it’s really cheating since the store received $ for the "donated" items.
Devil: That’s not an answer either, are there any intelligent people on here? Someone?
Tags: charity, devil, point of view, receipt, store manager, tax deduction
Posted in Tax Deductions Q & A | 1 Comment »
I may be wrong but I think Leeds United are the victim of a battle between the football league(not the FA) and HMRC (the tax man).
Until September 2003 the HMRC were a preferred creditor thus businesses that went into administration paid the HMRC first. Only then was the CVA organised by the remaining creditors therefore from a football point of view, the Football League’s insistance that it is preferable that clubs coming out of adminstration pay football debts in full and obtain a CVA did not conflict with insolvency laws. Now they do, and that is the problem. The FL still demand their debts are paid in full but since HMRC are no longer a preferred creditor they are not prepared to allow football debts to be paid in full whilst they have to accept whatever % is available from a CVA. It is not just LUFC, but ALL clubs that attempt to come out of administration that will incur this penalty unless the decision is overturned this week. Luton and Bournemouth will suffer the same fate.
Tags: conflict, creditor, creditors, cva, debts, fate, football league, football point, hmrc, insolvency, leeds united, luton, point of view, tax man
Posted in Tax Deductions Q & A | 2 Comments »