Member Info for WolfofWarks

Best way to think of it is if you are a 40% tax payer then a £10,000 contribution should only cost you £6,000 and even less if you take your employers contribution into account (the max is £109 per month so roughly an extra £1200 a year).

One other thing to look out for is if you’re lucky enough to earn over £100k a year you start losing your personal allowance so the tax rate between £100k - £125k is effectively 60%. Make maximum use of pension contributions to avoid this.

Xerxes - bang on my friend. Pension contributions are tax free up £40k PA. So is all you are doing is recovering tax you have already paid.

Hi Ira. I’d put your 20/21 tax return in as soon as possible after the end of the year. I usually have to pay so not sure how quick HMRC usually are in getting the money back to you. I did google search and it looks like it should be relatively quickly depending on them not having to do any further checks.

https://www.gov.uk/capital-gains-tax/losses

Excellent post as always Tex.

NS20

The vat is another area of concern. If we go back to the company monetising £10m of stock they actually need funding of £12m as £2m will be payable to HMRC (using the UK as an example at 20%) if this is a ‘true sale’. So straight away the funder is loaning money of which 1/6 the borrower is required to pay over to the tax authorities, which increases their risk massively.

Like I said in my last post I’m sure this has all been worked out.

MRRR

This is the problem at the moment, no one really knows how it works. I think this is why big4 are being brought in and why the pivot towards medium and large corps from SME. AZ sounded very convinced that the client companies can go on if they comply to IFRS 15, we just need to know how now.

If people can be so easily swayed either way by what is written on a BB then they are probably not well equipped to be a PI.

If you look at the process map there is an insurance element, presumably to address this issue, at this point we don’t know who is underwriting it though.

Jack I assume that’s the 8% fee.

Dai - yes topped up, excited by the prospect of the uk being a global hub and the IFRS compliance (if achieved) making it truely scalable across medium and large caps. Plus with the trajectory the SP has taken it’s a bit of a no brainier.

Still a big gamble though.

Knowles - what do you think the stated turnover should be in the accounts? If SYME has an obligation to sell the stock back then it’s not really a sale it’s debt. Imagine a client going to the markets and declaring record turnover but really they have sold the same stock twice.

Do you see what I mean though it will need some form of adaption. I’m sure there is a bit more to it than that but that was just a basic example.

I’m not too sure, my guess is the debt will have to go on the balance sheet or at least in some hybrid kind of form.

Without seeing an actual example of exactly how this works on a transactional level it’s quite easy to work and why this doesn’t conform or even make sense than how it does.

To explain what I mean at a really basic level if you take a large corp than monetises £10m stock and then later flogs in for say £14m, are their sales £24m or £14m when they give their trading update to the market?

In its current guise I don’t believe it will. However one of the big four are on board to take a look. I think they’ll be an adaption of the system and it might be that the ‘true sale’ angle won’t work. Certainly not for the UK and US anyway.

Brexit had definitely weighed heavy on the wider market this week.

Along with covid and lack of stimulus in the US.

Hope so I’ve just increased by holding by 50% expecting it to fly up again today!

We’ll have to wait and see on that as I’m not so convinced.

I’ve never seen anything ‘key’ on Twitter.

There is mention of them on the website and we haven’t had an RNS.

My original post has been deleted .... odd

Obstanto - that would be the case if we were standing still. We’ll want to market and redevelop and move into other products and markets.