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Covid support scheme results go live


Bandits
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11 hours ago, Last Ten said:

Here is my guess, there will be so much public distrust and backlash over this massive ££££££ Manx Covid handout scheme it will end up going to a Select Committee of Tynwald to report back on the findings or indeed the Public Accounts Committee. No matter what it has cost the Manx peeps a massive amount of Tax Payers money! Watch this space.

It doesn’t need to go that far. A significant proportion of the claims are 100% genuine. We shut down peoples businesses. We stopped people from earning money. They had to be compensated or there would have been a riot and a lot more costs incurred by the economy clearing the mess up. All we need now is sensible legislation bringing in which reclaims grants paid in certain circumstances if it’s clear that the businesses didn’t ultimately need the money. So if your turnover was up and profits were up as a result of the money you received you pay a % of the granted money back. That’s all that needs to be done as a tidy up. And (as is happening) if you fold a company to avoid being found out you go for the owners. 

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11 hours ago, Last Ten said:

Here is my guess, there will be so much public distrust and backlash over this massive ££££££ Manx Covid handout scheme it will end up going to a Select Committee of Tynwald to report back on the findings or indeed the Public Accounts Committee. No matter what it has cost the Manx peeps a massive amount of Tax Payers money! Watch this space.

It would have cost the Manx taxpayer a lot more money had businesses closed because of covid. The money received by some small businesses barely kept them going. It certainly was not a level playing field

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3 minutes ago, Amadeus said:

Were online gambling firms allowed to claim? 

Some CSPs and accountancy firms seemed to be allowed to claim too. There must be some sort of definition of qualifying services as I thought they were banned too. 

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47 minutes ago, Bandits said:

 All we need now is sensible legislation bringing in which reclaims grants paid in certain circumstances if it’s clear that the businesses didn’t ultimately need the money. So if your turnover was up and profits were up as a result of the money you received you pay a % of the granted money back. That’s all that needs to be done as a tidy up.

Sounds like you need a new accountant who will tell you how to be as tax efficient as possible and ensure you will stay eligible for any loans/grants.

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1 hour ago, Annoymouse said:

Sounds like you need a new accountant who will tell you how to be as tax efficient as possible and ensure you will stay eligible for any loans/grants.

You can’t really fudge turnover that much which is why a lot of the eligibility criteria was around a reduction in turnover. The only other grants were salary support which is easy to track whether you still paid people or not. The ones that really seem to be the issue are the strategic capacity scheme where people were paid huge amounts to run empty hotels and still had staff costs covered.

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25 minutes ago, Bandits said:

You can’t really fudge turnover which is why a lot of the eligibility criteria was around a reduction in turnover. The only other grants were salary support which is easy to track whether you still paid people or not. The ones that really seem to be the issue are the strategic capacity scheme where people were paid huge amounts to run empty hotels and still had staff costs covered.

You don’t need to fudge turnover you simply reduce it to ensure you stay eligible, easiest way to reduce turnover is to close/reduce operations,  which is what most of these companies did.

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5 minutes ago, Annoymouse said:

You don’t need to fudge turnover you simply reduce it to ensure you stay eligible, easiest way to reduce turnover is to close/reduce operations,  which is what most of these companies did.

Or defer the revenue, as some other companies did.

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18 minutes ago, Banker said:

Some major global companies in list like Swagelock & Triumph, American owned I think 

Swagelock worked throughout.  What did they claim for? 

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14 minutes ago, NoTailT said:

Or defer the revenue, as some other companies did.

Lots of small business did to. I had a builder who only wanted paying for a fairly chunky job after the end of the financial year in which he got support. 

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