Potentially worrying part of AP's statement, I wonder if we are alone in this.

I can't see how we'd be alone in this, in a salary cap sport all clubs will do what they can to get ahead of their competition - or indeed stay on par. I can see plenty of clubs making these payments.

I'm not very clued up on the Financial side of things though.

I would be amazed if most SL clubs don't face a similar dilemma.

My thoughts were that it would effect most clubs, Agents would know their players were getting paid this way and ask other clubs to do it. Do we know if the rule is retroactive for before 2010 ? It sounds like it might if we are looking at a significant bill.

Strange time to mention it, in the opening statement.

I thought that too. I guess he's just putting all the cards on the table.

[url=http://www.umbrellacompany.co.uk/employee-benefit-trust-schemes-investigated-by-the-hmrc/A brief explanation[/url

Indeed, I think he was using it to draw parallels after his comment that he's doing the same for us as Allam did for City, he's basically letting us know we have an unaccounted debt coming, but that he is on the case. It may have been this that has forced the sale, £3m is a fairly low valuation of FC, figures in excess of £5m were being discussed after we'd won the Challenge Cup, if there is a 6 figure ta bill coming maybe Kath and her co-consp, sorry I mean, directors, didn't have the apetite to pay it off so walked when they could achieve a break even.

One thing I can say for AP is that he will tell us the truth, even if we don't like what he has to say. When I spoke with him for the first time many years ago he was very keen to remove some of the duplication between FC an City, Marketing, Commercial etc. It may be we become closer aligned with City in these respects, and I don't fear that in any way, his relationship woth the Allams could actually be a positive, I do know he felt that Trish Goldsmith was "playing at being a CEO", he seems to have faith in James (although who knows what conditions of sale Kath put on her shares).

One thing is for certain, I'm way more optimistic about Hull FC today than I was yesterday.

Umbrella companies eh

Yeah as you say - he is an upfront and honest guy. My dad met with him probably around the same time as you did through HISA and says exactly the same

Maybe thats why the Allams have stumped up the cash for Rovers - maybe they are also facing this liability that could have pushed them over the edge.

The Allams v Pearson - Boardroom battles...........exciting stuff!

No, as I understand it, for the Rovers situation you need to put a D in front of the thread title.

Hilarious!

If you take into the account the spurious balance sheet valuation of players (qualified audit opinion!) and the likely ebt tax liability, then there is only one club in hull looking down the barrel of a gun and that's not rovers! I hope Mr. Pearson has taken good advice!

bless, truth hurt does it, you may be a qualified auditor, but counting the pies in Greggs doesn't equip you with better accountancy skills than HMRC, who have no issue with our accounts (filed on time, for many years)

Oh my naive friend... Filing accounts has nothing to do with hmrc tax investigations - with powers to go back up to 20 years. Ebt's have specifically targeted by hmrc and that has zip to do with corporation tax nor filing accounts. The real truth seems to be very creative accounting by your previous owners to create a value which your new owner has now partly disclosed.

I've probably lost you by now as you bask in the delusion of a brave new future but I think the real truth will hurt you even more than your juvenile commentary.

it affects all sports who pay players ltd companys in jersey
thats why berro went

There is a difference between image rights payments to offshore companies and employee benefit trusts. The latter can be offshore or onshore. Ebt solutions are far less prevalent in sport compared to image rights which have also been tightened up. Image rights had an original basis in truth as did an ebt but both were abused. The benefits of using either/or have now been eroded which is indeed affecting the import of players. Imagine having to pay tax like the rest of us!!!

I've forgotten more about tax law than you know, why not worry about your little tin pot, back street club and let us worry about FC, you're a poor troll, nothing more.

Welcome back vince

Clearly with over 29,000 posts you're a very busy person and have ably demonstrated your intellect and knowledge of business. But don't let facts get in the way of delusions.

Surely you can't be thinking that your "perfectly run" club may well have been playing a dangerous game with tax and accounting principles. That said, mr pearson is no fool so I hope it does get resolved.

They've got absolutely no need to worry. They've got the umbrella man and now Uncle Assem and if all else fails, they can always fall back on the tried & tested route of a CVA

Indeed, I manage to be busy without it taking hours to get things done.

If you would like to post FACTS about any objections about our accounting practices over the years please feel free, otherwise, isn't there some tat in your shed that needs sorting before the car boot on Sunday?

If it is Vicenzo reincarnated, expect a reply about season ticket sales as assets.