Mercenary Posted December 12, 2023 Share Posted December 12, 2023 2 hours ago, Roger Mexico said: The figures are from the answer to a Written Question from Ashcroft released a few days ago: https://www.tynwald.org.im/spfile?file=/business/BusinessHansardIndex2126/W-202301-0949.pdf It's actually a really good comprehensive answer with all the terms explained. I'd suggest you read it yourselves as there's a lot of information about the various types of debt involved, but one thing struck me. As well as the £36.9 million of 'Actionable Debt' there is around £100 million of 'Non-actionable', much of which is explained here: On-hold cases As at 30/09/23 the value of on-hold cases was £80.01m; these cases are currently nonactionable and notably £65.6m (81%) of this amount concerns a single case that has been appealed by the business following a First-tier VAT Tribunal ruling. The appeal is expected to be heard in Spring 2024 and the further treatment of two other on-hold cases, with debts totalling £8.79m, will depend on the result of that appeal. Though £13.7 million of the rest is from just 15 companies in insolvency. Presumably the 80% chunk relates to this recent one https://www.iomtoday.co.im/news/tribunal-orders-ps36m-of-vat-to-be-paid-on-superyacht-636764 I wonder how they account for that in government accounts as recovery is likely low probability. Does this go into the excuse agreement? Significant impact on gov coffers depending how it's considered 1 Quote Link to comment Share on other sites More sharing options...
Cueey Lewis And The News Posted December 12, 2023 Share Posted December 12, 2023 (edited) 3 hours ago, Roger Mexico said: On-hold cases As at 30/09/23 the value of on-hold cases was £80.01m; these cases are currently nonactionable and notably £65.6m (81%) of this amount concerns a single case that has been appealed by the business following a First-tier VAT Tribunal ruling. There’s one every large yachting VAT tribunal case being appealed at the moment which is probably it. On the basis that the owner is a sanctioned Russian ultimate collection of the money may well be a bit challenging. https://www.superyachtnews.com/business/amadea-owner-sued-for-millions Edited December 12, 2023 by Cueey Lewis And The News Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted December 12, 2023 Share Posted December 12, 2023 2 hours ago, The Phantom said: This is actually one case where the IOM is pretty good. Our VAT guys are actually quite reasonable, helpful and fast compared to HMRC. Contributing factor to the whole Private Jet thing. They maybe reasonable at the private jet end of the income scale, much less reasonable at the other end. Quote Link to comment Share on other sites More sharing options...
ian rush Posted December 12, 2023 Share Posted December 12, 2023 All goes in the common pool and then divided up at a later date, rather than direct to us. Quote Link to comment Share on other sites More sharing options...
ian rush Posted December 12, 2023 Share Posted December 12, 2023 As a side issue, you can seemingly register with UK VAT without a UK clearing bank account (revolut etc) whereas Manx VAT registration is stated to be limited to banking with a UK clearing bank… Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted December 12, 2023 Share Posted December 12, 2023 17 minutes ago, ian rush said: As a side issue, you can seemingly register with UK VAT without a UK clearing bank account (revolut etc) whereas Manx VAT registration is stated to be limited to banking with a UK clearing bank… So if you register without a clearing bank how is it possible to 'bank' a cheque for a refund period? 1 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted December 12, 2023 Share Posted December 12, 2023 23 minutes ago, ian rush said: As a side issue, you can seemingly register with UK VAT without a UK clearing bank account (revolut etc) whereas Manx VAT registration is stated to be limited to banking with a UK clearing bank… FWIW UK VAT is now fully digital, cheques no longer used. I don't see how you can pay VAT or receive a refund without a bank account which is part of the UK clearing. Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted December 12, 2023 Share Posted December 12, 2023 1 hour ago, A fool and his money..... said: They maybe reasonable at the private jet end of the income scale, much less reasonable at the other end. Not at all. In my professional life I always found C & E most helpful 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted December 12, 2023 Share Posted December 12, 2023 5 minutes ago, The Voice of Reason said: Not at all. In my professional life I always found C & E most helpful Helpful yes, reasonable no. 1 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted December 12, 2023 Share Posted December 12, 2023 21 minutes ago, GD4ELI said: FWIW UK VAT is now fully digital, cheques no longer used. I don't see how you can pay VAT or receive a refund without a bank account which is part of the UK clearing. Cheques are still issued. 1 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted December 12, 2023 Share Posted December 12, 2023 Just now, A fool and his money..... said: Helpful yes, reasonable no. Reasonable as well. That’s been my experience, can’t speak for others 1 Quote Link to comment Share on other sites More sharing options...
A fool and his money..... Posted December 12, 2023 Share Posted December 12, 2023 1 minute ago, The Voice of Reason said: Reasonable as well. That’s been my experience, can’t speak for others They tried to stop us taking our vans home more than once (despite out of hours call outs and often working closer to home than the unit. One even told me that we shouldn't be stopping at a shop in it during work hours. They'd question any expensive tool or equipment you'd buy, why you needed it, was it ever used outside work? And then they give Lewis Hamilton a £3m vat rebate on his private jet. That's my experience, I'm sure Lewis feels differently. 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted December 12, 2023 Share Posted December 12, 2023 And a bit more.....one wonders how many more firms will be adversely impacted by this? Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted December 12, 2023 Share Posted December 12, 2023 20 minutes ago, Andy Onchan said: Cheques are still issued. UK? Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted December 12, 2023 Share Posted December 12, 2023 Just now, GD4ELI said: UK? Yep Quote Link to comment Share on other sites More sharing options...
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